Economics || Already Passed.

Positive statement correct answers An objective statement that can be tested, amended or rejected by referring to the available evidence. Normative statement correct answers A value judgement which is a subjective statement of opinion rather than a fact that can be tested by looking at the availa...

Work to Provide a Demand/Earn Wages to enable us to consumer Goods/Services we need to live/Once Wages are Gone (Start Over) correct answers How is economic activity circular? Goods/Services correct answers What do businesses give consumers for their money? Payment/Money correct answers What d...

Economic problem correct answers limited resources and unlimited wants marginal cost correct answers the increase in total cost that arises from an extra unit of production Ceteris parabus correct answers All this held consant Opportunity Cost correct answers The cost expressed in terms of ...

what is the basic economic problem correct answers how to allocate resources to satisfy unlimited needs and wants (scarcity) what is the chain of production correct answers describes how businesses from the primary, secondary and tertiary sectors work interdependently to make a product and sell ...

Demand correct answers Combination of desire, ability, and willingness to buy a product. Quantity Demanded correct answers Amount demanded at any given price. Demand Schedule correct answers Listing showing the quantity demanded at all possible prices that might prevail in the market at any gi...

indifference curve correct answers the varying combined amounts of two commodities that a household would find equally satisfactory (10 units of peanut butter and 15 units of jelly and sandwich is just as tasty as with 10 units of jelly, you have located one point on the indifference curve) laiss...

economics correct answers the study of how people make choices under conditions of scarcity and of the results of those choices for society rational person correct answers someone with well-defined goals who tries to fulfill those goals as best as he or she can economic surplus correct answers...

Positive Statement correct answers A statement that can be tested to see if it's correct or not Normative Statement correct answers A statement that has a value judgement and can't be refuted by looking at evidence Need correct answers Something necessary for human survival Want correct a...

Mechanisms of choice correct answers conflicts & trade offs made w/ every economic decisions. Mixed Economy correct answers An economy where the government has certain rules & regulations to allow. Laissez faire correct answers Hands off approach to the economy. Wrong mix of output correct ...

The economic problem correct answers Unlimited wants but we have limited resources. Resources a scarce and it is a challenge to allocate them to our unlimited wants. There are individual wants which are individual desires and collective wants which are wants of the whole community. This can change o...

economics correct answers the study of how people choose to se their limited resources to satisfy their unlimited wants economy correct answers a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics correct answers t...

demand correct answers the desire to own something and the ability to pay for it law of demand correct answers price goes up, demand goes down; price goes down, demand goes up substitution effect correct answers when consumers react to an increase in a good's price by consuming less of that g...

Goods correct answers Something you can touch that is used to satisfy a desire or need. Services correct answers Actions that people to perform to satisfy your needs or wants, such as a hairdresser Consumer correct answers A person who purchases a good or service. Producer correct answers A...

economics correct answers 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtai...