Principles of Economics || with 100% Correct Answers. 100 Economics Terms || All Correct. AS Economics || A+ Guaranteed. Basic Economics || A Verified A+ Pass. CIE A level Economics || very Flawless. CIE IGCSE Economics || with 100% Error-free Answers. Economics: Supply And Demand || with Accurate ...
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Scarcity correct answers the limited nature of society's resources Economics correct answers the study of how society manages its scarce resources Efficiency correct answers the property of society getting the most it can from its scarce resources Equity correct answers the property of dis...
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Add to cartScarcity correct answers the limited nature of society's resources Economics correct answers the study of how society manages its scarce resources Efficiency correct answers the property of society getting the most it can from its scarce resources Equity correct answers the property of dis...
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...
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Add to cartPositive 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...
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Add to cartWork 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 ...
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Add to cartEconomic 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 ...
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Add to cartwhat 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...
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Add to cartDemand 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...
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Add to cartindifference 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...
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Add to carteconomics 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...
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Add to cartPositive 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 ...
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Add to cartMechanisms 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...
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Add to cartThe 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...
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Add to carteconomics 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...
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Add to cartdemand 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...
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Add to cartGoods 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...
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Add to carteconomics 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...
Absolute advantage correct answers When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty correct answers When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) correct answers The total d...
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Add to cartAbsolute advantage correct answers When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty correct answers When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) correct answers The total d...
Model correct answers A theoretical concept that looks at how differant variables interact. Ceteris Paribus correct answers All other factors remain the same. Positive Statement correct answers Objective, factually based comments that can be tested. Normative Statement correct answers Subje...
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Add to cartModel correct answers A theoretical concept that looks at how differant variables interact. Ceteris Paribus correct answers All other factors remain the same. Positive Statement correct answers Objective, factually based comments that can be tested. Normative Statement correct answers Subje...
This is the situation where some necessities have little value while non-necessities have a much higher value. correct answers paradox of value These are manufactured goods that are needed to produce other goods and services. correct answers capital goods A decision making grid can be used to ...
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Add to cartThis is the situation where some necessities have little value while non-necessities have a much higher value. correct answers paradox of value These are manufactured goods that are needed to produce other goods and services. correct answers capital goods A decision making grid can be used to ...
Ceteris paribus correct answers all other things are being held equal positive economics correct answers matters of economics that can be proven to be right or wrong by looking at the facts normative economics correct answers matters of economics that are based upon opinion and so are incapabl...
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Add to cartCeteris paribus correct answers all other things are being held equal positive economics correct answers matters of economics that can be proven to be right or wrong by looking at the facts normative economics correct answers matters of economics that are based upon opinion and so are incapabl...
Economics correct answers The study of how society manages its scare resources to satisfy unlimited wants Economy correct answers A system that attempt to solve the basic economic problem. Micro-economics correct answers The study of how households (buyers) and firms (sellers) make decisions r...
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Add to cartEconomics correct answers The study of how society manages its scare resources to satisfy unlimited wants Economy correct answers A system that attempt to solve the basic economic problem. Micro-economics correct answers The study of how households (buyers) and firms (sellers) make decisions r...
Economic Growth correct answers The increase in output of the value of the goods and services produced in a country over a period of time Supply-side Policy correct answers A government action which leads to an increase in aggregate supply in an economy by improving either the quality or the quan...
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Add to cartEconomic Growth correct answers The increase in output of the value of the goods and services produced in a country over a period of time Supply-side Policy correct answers A government action which leads to an increase in aggregate supply in an economy by improving either the quality or the quan...
Opportunity cost correct answers A cost of choosing one thing over the next best alternative. The economic problem correct answers The idea that resources are scare and wants are unlimited Economy correct answers Where people produce goods and services. Market correct answers Where a group ...
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Add to cartOpportunity cost correct answers A cost of choosing one thing over the next best alternative. The economic problem correct answers The idea that resources are scare and wants are unlimited Economy correct answers Where people produce goods and services. Market correct answers Where a group ...
absolute advantage correct answers Where a country is able to produce more output than other countries using the same input of factors of production. administrative barriers (in the context of trade) correct answers Any administrative requirement that might prevent or reduce the amount of imports...
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Add to cartabsolute advantage correct answers Where a country is able to produce more output than other countries using the same input of factors of production. administrative barriers (in the context of trade) correct answers Any administrative requirement that might prevent or reduce the amount of imports...
normative statement correct answers an opinion that cannot be confirmed by referencing facts positive statement correct answers a statement that can be proved by referencing facts why are economic models used? correct answers theories cannot be tested in a controlled environment the basic e...
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Add to cartnormative statement correct answers an opinion that cannot be confirmed by referencing facts positive statement correct answers a statement that can be proved by referencing facts why are economic models used? correct answers theories cannot be tested in a controlled environment the basic e...
Factors of Production correct answers An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit Demand correct answers An economic principle that describes a consumer's desire and willingness to pay a price for a specif...
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Add to cartFactors of Production correct answers An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit Demand correct answers An economic principle that describes a consumer's desire and willingness to pay a price for a specif...
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