Economics Bundled Questions and Answers Latest Update (2024/2025)

At its core, Economics is about.. - Answers individuals (consumers, firms) and governments making choices given scarce resources People respond to - Answers Economic incentive, Exploiting other opportunities to make themselves better off. An Optimal Decision is to - Answers continue until MB=MC. m...

absolute advantage - Answers When better/more efficient than everyone Comparative advantage - Answers What you specialize in based on opportunity cost. lower opportunity cost of an activity for you over someone else opportunity cost - Answers value of the best alternative. (babe ruth batting avera...

allocation - Answers The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of sc...

_______ is the problem that human wants exceed the production possible with the limited resources available. - Answers scarcity ________ is the study of how individuals and societies use their limited resources to try to satisfy their unlimited wants. - Answers economics ________ are the inputs th...

Because of scarcity: a) resources are limitless. b) wants are limited. c) choices are unlimited. d) we face tradeoffs in nearly every choice we make. - Answers d) we face tradeoffs in nearly every choice we make. What is the main problem addressed with scarcity? a) Trying to satisfy t...