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Economics - Unit 1 Economics Fundamentals With Complete Solutions Latest Update £14.58   Add to cart

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Economics - Unit 1 Economics Fundamentals With Complete Solutions Latest Update

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Economics - Unit 1 Economics Fundamentals With Complete Solutions Latest Update

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  • July 17, 2024
  • 13
  • 2023/2024
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Economics - Unit 1 Economics Fundamentals With
Complete Solutions Latest Update

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 obtain those goods
and services.



scarcity - correct answers a situation in which unlimited wants exceed the limited
resources available to fulfill those wants



trade-offs - correct answers giving up one thing in favor of another



opportunity costs - correct answers the highest-valued alternative that must be
forgone when a choice is made



rational decisions - correct answers choice in which you weigh the costs and
benefits of each option



marginal benefit - correct answers the additional satisfaction or benefit received
when one more unit is produced

, marginal cost - correct answers the cost of producing one more unit of a good.



marginal benefit-marginal cost analysis - correct answers Rational decision making
involves marginal benefits that equal or exceed the marginal costs



resources - correct answers anything that is used to produce goods or services



allocation of resources - correct answers decision on how to divide scarce
resources among different uses



goods - correct answers tangible products that we use to satisfy our wants and
needs



services - correct answers actions or activities that one person performs for
another



factors of production - correct answers land, labor, capital, entrepreneurship



capital goods - correct answers Buildings, machines, technology, and tools needed
to produce goods and services.



human capital - correct answers the skills and knowledge gained by a worker
through education and experience

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