What are the scarce resources used to produce goods and services? correct answers Land, Labor, Capital, Entrepreneurial Ability, Production and Efficiency
Economic growth determinants: correct answers Expanding resources, and improving technology
Determinants of Demand: correct answers Tast a...
what are the scarce resources used to produce good
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Econ 212 Exam 1 || A+ GRADED
What are the scarce resources used to produce goods and services? correct answers Land,
Labor, Capital, Entrepreneurial Ability, Production and Efficiency
Economic growth determinants: correct answers Expanding resources, and improving
technology
Determinants of Demand: correct answers Tast and preferences, Income, Prices of related
goods, the number of buyers, and expectations regarding future prices income and product
availability.
Determinants of supply: correct answers Production technology, costs of resources, price of
other commodities, expectations, number of sellers, and taxes and subsidies
Determinants of Elasticity: correct answers more substitutes available.
The good represents a larger portion of the household budget.
Longer time period is being reconsidered.
Good is more of a luxury rather than a necessity.
Define: ceteris paribus correct answers Assumption used in economics ( and other disciplines
as well), where other relevant factors or variables are held constant.
Define: Opportunity Cost correct answers The next best alternative what you give up to do
something or purchase something.
Define: Production efficiency correct answers Goods and services are produced at their
lowest resource (opportunity cost)
Define: Allocative efficiency: correct answers The mix of goods and services produced is just
what the society desires.
Define: Comparative advantage correct answers One country has a lower opportunity cost of
producing a good than another country.
Define: Horizontal summation correct answers Market demand and supply curves are found
by adding together how many units of the product will be purchased or supplied at each price.
Define: Normal good correct answers A good for which an increase in income results in
rising demand
Define: Inferior good correct answers A good for which an increase in income results in
declining demand
Define: supply curve correct answers supply schedule information translated to a graph
Define & consequences: surplus: correct answers Occurs when the price is above market
equilibrium, and quantity supplied exceeds quantity demanded. Buyers get items for
attractive price
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