Package deal
Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
[Show more]Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
[Show more]Basic Economic problem 
֎ -:- Human want is infinite, earth's resources are finite 
what is economics 
֎ -:- the study of how we make decisions in a world where resources are limited 
Factors of production 
֎ -:- land, labor, capital, entrepreneurship 
Land 
֎ -:- all natural resources used to ...
Preview 4 out of 35 pages
Add to cartBasic Economic problem 
֎ -:- Human want is infinite, earth's resources are finite 
what is economics 
֎ -:- the study of how we make decisions in a world where resources are limited 
Factors of production 
֎ -:- land, labor, capital, entrepreneurship 
Land 
֎ -:- all natural resources used to ...
It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to 
discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, 
and discontinuation of shirt production is considered their __________. 
opportunity cost; production cost 
production ...
Preview 3 out of 21 pages
Add to cartIt costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to 
discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, 
and discontinuation of shirt production is considered their __________. 
opportunity cost; production cost 
production ...
cyclical unemployment 
֎ -:- changes in economic activity; PRODUCTION slows down 
structural unemployment 
֎ -:- structural changes; company restructures 
seasonal unemployment 
֎ -:- jobs do not provide year round employment 
frictional unemployment 
֎ -:- people between jobs 
hidden unemployme...
Preview 1 out of 3 pages
Add to cartcyclical unemployment 
֎ -:- changes in economic activity; PRODUCTION slows down 
structural unemployment 
֎ -:- structural changes; company restructures 
seasonal unemployment 
֎ -:- jobs do not provide year round employment 
frictional unemployment 
֎ -:- people between jobs 
hidden unemployme...
Circular flow of income 
֎ -:- A model of the economy which shows the flow of goods, services and 
factors and their payments around the economy. 
Gross Domestic Product (GDP) 
֎ -:- A measurement of the total goods and services produced within a country. 
GDP measures economic growth but how is ...
Preview 2 out of 7 pages
Add to cartCircular flow of income 
֎ -:- A model of the economy which shows the flow of goods, services and 
factors and their payments around the economy. 
Gross Domestic Product (GDP) 
֎ -:- A measurement of the total goods and services produced within a country. 
GDP measures economic growth but how is ...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
No, you only buy these notes for $20.19. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now