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ECONOMICS FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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ECONOMICS FINAL EXAM QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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ECONOMICS FINAL EXAM QUESTIONSAND ANSWERS WITH SOLUTIONS 2024
Economics - ANSWER the study of how people seek to satisfy their needs and wants by making choices
Horizontal Merger - ANSWER the combination of two or more firms competing in the same market with
the same good or service
Vertical Merger - ANSWER the combination of two or more firms involved in different stages of
producing the same good or service
Shortage - ANSWER a situation in which a good or service is unavailable
Scarcity - ANSWER limited quantities of resources to meet unlimited wants
Factors of Production - ANSWER land, labor, and capital; the three groups of resources that are used to
make all goods and services
Entrepreneur - ANSWER ambitious leader who combines land, labor, and capital to create and market
new goods or services
Trade-Off - ANSWER the alternative we sacrifice when we make a decision
Opportunity Cost - ANSWER the most desirable alternative given up as the result of a decision
Human Capital - ANSWER the skills and knowledge gained by a worker through education and
experience
Physical Capital - ANSWER all human-made goods that are used to produce other goods and services;
tools and buildings
, Thinking at the Margin - ANSWER deciding whether to do or use one additional unit of some resource
Production Possibility Graph - ANSWER a graph that shows alternative ways to use an economy's
resources
Production Possibility Frontier - ANSWER the line on a production possibilities graph that shows the
maximum possible output for a specific economy
Adam Smith - ANSWER classic economist that believed the market could regulate itself
Classical Economics - ANSWER the idea that free markets can regulate themselves
Free Market - ANSWER individuals and privately owned businesses own the factors of production and
therefore, make what they want and buy what they want
Command Economy - ANSWER economic system in which the central government makes all of the
decisions on the production and consumption of goods and services
Mixed Economy - ANSWER economic system that combines tradition and free market with limited
government involvement
Natural Monopoly - ANSWER a market that runs most efficiently when one large firm supplies all of the
output
Perfect Competition - ANSWER a market structure in which a large number of firms all produce the same
product
Monopolistic Competition - ANSWER a market structure in which many companies sell products that are
similar but not identical
Non-price Competition - ANSWER a way to attract customers through style, service, or location, but not a
lower price
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