Macroeconomics-Ragan-Chapter 1 Exam Questions and Answers 100% Solved
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Course
Macroeconomics
Institution
Macroeconomics
Macroeconomics-Ragan-Chapter 1 Exam
Questions and Answers 100% Solved
Economics - The study of the use of scarce resources to satisfy
unlimited human wants.
factors of production - Resources used to produce goods and services;
frequently divided into the basic categories of land labour, and ca...
Economics - ✔✔The study of the use of scarce resources to satisfy
unlimited human wants.
factors of production - ✔✔Resources used to produce goods and services;
frequently divided into the basic categories of land labour, and capital.
goods - ✔✔tangible products, such as cars or shoes
Services - ✔✔intangible products, such as legal services and education
Production - ✔✔The act of making goods or services
Consumption - ✔✔The act of using goods or services to satisfy wants
Scarcity - ✔✔Limited quantities of resources to meet unlimited
wants/implies that choices must be made, and making choices implies the
existence of costs.
opportunity cost - ✔✔The value of the next best alternative that is forgone
when one alternative is chosen
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