Economics vocabulary - Study guides, Class notes & Summaries

Economics Vocabulary Latest Update 100% Correct Scarcity The resources we use to produce goods and services are limited. Economics The study of choices when there is scarcity. Factors of Production The resources used to produce goods and services; also known as production inputs or resources Natural Resources Resources provided by nature and used to produce goods and services. Labor Human effort, including both physical and mental effort, used to produce goods and services. Physical Capital...

AEPA Economics Vocabulary Question and answers verified to pass 2024 AEPA Economics Vocabulary Microeconomics - correct answer The study of individual, family, company and industry economic behavior. Macroeconomics - correct answer The study of the behavior of entire economies. Equilibrium - correct answer The Point at which the quantity supplied equals the quantity demanded and a mutually agreeable price is determined, Marginal Revenue and Cost - correct answer The added re...

AP Macroeconomics Vocabulary Terms Exam Questions and Answers

Economics Vocabulary Latest 2023 100% Correct Land natural resources used to make goods and services Labor the effort people devote to a task for which they are paid Capital any human-made resource that is used to produce other goods and services Physical capital buildings and tools. Human capital: the knowledge and skills a worker gains through education and experience Opportunity cost the most desirable alternative given up as the result of a decision Economic Continuum a range with no cl...

AP Macroeconomics Vocabulary Terms Questions And Answers Maringal Benefit the additional benefit received from the consumption of the next unit of a good or service Marginal Cost the additional benefit received from the consumption of the next unit of a good or service Marginal Analysis making decisions based upon weighing the marginal benefits and costs of that action. The rational decision maker chooses an action if the MB is greater than or equal to marginal cost Production Possi...

Economics Vocabulary Exam 100% Correct What is the definition of economics? laws for the home What are the four Ps of marketing, also known as the marketing mix? product, price, promotion, and place What is defined as income available after taxes and other mandatory expenses? disposable income What is a plan for spending your money to meet your wants and needs? budget Read the sentence. A __________ card is issued by a credit union or bank and allows the user to purchase goods and services ...

AP Macroeconomics Vocabulary Chapter 32 Exam Questions and Answers

Economics Vocabulary Exam Questions and Answers

Economics the study of how people, firms and societies use their scarce productive resources to best satisfy their unlimited material wants Resources called factors of production, these are commonly grouped into the 4 categories of labor, physical capital, land or natural resources, and entrepreneurial ability Scarcity the imbalance between limited productive resources and unlimited human wants. Because economic resources are scarce, the goods and services a society can produce a...

Scarcity correct answers The resources we use to produce goods and services are limited. Economics correct answers The study of choices when there is scarcity. Factors of Production correct answers The resources used to produce goods and services; also known as production inputs or resources Natural Resources correct answers Resources provided by nature and used to produce goods and services. Labor correct answers Human effort, including both physical and mental effort, used to produ...