Compliments goods - Study guides, Study notes & Summaries

Saylor Academy ECON101: Direct Credit Exam Questions and Answers Q: Why does scarcity exist? - answerResources are limited. Which of the following is the most fundamental concept in economics? - answerScarcity The Greek word for "economy" is oikonomos, which literally means a person who: - answermanages a household. What does the term "capital" refer to in economics? - answerThe equipment, and buildings used by firms According to the production possibility frontier below, the economy...

Economics Study Guide (2023/2024) 100% Correct Economics social science dealing with study of how people satisfy unlimited/ competing wants with careful use of scarce resources. Scarcity fundamental economic problem facing all societies that result from a combination of scarce resources and peoples unlimited wants. Opportunity Costs cost of next best alternative use of money, time, or resources when one choice is made rather than another. Trade off alternatives that must be given up when one ...

Econ 101 - Part 1 - Corey Van der Waal - University of Waterloo | latest with complete solution PPF: Production Possibilities Frontier - Alternative combinations of goods that can be produced by the economy with a given technology and fixed resources. - A point inside the PPF: producing with unemployed resources. - On the frontier of PPF: productively efficient. - Can not produce outside the PPF. - Movement along the frontier shows tradeoffs in production Opportunity Cost - What you h...

What does the study of macroeconomics entail? - Answer The study of economy at the large scale level, examining total output, the price level, and other aggregate measures in the economy. (Think macro as the forest and micro as the trees) What is the capital? What are some examples of capital? - Answer 1 out of 4 resources. The tools, machinery, infrastructure, and knowledge used to produce goods and services. Resources are: A) Relatively plentiful in all countries. B) Relatively evenly di...

which of the following things are scarce? - answer-everything that cost money the nominal interest rate is 7%. The inflation rate if 3% - answer-the real rate of interest is 4% the amount of a given input purchase by a firm depends on the: - answer-*price of finished good *prices of all other related goods *price of the input *state of technology The legislative act that established the Land Grand University System - answer-Merrill Act "Superstorm Sandy" disrupted transportation...

Why are the issues of scarcity and choice the basis of economics? - answer-There will never be enough of everything to satisfy everyone completely. There has to be a limit What is the difference between scarcity and shortage - answer-Scarcity-principal that limited amounts of goods and services are available to meet unlimited wants, always exists shortage-lack of something desired, temporary or long-term why does every decision a person makes involves trades offs and opurtunity costs - an...

ECON 315 Midterm 1 Questions And Answers With Verified Solutions 2023 Present value calculation: key formula PV = FV/(1+i)^n Value of a perpetuity: key formula pvperpetuity = CF/i Value of a firm; key formula pvfirm = π0(1 + i)/(i - g) Influences on present value a. Higher Interest Rate = Lower Present Value B. Longer Amount of Time = Lower Present Value C. Higher Profits = Higher Present Value Influences on demand a. Income I. Normal good (an increase in income = increase in...

HCB 101 Study Guide latest updated, 2024. What does the mnemonic ABCD stand for? A- Assess B-Balance Resources C- Communicate with Others D- Do and Debrief What are the 3 colors of risk? a. Green- Little chance of serious error b. Yellow- Higher chance of serious error c. Red- Very high chance of serious error What does the "swooshing arrow" indicate? Return to good situational awareness Define Customer Someone who buys goods or services from businesses or a person who has a partic...

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for A) Incompetence B) Misrepresentation C) Libel D) Negligence - answer-Negligence Requiring businesses to control pollution and to dispose of hazardous waste properly are some of the main functions of __________ regulations. A) Workplace B) Environmental C) Personnel D) Geological - answer-Environmental Jane is the owner of a pizza shop associated with a national chain of...

Economics - answer-- the study or science of production, distribution, and consumption -the study of how society manages its scarce resources Society and Scarce Resources - answer--The management of society's resources if important because resources are scarce -Scarcity implies choice and choice implies cost Scarcity - answer--society has limited resources and therefore cannot produce all the goods and services people wish to have -Not enough resources are available to satisfy one's ...