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Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
[Mostrar más]Economics Exam Revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
[Mostrar más]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 ...
Vista previa 4 fuera de 35 páginas
Añadir al carritoBasic 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 ...
Vista previa 3 fuera de 21 páginas
Añadir al carritoIt 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...
Vista previa 1 fuera de 3 páginas
Añadir al carritocyclical 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 ...
Vista previa 2 fuera de 7 páginas
Añadir al carritoCircular 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 ...
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