The Study of how people, institutions, and society make economic choices under conditions of scarcity. correct answers economics
The Value of the good, service, or time forgone to obtain something else. correct answers opportunity cost
A viewpoint that envisions individuals and institutions m...
ECON 212- Test 1 UNL || 100% CORRECT ANSWERS
The Study of how people, institutions, and society make economic choices under conditions
of scarcity. correct answers economics
The Value of the good, service, or time forgone to obtain something else. correct answers
opportunity cost
A viewpoint that envisions individuals and institutions making rational decisions by
comparing the marginal costs of their actions. correct answers economic perspective
The satisfaction obtained from consuming a good or service. correct answers utility
The assumption that factors other than those being considered do not Change. correct answers
other-things-equal assumption
The part of economics concerned with individual decision-making units, such as a consumer,
a worker, or a business firm. correct answers microeconomics
The need for individuals and society to make choices because wants exceed means. correct
answers economic problem
A line that shows various combinations of two products a consumer can purchase with a
specific money income, given the products' prices. correct answers budget line
Natural Resources ("gifts of nature") used to produce goods and services. correct answers
land
The physical and mental talents and efforts of people used to produce goods and services
correct answers labor
Human-made resources (buildings, machinery, and equipment) used to produce goods and
services. correct answers capital
The Human talent that combines the other resources to produce a product, make strategic
decisions, and bear risks. correct answers entrepreneurial ability
The economic resources of land, labor, capital, and entrepreneurial ability. correct answers
factors of production
Products and services that directly satisfy consumer wants. correct answers consumer goods
Items that are used to produce other goods and therefore do not directly satisfy consumer
wants. correct answers capital goods
A curve showing the different combinations of goods and services that can be produced in a
fully employed economy. correct answers production possibilities curve
The principle that as the production of a good increases, the opportunity cost of producing an
additional unit rises. correct answers the law of increasing opportunity costs
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