Economics 1010 - MUN With Complete
Solutions Latest Update 2024
factors of production - ANS resources used to produce goods and services;
frequently divided into the basic categories of land, labor, and capital.
goods - ANS tangible products, such as cars or shoes
services - ANS intangible products, such as legal services and education.
consumption - ANS the act of using goods or services to satisfy wants.
opportunity cost - ANS The value of the next best alternative that must be forgone
when one alternative is chosen.
production possibilities boundary - ANS a curve showing which alternative
combinations of output can be attained if all available resources are used
efficiently; it is the boundary between attainable and unattainable output
combinations.
resource allocation - ANS the allocation of an economy's scarce resources among
alternative uses.
,Microeconimics - ANS the study of the causes and consequences of the allocation
of resources as it is affected by the workings of the price system.
Macroeconomics - ANS the study of the determination of economic aggregates
such as total output, employment, and growth.
specialization of labour - ANS the specialization of individual workers in the
production of particular goods or services
division of labor - ANS the breaking up of a production process into a series of
specialized tasks, each done by a different worker.
barter - ANS an economic system in which goods and services are traded directly
for other goods and services.
Traditional Economy - ANS an economy in which behavior is based mostly on
tradition.
command economy - ANS an economy in which most economic decisions are
made by a central planning system.
free market economy - ANS an economy in which most economic decisions are
made by private households and firms.
, mixed economy - ANS an economy in which some economic decisions are made by
firms and households and some by the government.
normative statement - ANS a statement about what ought to be; it is based on a
value judgment.
positive statement - ANS a statement about what actually is, was, or will be; it is
not based on a value judgment.
Variable - ANS any well-defined item, such as the price or quantity of a commodity,
that can take on various specific values.
endogenous variable - ANS A variable that is explained within a theory. Sometimes
called an induced variable or a dependent variable
exogenous variable - ANS A variable that is determined outside the theory.
Sometimes called an autonomous variable or an independent variable.
index number - ANS a measure of some variable, conventionally expressed relative
to a base period, which is assigned the value 100
cross-sectional data - ANS a set of observations of a variable made at the same
time across several different units (such as households, firms, or countries)
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Schoolflix. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €11,05. Je zit daarna nergens aan vast.