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Economics test 2 summary
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Summary of 47 pages for the course Economics at HvA
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By: oktober1995 • 9 year ago
Really great! Very clear and comprehensive.
By: sashanicolette95 • 9 year ago
Very handy!
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Available practice questions
Chapter 1,3,4 Economics
Flashcards
22 Flashcards
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Flashcards
22 Flashcards
$3.28
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Some examples from this set of practice questions
1.
What are the 4 factors of Production/Resources used to produce goods?
Answer: Land Labor Capital Entrepreneurship
2.
What do you earn with Land?
Answer: Rent
3.
What are the three factors of production?
Answer: Land Labor Capital Entrepreneurship
4.
What is a trade-off?
Answer: Giving up one thing to get something else. An exchange.
5.
What is a rational choice?
Answer: is a choice that compares costs and benefits and achieves the greatest benefit over cost for the person making the choice.
6.
What is a benefit?
Answer: is the gain or pleasure that the benefit brings, it is determined by preferences.
7.
What is an opportunity cost?
Answer: Is the highest valued alternative that must be given up to get it.
8.
What does it mean to choose at the maring?
Answer: The benefit that arises from an increase in activity is called marginal benefit, and opportunity cost of an increase in an activity is called marginal cost.
9.
What is a competitive market?
Answer: a market that has many buyers and many sellers, so no single buyer or seller can influence the price.
10.
Explain the Law od Demand
Answer: Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded; and the lower the pirce of a good the greater is the quantity demanded.
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