question
Scarcity
answer
Limited amounts of goods and services are available to meet unlimited want
question
Shortage
answer
The producer is not producing enough to meet the demand of the consumer at a given price
question
Opportunity cost
answer
Only the next best option- can be non-monetary (ex. being in school instead of sleeping)
question
Cost/benefit analysis
answer
The comparison between what is given up vs. what is received
question
Economics
answer
The study of human decision making in regards to how they utilize their limited resources
Also the study of why businesses do what they do
Also the study of why businesses do what they do
question
Consumers
answer
Buyers- understand why goods are priced the way they are
-forecast/predict changes in pricing/availability of products
-Realize the impact our behavior has on producers/ and other consumers
-forecast/predict changes in pricing/availability of products
-Realize the impact our behavior has on producers/ and other consumers
question
Producers
answer
Business owners/workers- understand what makes consumers buy certain products over others
-How competitors' products/ pricing impacts ours
-What price to sell their product for
-What products to make
-How competitors' products/ pricing impacts ours
-What price to sell their product for
-What products to make
question
Factors of production
answer
land, labor, capital, entrepreneurship
question
Law of increasing (opportunity) costs
answer
As Italy increases its output of one good, the opportunity cost increases.
question
Production possibility curve
answer
Can move when there's a change in the quality or quantity of the resources (improvement- shifts right/out; get worse- shifts left/in)
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
