question
In the real world, resources are ________ and wants are ________.
answer
limited, unlimited
question
Economics is the study of how people allocate their_________resources to satisfy their nearly___________wants and needs.
answer
limited, unlimited
question
4 types of incentives
answer
positive, negative, direct, indirect
question
Suppose you have a Xbox your roommate wants, and your roommate has a iPod that you want. You decide to trade the Xbox for the iPod. You have engaged in what economists call ____________, which can only occur when there is ___________.
answer
bartering, a double coincidence of wants
question
Microeconomics is
answer
the study of individual decision-makers and nonaggregated markets
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Macroeconomics
answer
the study of economy-wide issues and aggregated markets.
question
Daniel and his intramural team just won the co-ed volleyball tournament, and they're celebrating at an all-you-can-eat pizza place. Daniel has had four slices of pizza and is trying to decide whether to have a fifth slice. He does not have to pay for it, but he is thinking about whether the increased calories of the fifth slice are worth it. Which foundation(s) of economics is he applying
answer
marginal thinking, trade-offs
question
marginal thinking
answer
requires decision-makers to evaluate whether the benefit of one more unit of something is greater than its cost
question
The difference between the study of microeconomics and the study of macroeconomics is a difference between
answer
the study of household and firm behavior and the study of the economy as a whole.
question
When people trade, they can specialize according to their________, and society generates________total output.
answer
comparative advantage, more
question
What is a market?
answer
Markets bring buyers and sellers together to exchange goods and services.
question
What happens in the circular flow representation of the economy?
answer
Firms sell goods and services, product market is where final goods and services are sold and bought, resource market is where firms obtain intermediate inputs
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