the term that means that resources are limited? - CORRECT ANSWER-
Scarcity
the study of the aggregate (or total) effects of the national economy or
global economy - CORRECT ANSWER-Macroeconomics
the study of how individual and business decisions interact. - CORRECT
ANSWER-Microeconomics
tangible items that can be bought and sold - CORRECT ANSWER-Goods
intangible items that can be bought and sold - CORRECT ANSWER-
Services
, the philosophy that the government should take a hand's off approach
to the economy - CORRECT ANSWER-Laissez Faire
The three economic questions - CORRECT ANSWER-What to produce,
how to produce and for whom to produce
A motivation to act or not act in one particular manner - CORRECT
ANSWER-incentive
the degree of wealth and material comfort available to a person or
community - CORRECT ANSWER-standard of living
a model of income and expenditures in the economy - CORRECT
ANSWER-circular flow model
the cost of the best thing given up in exchange for something else -
CORRECT ANSWER-Opportunity Cost
The main source of federal income - CORRECT ANSWER-income taxes
The main source of state expenditure - CORRECT ANSWER-education
Scarcity
the study of the aggregate (or total) effects of the national economy or
global economy - CORRECT ANSWER-Macroeconomics
the study of how individual and business decisions interact. - CORRECT
ANSWER-Microeconomics
tangible items that can be bought and sold - CORRECT ANSWER-Goods
intangible items that can be bought and sold - CORRECT ANSWER-
Services
, the philosophy that the government should take a hand's off approach
to the economy - CORRECT ANSWER-Laissez Faire
The three economic questions - CORRECT ANSWER-What to produce,
how to produce and for whom to produce
A motivation to act or not act in one particular manner - CORRECT
ANSWER-incentive
the degree of wealth and material comfort available to a person or
community - CORRECT ANSWER-standard of living
a model of income and expenditures in the economy - CORRECT
ANSWER-circular flow model
the cost of the best thing given up in exchange for something else -
CORRECT ANSWER-Opportunity Cost
The main source of federal income - CORRECT ANSWER-income taxes
The main source of state expenditure - CORRECT ANSWER-education
