ECON 2020 EXAM 1 WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST ALREADY GRADED A+
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Practice questions for this set
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relationship between P's and Q's for all possible prices
Choose an answer
1 supply 2 factors that shift the S curve
3 natural resources 4 scarce good
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Terms in this set (39)
factors that shift the S curve input/ resource prices, technology, taxes,
expectation of future prices
, factors that shift D curve income, price of related good, expectation of
future prices, number of buyers in market, tastes
and preferences
economics social science concerned with how individuals,
institutions, and society make optimal choices
under conditions of scarcity.
scarcity the condition wherby theresources we useto
produce goods and services are limited relative
to our wants for them.
scarce good economic good=good for which you cannot get
all you want at zero cost
free good you can get all you want at zero cost
price signal that tells producers what and how much to
produce; standard market: paid by consumer
cost sacrafice associated with making a choice;
standard market: paid by producer
explicit cost out of pocket, monetary payment
implicit/opprotunity cost most valuable option foregone: What you gave
up
QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS LATEST ALREADY GRADED A+
Save
Practice questions for this set
Learn 1 /7 Study with Learn
relationship between P's and Q's for all possible prices
Choose an answer
1 supply 2 factors that shift the S curve
3 natural resources 4 scarce good
Don't know?
Terms in this set (39)
factors that shift the S curve input/ resource prices, technology, taxes,
expectation of future prices
, factors that shift D curve income, price of related good, expectation of
future prices, number of buyers in market, tastes
and preferences
economics social science concerned with how individuals,
institutions, and society make optimal choices
under conditions of scarcity.
scarcity the condition wherby theresources we useto
produce goods and services are limited relative
to our wants for them.
scarce good economic good=good for which you cannot get
all you want at zero cost
free good you can get all you want at zero cost
price signal that tells producers what and how much to
produce; standard market: paid by consumer
cost sacrafice associated with making a choice;
standard market: paid by producer
explicit cost out of pocket, monetary payment
implicit/opprotunity cost most valuable option foregone: What you gave
up
