ECO 231 Exam 1 Study Guide question with correct answers

ECO 231 Exam 1 Study Guide question with
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correct answers
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Economics |is |the |study |of |the |allocation |of |__________ |resources |among |__________ |wants. |-
|✔✔💯scarce, |unlimited




Any |product |that |is |tangible |is |called |a |__________ |while |any |action |performed |for |a |fee |is |called |a
|__________. |- |✔✔💯good, |service




The |US |produces |more |__________ |than |__________. |- |✔✔💯services, |goods



Goods |and |services |are |produced |using |some |mix |of |the |______________________________. |-
|✔✔💯factors |of |production




Knowledge, |education, |and |training |of |a |country's |workforce |are |all |included |in
|____________________. |- |✔✔💯human |capital




The |price |of |a |good |increases, |the |quantity |demanded |of |that |good |decreases. |- |✔✔💯law |of |demand



The |price |of |a |good |decreases, |the |quantity |supplied |of |that |good |decreases. |- |✔✔💯law |of |supply



A |good |consumed |instead |of |another |good |is |called |a |__________. |- |✔✔💯substitute



Occurs |when |quantity |demanded |exceeds |quantity |supplied. |- |✔✔💯shortage



Occurs |when |quantity |supplied |exceeds |quantity |demanded. |- |✔✔💯Surplus