- Study guides, Class notes & Summaries

perfect competition - Correct Answer-many firms, perfect subs monopolistic competition - Correct Answer-many firms, close subs oligopoly - Correct Answer-few firms monopoly - Correct Answer-one firm buyers, sellers - Correct Answer-in a perfect competition there are many ____ and _____ standardized products - Correct Answer-in a perfect competition there are ______ or perfect subs. information - Correct Answer-in a perfect competition there is perfect _____

Economics - CORRECT ANSWERthe choices we make when there is scarcity it is all about trade-offs scarcity - CORRECT ANSWERthe resources we use to produce goods and services are limited 3 key economics questions - CORRECT ANSWERWhat products do we produce? How do we produce the products? Who consumes the product? Factors of production (5) - CORRECT ANSWERNatural resources Labor Physical capital Human capital Entrepreneurship

Scarcity - CORRECT ANSWERthe condition of having to choose among alternatives scarce good - CORRECT ANSWERone for which the choice of one alternative requires that another be given up free good - CORRECT ANSWERone for which the choice of one use does not require that we give up another. opportunity cost - CORRECT ANSWERthe value of the best alternative forgone in making any choice. margin - CORRECT ANSWERis the current level of an activity. choice at the margin - CORRECT ANSWERa d...

1. What are the three basic questions that every economy must address? (1) - CORRECT ANSWERThe three basic questions that every economy must address are: what is produced, how is it produced, and for whom is it produced. 2. What is the key difference between a market-oriented economy and a command economy? (1) - CORRECT ANSWERThe key difference between market and command economy is that government plays a background role in market-oriented, while govt makes most decisions in command. 3. Wh...