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5 Written questions

5 Matching questions

  1. Financial Property
  2. Comparative Advantage
  3. Market Place vs. Market Network
  4. Production Possibilities Curve
  5. Firm vs. Market
  1. a Firms: econ unit that hires factors of production and organizes those factors to produce and sell goods and services
    Markets: are any arrangement that enables buyers and sellers to get info and do business w/ each other
  2. b stocks, bonds, savings accounts
  3. c if you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors
  4. d markets are not necessarily a place, but a network such as the food market; transactions are facilitated by making deals with the use of telephone equipment, fax machines, computers, etc.
  5. e combination of things you will likely produce at a given time with the resources you have

5 Multiple choice questions

  1. means of taking no action where the marginal cost exceeds the marginal benefit
  2. land, labor, capital and entrepreneurship
  3. higher the price the market is willing to pay, the greater is the quantity supplied
  4. reality through politics and imperfect knowledge hints at the flaws of theory
  5. incentive to specialize and produce goods in which you have comparative advantage to maximize use of said property

5 True/False questions

  1. Property Rightshow to make the best choices on a smaller level (individual/business)

          

  2. Opportunity Costcost of accepting one action over another, losing the benefit of what is rejected and hoping the benefit exceeds the cost of what is lost

          

  3. Skill for Comparative Advantageif you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors

          

  4. Comparative or Absolute Better?if you have a skill by which you can produce a product faster and better than any other, then that skill should be exploited; ability of a firm to produce a specific good at a lower cost than competitors

          

  5. Adam SmithThe Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)

          

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