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5 Written questions

5 Matching questions

  1. Absolute Advantage
  2. Financial Property
  3. Firm vs. Market
  4. Property Rights
  5. When environment exists where property can be stolen
  1. a stocks, bonds, savings accounts
  2. b 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
  3. c effort/resources used in order to protect said property
  4. d only exists if you are able to produce a product at a lower cost; ability of a firm to produce a specific good with fewer resources than its competitors
  5. e social arrangements that govern ownership, use, disposal of resources, goods and services

5 Multiple choice questions

  1. cost of accepting one action over another, losing the benefit of what is rejected and hoping the benefit exceeds the cost of what is lost
  2. deciding the what, how and for whom (Do we tax the rich to give to the poor?)
  3. graphs the relationship between price and demand on an individual basis and market basis
  4. building, plant, equipment
  5. 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 True/False questions

  1. Law of Supplyhigher the price the market is willing to pay, the greater is the quantity supplied

          

  2. Adam Smithsocial science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices

          

  3. Intellectual Propertystocks, bonds, savings accounts

          

  4. Marginal Benefitmeasure of willingness and ability to pay

          

  5. Law of Demandhigher the price the market is willing to pay, the greater is the quantity supplied

          

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