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5 Written questions

5 Matching questions

  1. Marginal Analysis
  2. Marginal Cost
  3. Comparative Advantage
  4. Four Major Factors of Production
  5. Absolute Advantage
  1. a 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
  2. b means of taking no action where the marginal cost exceeds the marginal benefit
  3. c land, labor, capital and entrepreneurship
  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 the cost of an activity

5 Multiple choice questions

  1. how to make the best choices on a smaller level (individual/business)
  2. combination of things you will likely produce at a given time with the resources you have
  3. intangible products such as books, music, computer programs
  4. cost of accepting one action over another, losing the benefit of what is rejected, hoping that the benefit of your choice exceeds the cost of what is lost
  5. Only work when property rights exist

5 True/False questions

  1. Market Place vs. Market Networkmarkets 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.

          

  2. Marginal Benefitthe cost of an activity

          

  3. Firm vs. MarketFirms: 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

          

  4. Marginal Benefitmeasure of willingness and ability to pay

          

  5. 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

          

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