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Social Science
Economics
Introduction to Economics
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Gravity
Terms in this set (55)
good
A tangible object that can be bought and used to meet the needs
and wants of consumers.
scarcity
Our goods and services are limited due to this economic problem.
physical capital
Man-made objects that are used to make other goods and services.
renewable resource
resource that can be naturally replenished
salary
A fixed income paid on a monthly basis
trade off
An alternative that we sacrifice when we make a decision.
opportunity cost
The most desirable sacrifice when we make a decision
need
That which is necessary for survival.
land
Natural resources used to make goods and services
entrepreneur
The person who combines land, labor, and capital to make goods and services.
labor
A person who works on an assembly line describes this factor of production.
thinking at the margin
Deciding whether to use one additional unit of some good
productivity
The degree to which resources are being used efficiently
left
A point of underutilization would be plotted to the _______ of the production possibilities frontier.
human capital
Knowledge and skill gained on the job that is used to make goods and services.
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Verified questions
ECONOMICS
When the economy is experiencing an inflationary gap, the output gap is A. positive. B. negative. C. zero. D. decreasing. E. increasing
ECONOMICS
Explain how a developing country can attract foreign capital.
ECONOMICS
Before the 1960s, consumer use of credit cards was limited. Cards that were available generally were issued by individual stores and could be used only in the issuing store. Describe how stores have benefited from the growth of consumers’ use of credit cards since the 1960s. What new costs have resulted from this use? Do you think most consumers are better or worse off because of their use of credit cards? Explain your answer.
ECONOMICS
A sample of 65 observations is selected from one population with a population standard deviation of 0.75. The sample mean is 2.67. A sample of 50 observations is selected from a second population with a population standard deviation of 0.66. The sample mean is 2.59. Conduct the following test of hypothesis using the .08 significance level.a. Is this a one-tailed or a two-tailed test? b. State the decision rule. c. Compute the value of the test statistic. d. What is your decision regarding H0? e. What is the pvalue? $$ H_0:μ_1≤μ_2; H_1:μ_1>μ_2 $$
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QUESTION
Which is the best synonym for the economic term development?
QUESTION
The general supply relation in which relatively small changes in price cause relatively large changes in quantity supplied is called
