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5 Written questions

5 Matching questions

  1. Market Place vs. Market Network
  2. Good/Bad of Theory/Models
  3. Firm vs. Market
  4. Economics
  5. Marginal Benefit
  1. a social science that studies the choices that individuals, businesses, governments and societies make to cope with scarcity and incentives of those choices
  2. b 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.
  3. c the benefit that arises from an increase of activity
  4. d reality through politics and imperfect knowledge hints at the flaws of theory
  5. e 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

5 Multiple choice questions

  1. The Wealth of Nations (1776), The Invisible Hand, market mechanism (more trucks, less tanks), Laissez Faire (gov out of econ)
  2. means of taking no action where the marginal cost exceeds the marginal benefit
  3. Comparative > Absolute; problem is that you my be able to produce something with less cost, but may not be very profitable (ex. Braille bumper stickers)
  4. higher the price of good/service, smaller the quantity demanded
  5. 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

5 True/False questions

  1. How Markets Workthe cost of an activity


  2. Limit to producing on the production possibilitiesmeasure whether or not the production of another product is good, if its profits are less than what you could have gotten from the sale of the other


  3. Opportunity Costthe cost of an activity


  4. Absolute Advantageonly 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. Real Propertystocks, bonds, savings accounts