NAME

Question types


Start with


Question limit

of 32 available terms

Advertisement Upgrade to remove ads
Print test

5 Written questions

5 Matching questions

  1. Financial Property
  2. Intellectual Property
  3. Absolute Advantage
  4. Opportunity Cost
  5. How Markets Work
  1. a Only work when property rights exist
  2. b stocks, bonds, savings accounts
  3. c 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
  4. d 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. e intangible products such as books, music, computer programs

5 Multiple choice questions

  1. combination of things you will likely produce at a given time with the resources you have
  2. the cost of an activity
  3. goes down the more we have something
  4. the benefit that arises from an increase of activity
  5. 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 True/False questions

  1. Property Rightssocial arrangements that govern ownership, use, disposal of resources, goods and services

          

  2. When environment exists where property can be stoleneffort/resources used in order to protect said property

          

  3. Opportunity Costthe cost of an activity

          

  4. Microeconomicshow to make the best choices on a smaller level (individual/business)

          

  5. Marginal Benefitmeasure of willingness and ability to pay