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econ quiz 1
Terms in this set (11)
three questions economist must ask
what products do we produce, how do we reproduce them, who consumes the products
factors of production and examples of two of them
natural resources, labor, physical capital, human capital, entrepreneurship
1. physical capital consists of man-made goods like cash, real-estate, and inventory
2. human capital is qualities of labor such as teaching in schools, health, training, and higher education
explain demand about: iwatch, uber, cvcs uniforms, dodgers baseball tv view, & tiktok
rely on people to give the product needed for them to thrive and survive on demand. people want those things so the demand is high therefore making price higher and people are willing. to pay because their demand for it is so high.
studies the choices we make having to do with production, consumption, transfer of money and product and demand
supply having to do with: chick-fil-a san juan, dorm room during covid 19, southwest airlines, and new iphone
each needs people to have interaction and for example the dorm room needs to have a person to have supply. chick-fil-a and airlines and the iphone need people to push their interest so the demand is met and can increase the marginal benefit.
explain scarcity of a product and how it affects a company's ability to grow economically
scarcity is having a supply shortage and can affect a company's ability to grow economically if they cannot meet the demand of that product, therefor the income is less and marginal benefit decreases.
difference between micro and macro economics
macroeconomics is the study of the nation's economy as a whole. microeconomics is the study of choices made by households, or singular persons.
explain opportunity of cost and an example
no matter what we do there is always a trade off, trade one thing for another. The opportunity cost of something is what you sacrifice to get it.
1. spending money to go see a movie and getting to see a movie while the cinema makes money from my entertainment
example of diminishing return and what it means to me, explain with an example
suppose output is produced with two or more inputs, and we increase one input while holding the other input or inputs fixed. Beyond some point—called the point of diminishing returns—output will increase at a decreasing rate
1. When we add a worker to the facility, each worker becomes less productive because he or she works with a smaller piece of the facility: More workers share the same machinery, equipment, and factory space. As we pack more and more workers into the factory, total output increases, but at a decreasing rate.
explain marginal benefits and costs
benefit is increased benefits resulting from a small increase in activities and marginal cost is small increase in cost from small increase in activities.
explain voluntary exchange as discussed in class and how I understand it
between two people makes them both better off; people act in their own self interest.
1. If you exchange money for a college education, then you think that you are therefore better off with that college education. The college receives the money from the payment you gave so the college must be better off therefore as well.
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