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A factory building as a productive resource is considered to be capital.
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A factory building as a productive resource is considered to be capital.
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Someone with a college degree and some extra training, will more likely to get a job.
Someone with a college degree and some extra training, will more likely to get a job.
Remember, a point that is inside the production possibility curve, means the economy be failing to produce either goods efficiently.
Remember, a point that is inside the production possibility curve, means the economy be failing to produce either goods efficiently.
A point that is outside the production possibility curve, means it is impossible to reach given its current level of resources.
A point that is outside the production possibility curve, means it is impossible to reach given its current level of resources.
If you have $60 and you have to decide to either buy a new video game or go out to dinner with yourfamily and you choose to buy the video game, your opportunity cost was missing out on dinner with your family.
If you have $60 and you have to decide to either buy a new video game or go out to dinner with yourfamily and you choose to buy the video game, your opportunity cost was missing out on dinner with your family.
Emily works as a pediatric nurse for a large hospital. The terms that BEST describe her role is a labor.
Emily works as a pediatric nurse for a large hospital. The terms that BEST describe her role is a labor.
The three fundamental economic questions are What? How? For Whom?
The three fundamental economic questions are What? How? For Whom?
In a market economy, the primary motivation for producers to sell their products at a price consumers can afford is profit.
In a market economy, the primary motivation for producers to sell their products at a price consumers can afford is profit.
Potential Opportunity Cost is what consumers MOST OFTEN need to consider when trying to make a rational economic decision.
Potential Opportunity Cost is what consumers MOST OFTEN need to consider when trying to make a rational economic decision.
Thorndike Corporation just finished a year of record profits. Instead of using the resources to immediately increase production, they decide to buy land and materials to build a new plant and purchase upgraded technology. Thorndike shares represent a capital investment
Thorndike Corporation just finished a year of record profits. Instead of using the resources to immediately increase production, they decide to buy land and materials to build a new plant and purchase upgraded technology. Thorndike shares represent a capital investment
Voluntary exchange describes how goods pass from producers to consumers in a free enterprise (market economy)Voluntary exchange describes how goods pass from producers to consumers in a free enterprise (market economy)Making profits on sales is the incentive that motivates a manufacturer to sell a product.Making profits on sales is the incentive that motivates a manufacturer to sell a product.People typically respond to incentives in predictable ways.People typically respond to incentives in predictable ways.In England, the government owns industries such as the airline, TV stations, hospitals, university defense contractors. However, most of their industries involve privately owned firms that comp business. The following BEST describes the type of economy England has: Mixed.In England, the government owns industries such as the airline, TV stations, hospitals, university defense contractors. However, most of their industries involve privately owned firms that comp business. The following BEST describes the type of economy England has: Mixed.You are an entrepreneur with an innovative idea for a new business. A market economy would most opportunity to try to achieve success.You are an entrepreneur with an innovative idea for a new business. A market economy would most opportunity to try to achieve success.A Command Economy is the economic system that is based on equity and the government dec gets made and sets prices.A Command Economy is the economic system that is based on equity and the government dec gets made and sets prices.The impact that deregulation usually has on industries Is that it increases competition in that is industryThe impact that deregulation usually has on industries Is that it increases competition in that is industryIn a market economy, public goods and services are paid for by the government through collecting taxesIn a market economy, public goods and services are paid for by the government through collecting taxesBuying stocks, purchasing new equipment for a business, paying for employee training, and purchasing the the latest computers for one's office are all examples of investments.Buying stocks, purchasing new equipment for a business, paying for employee training, and purchasing the the latest computers for one's office are all examples of investments.Following a massive hurricane that hits Georgia's northern coast, residents have no running water or electricity. As a result, citizens buy up all of the flashlights and bottled water in the area faster than producers can resupply them. The problem that people on the Georgia coast now have regarding flashlights and bottled water is scarcity.Following a massive hurricane that hits Georgia's northern coast, residents have no running water or electricity. As a result, citizens buy up all of the flashlights and bottled water in the area faster than producers can resupply them. The problem that people on the Georgia coast now have regarding flashlights and bottled water is scarcity.When reviewing applications for admission the University of Georgia considers the applicant's grade point average, standardized test scores, extracurricular activities, job experience, and volunteer experience when deciding who earns one of the limited seats in the incoming freshman class. This is an example of the achievement-based allocation method.When reviewing applications for admission the University of Georgia considers the applicant's grade point average, standardized test scores, extracurricular activities, job experience, and volunteer experience when deciding who earns one of the limited seats in the incoming freshman class. This is an example of the achievement-based allocation method.Regulations aimed at economic equity tends to make economies more efficient.Regulations aimed at economic equity tends to make economies more efficient. 23. Schools and parks are considered to be public goods.Schools and parks are considered to be public goods.Schools and parks are considered to be public goods.David is offered two jobs: one pays a salary of $30,000 per year and offers four weeks of vacation, and the other pays a salary of $32,000 per year and offers two weeks of vacation. The opportunity cost for David taking the job offering $32,000 per year is missing two weeks of vacation.David is offered two jobs: one pays a salary of $30,000 per year and offers four weeks of vacation, and the other pays a salary of $32,000 per year and offers two weeks of vacation. The opportunity cost for David taking the job offering $32,000 per year is missing two weeks of vacation.Economic growth due to greater productivity of inputs is often tied to investment in machinery, new technology, and education.Economic growth due to greater productivity of inputs is often tied to investment in machinery, new technology, and education.