Study guides, Class notes & Summaries

Final for Economics: 50 Questions Final Exam Questions |UPDATED| What is an economy? *Ans* The wealth and resources of a country or region What is economics? *Ans* It is the study of how people choose to use resources What are the three economic resources? *Ans* Land, labor, and capital Name two of the three economic questions. *Ans* What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services? Name two of the four ...

OCR A Level Economics Exam with 100% Correct Answers # Latest normative statement *Ans* an opinion that cannot be confirmed by referencing facts positive statement *Ans* a statement that can be proved by referencing facts why are economic models used? *Ans* theories cannot be tested in a controlled environment the basic economic problem *Ans* scarcity - consumer wants are always greater than available resources opportunity cost *Ans* the next best alternative foregone factors of prod...

IB Economics HL Exam Review |Graded A+| Latest Ceteris paribus *Ans* all other things are being held equal positive economics *Ans* matters of economics that can be proven to be right or wrong by looking at the facts normative economics *Ans* matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity *Ans* the limited availability of economic resources relative to societys unlimited demand for goods and services land *Ans* the...

100 Economics Terms Exam Guide 100% Correct Answers Scarcity *Ans* the limited nature of society's resources Economics *Ans* the study of how society manages its scarce resources Efficiency *Ans* the property of society getting the most it can from its scarce resources Equity *Ans* the property of distributing economic prosperity fairly among the members of society Opportunity cost *Ans* whatever must be given up to obtain some item Market economy *Ans* an economy that allocates resou...

Economics Study Guide 100% Correct Answers #1 |verified| Economics *Ans* social science dealing with study of how people satisfy unlimited/ competing wants with careful use of scarce resources. Scarcity *Ans* fundamental economic problem facing all societies that result from a combination of scarce resources and peoples unlimited wants. Opportunity Costs *Ans* cost of next best alternative use of money, time, or resources when one choice is made rather than another. Trade off *Ans* a...

Economics - Unit 1 Economics Fundamentals Exam Guide [100% Correct Answers] economics *Ans* 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity *Ans* a situation in which unlimited wants exceed the limited resources available to fu...

AQA Economics A Level Year 1 – Microeconomics Exam with 100% Correct Answers |LATEST| Allocative Efficiency *Ans* Occurs when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences Positive Statements *Ans* A statement of fact that can be tested to see if it is incorrect or correct Normative Statements *Ans* A statement that includes a value judgement and cannot be disproved just by looking at ...

Economics AQA A LEVEL Exam Elaboration |latest| 100% Correct Positive Statement *Ans* A statement that can be tested to see if it's correct or not Normative Statement *Ans* A statement that has a value judgement and can't be refuted by looking at evidence Need *Ans* Something necessary for human survival Want *Ans* Something that is desirable Economic welfare *Ans* The economic wellbeing of an individual or group of people (Human happiness) Capital good *Ans* A good used in the pro...

Latest High School Economics with 100% Correct Answers This is the situation where some necessities have little value while non-necessities have a much higher value. *Ans* paradox of value These are manufactured goods that are needed to produce other goods and services. *Ans* capital goods A decision making grid can be used to evaluate these. *Ans* alternative choices of action Where would one find a division of labor? *Ans* assembly line Why is the study of economics important? *Ans*...

Economics: Supply And Demand Final Exam with 100% Correct Answers |UPDATED| #2024 Demand *Ans* Combination of desire, ability, and willingness to buy a product. Quantity Demanded *Ans* Amount demanded at any given price. Demand Schedule *Ans* Listing showing the quantity demanded at all possible prices that might prevail in the market at any given time. Demand Curve *Ans* Graph showing the quantity demanded at each and every possible price that might prevail in the market at any give...