ECON 202 Chapter 1 Answers – Flashcards

question
Sacrificing one good or service to purchase or produce another
answer
Trade off
question
The concept that "there is no free lunch" reflects the notion that
answer
Nothing is "free"
question
Marginal analysis involves the comparison or evaluation of
answer
The additional cost versus the additional benefit of a decision
question
The need to make choices because economic wants exceed economic means describes
answer
The economizing problem
question
All natural resources used in the production of goods and services
answer
Land
question
Includes all manufactured aids used in producing consumer goods and services
answer
Capital
question
The function of an entrepreneur is
answer
To create new products, to combine scarce resources, and to produce a good or service
question
Specializing and participating in international trade allows an economy to
answer
Increase the quantities of capital goods available to society and circumvent the output limits imposed by it's own production possibilities curve.
question
These abilities are economic resources
answer
Entrepreneurial and human
question
As the production of a particular good increases, the opportunity cost of producing an additional unit rises
answer
Law of increasing opportunities
question
In a world of ____, the decision to obtain marginal benefit associated with some specific option always includes the marginal cost of forgoing something else.
answer
Scarcity
question
Ceteris Parabus
answer
all other things equal
question
The concept or term that refers to the notion to the notion that all variables excepts those under immediate consideration are held constant for a particular analysis in known as:
answer
The other-things-equal assumption Ceteris Parabus
question
This form of economic considers the desirability of certain aspects of the economy and underlies expression of support for particular economic policies.
answer
Normative
1 of

Unlock all answers in this set

Unlock answers
question
Sacrificing one good or service to purchase or produce another
answer
Trade off
question
The concept that "there is no free lunch" reflects the notion that
answer
Nothing is "free"
question
Marginal analysis involves the comparison or evaluation of
answer
The additional cost versus the additional benefit of a decision
question
The need to make choices because economic wants exceed economic means describes
answer
The economizing problem
question
All natural resources used in the production of goods and services
answer
Land
question
Includes all manufactured aids used in producing consumer goods and services
answer
Capital
question
The function of an entrepreneur is
answer
To create new products, to combine scarce resources, and to produce a good or service
question
Specializing and participating in international trade allows an economy to
answer
Increase the quantities of capital goods available to society and circumvent the output limits imposed by it's own production possibilities curve.
question
These abilities are economic resources
answer
Entrepreneurial and human
question
As the production of a particular good increases, the opportunity cost of producing an additional unit rises
answer
Law of increasing opportunities
question
In a world of ____, the decision to obtain marginal benefit associated with some specific option always includes the marginal cost of forgoing something else.
answer
Scarcity
question
Ceteris Parabus
answer
all other things equal
question
The concept or term that refers to the notion to the notion that all variables excepts those under immediate consideration are held constant for a particular analysis in known as:
answer
The other-things-equal assumption Ceteris Parabus
question
This form of economic considers the desirability of certain aspects of the economy and underlies expression of support for particular economic policies.
answer
Normative
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New