economics test study guide part 3
15 test answers
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what is one way technology can improve the production of goods?
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♥automation can create goods more cheaply and easily
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economists can use new technology to
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♥study data and patterns
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who is adam smith
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♥he was a philosopher who promoted the idea of free enterprise
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in a competitive market a computer store offers customers a warrant to help pay for any future damages this is an example of
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♥reducing risk for consumers
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describe a closed economy
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♥a restricted system that blocks trade with international partners
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how does a socialist governments with a command economy manage it own economy
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the government controls factories and other forms of production
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it cost cool clothes company 15 dollars to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. what are the 15 and discontinuation of shirt production a representative of
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production cost and opportunity cost
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what is the role of the three questions in economics
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♥to aid in production decisions
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the factors of production influence an items
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♥cost
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what are the causes of scarcity
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♥limited resources
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Jacob is considering buying a new care, what factors should influence his decision
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♥Jacob should consider that petroleum is a non-renewable resource
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