L1 QUIZ (ECON2301) – Flashcards
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In order to evaluate the ________ that must be made toward providing value for people, it is assumed that all parties to the process are rational.
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Choices
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The "marginal utility" of choosing to go to a particular concert is the additional _________________ that is gained.
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Benefit
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A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the ________________ (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.
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Opportunity
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Microeconomics analyzes how we choose to use our resources on a smaller scale and includes measures of performance such as
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Consumer utility patterns such as business revenue, costs and profits
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The amount of goods and services produced is measured by ____________ .
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GDP
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______________ is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.
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Stability
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_______________ is the goal that assumes the global economy can achieve balanced economic conditions while maintaining a sustainable, living, planet.
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Ecological Balance
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A _________________ taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.
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Balance of responsibilities
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"Allocation" is concerned with how we choose to use our scarce resources on ___________________
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a limited variety of different projects
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_____________ are "social scientists"(concerned with human behavior and cultural values) who seek to optimize the allocation of scarce resources toward the maximum satisfaction possible for individuals, communities, and entire societies.
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Economists
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The Principles of Economics are the generally accepted theories about ___________.
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Resource Allocation
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The description of an economy by stating "opinions" is called _______________ .
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Normative Economics
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Over a reasonable period of time __________ must choose to balance its trade within the global markets in order to prosper.
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A nation
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If you, as an individual, conclude that paying no taxes is a good thing for you, then it must be a good thing for the entire society.
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False
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In the Product Markets of the Circular Flow model, Businesses provide Goods and Services to the ____________ sector in exchange for Consumption Spending (or Revenues).
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Household
