Economics
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Economics - Leaderboard
Economics - Details
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7 questions
| 🇬🇧 | 🇬🇧 |
| What is Economics? | The social science concerned with how individuals, institutions, and and society make optimal choices with limited resources (scarcity |
| What is the economizing problem? | Society's wants are unlimited, while resources are limited (scarce) |
| Scarcity definition | Limited resources. restricts options, and demands choices |
| What is Opportunity Cost? | As production of a good increases, the cost of producing that unit rises. |
| Ceteris paribus meaning | The assumption that all other factors in a scenario stay the same. (equal) |
| Resource Categories | 1. Land - natural resources . 2 Labor - worker related activities Ex. teachers, clerk, employee . 3. Capital - (NOT MONEY) ex. factory, storage, transportation, and distribution facilities . also tools and machinery 4. Entrepreneurial Ability- Entrepreneurs who perform specific behaviors. business decision, risk ect. |
| What is a production possibilities curve? | A curve that displays the different combinations of goods and services that society can produce in a fully employed economy. assuming theres a fixed availability of resources, and fixed technology. |