Economics Team 5

Study of how societies use scare resources to produce goods and services and distribute them among different individuals.

• Economics

• Scarcity

• Economic efficiency

• Microeconomics

The studied determination of prices of land, labor, capital and inquired strengths and weakness of the market mechanism. What concept is?

• Economic efficiency

• Macroeconomics

• Microeconomics

• Scarcity

Most effective use of societies resources in satisfying people wants and needs.

• Efficiency

• The post hoc fallacy

• Fallacy of composition

• Normative economics

Is concerned in the overall performance of the economy, how total the investments and consumption determined.

• Fallacy of composition

• The post hoc fallacy

• Macroeconomics

• Positive economics

Are commodities or services that are used to produce goods and services.

• Inputs

• Outputs

• Land

• Labor

Useful goods or serveries result from the production process and either consumed or employed in further production.

• Outputs

• Land

• Labor

• Capital

Natural resources

• Land

• Labor

• Capital

• Outputs

Durable goods, of economy produce in order to produce yet other goods.

• Capital

• Labor

• The production-possibility frontier

• Opportunity cost

Consist on the human time spent in production.

• Labor

• Capital

• Productive efficiency

• Opportunity cost

Is an idealized market of atomistic firms who are price-takers.

• perfect competition

• imperfect competition

• monopoly

• differentiated products