Business Economics Final

The factors of production are...

• land, labor and capital
• good, service, need
• entrepreneur, land, knowledge
• skills, knowledge, money

_ is the study of how individuals and societies satisfy their unlimited wants with limited resources

• Opportunity Cost

• Cost-Benefit Analysis

• Economics

• Scarcity

_ is the situation that exists because wants are unlimited and resources are limited.

• Scarcity

• Economics

• PPC

• Water-Diamond Paradox

A _ is a physical object that can be purchased, such as food, clothing, and furniture. A _ is work that one person performs for another for payment.

• Service; Good

• Good; Service

• Consumer; Producer

• Producer; Consumer

• Cost; Benefit

Which of the following is NOT a question that results from scarcity?

• What will be produced?

• Where will it be produced?

• How will it be produced?

• For whom will it be produced?

The _ of a decision is the value of the next-best alternative, or what you give up by choosing one alternative over another.

• Trade-off

• Opportunity Cost

• Cost-Benefit Analysis

• Marginal Cost

_ is the study of the behavior of individual players in an economy, such as individuals, families, and businesses.

_ is the study of the behavior of the economy as whole and involves topics such as inflation, unemployment, aggregate demand, and aggregate supply.

• Macroeconomics; Microeconomics

• Microeconomics; Macroeconomics

• Positive Economics; Normative Economics

• Normative Economics; Positive Economics

The _ is the market for goods and services; the _ is the market for the factors of production

• Consumer Market; Production Market

• Producer Market; Consumer Market

• Product Market; Factor Market

• Factor Market; Product Market

The effort of two or more people, acting independently, to get the business of others by offering the best deal is called _

• consumer sovereignty

• voluntary exchange

• competition

• Capitalism

_ is the desire for a product and the ability to pay for it.

• change in demand

• demand

• supply

• elasticity