Midterm review

Scarcity

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When ice cream is the opportunity Cost

• Eat both ice cream and steak.

• Eat ice cream or steak.

• Eat ice cream not steak.

• Eat neither ice cream nor steak

Which one is not division of labor?

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Where did the first specialization happen?

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Who is the father of economy?

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Globalisation

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Productivity

• Productivity is the measure of how slowly a person works
• Productivity is the measure of how effectively a person wastes time
• Productivity is the measure of how many resources are wasted to achieve a goal
• Productivity is the measure of how efficiently a person, team, or organization uses resources to achieve a goal.

Industrialization

• the process of changing manufacturing to agriculture.

• the process of changing from manufacturing to services.

• the shift from services to agriculture in an economy.

• the process of changing from agricultural to manufacturing of goods.

Supply

• Price of a good or service

• Total amount of a good or service.

• Number of consumers in the market
• Amount of money available to consumers

Demand

• the quantity of a good or service that consumers are unwilling and unable to purchase

• the quantity of a good or service that consumers are willing and able to purchase at a given price and time.

• the quantity of a bad or service that consumers are willing to purchase at any price

• the quantity of a good or service that consumers are unwilling to purchase