midterm economics study guide

Define the term listed below:

Tangible

• Physical assets or objects that can be touched or measured, such as machinery or buildings.

• Resources used to produce goods and services, including financial, physical, and human capital

• The economic principle that resources are limited while human wants are unlimited

• The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses

• A set of principles or ideas used to explain and predict economic behavior

Define the term listed below:

Capital

• Physical assets or objects that can be touched or measured, such as machinery or buildings.

• Resources used to produce goods and services, including financial, physical, and human capital

• The economic principle that resources are limited while human wants are unlimited

• The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses

• A set of principles or ideas used to explain and predict economic behavior

Define the term listed below:

Scarcity

• Physical assets or objects that can be touched or measured, such as machinery or buildings.

• Resources used to produce goods and services, including financial, physical, and human capital

• The economic principle that resources are limited while human wants are unlimited

• The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses

• A set of principles or ideas used to explain and predict economic behavior

Define the term listed below:

Microeconomics

• Physical assets or objects that can be touched or measured, such as machinery or buildings.

• Resources used to produce goods and services, including financial, physical, and human capital

• The economic principle that resources are limited while human wants are unlimited

• The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses

• A set of principles or ideas used to explain and predict economic behavior

Define the term listed below:

Theory

• Physical assets or objects that can be touched or measured, such as machinery or buildings.

• Resources used to produce goods and services, including financial, physical, and human capital

• The economic principle that resources are limited while human wants are unlimited

• The branch of economics that studies individual behavior and decision-making in small units, such as households and businesses

• A set of principles or ideas used to explain and predict economic behavior

Define the term listed below:

Opportunity Cost

• The value of the next best alternative that is foregone when making a choice.

• Inputs used to produce goods and services, such as land, labor, and capital.

• A mechanism for determining how resources or goods are distributed, often based on price or priority.

• A situation where choosing one option requires giving up another.

• A factor that motivates or influences behavior and decision-making.

Define the term listed below:

Resource

• The value of the next best alternative that is foregone when making a choice.

• Inputs used to produce goods and services, such as land, labor, and capital.

• A mechanism for determining how resources or goods are distributed, often based on price or priority.

• A situation where choosing one option requires giving up another.

• A factor that motivates or influences behavior and decision-making.

Define the term listed below:

Rationing Device

• The value of the next best alternative that is foregone when making a choice.

• Inputs used to produce goods and services, such as land, labor, and capital.

• A mechanism for determining how resources or goods are distributed, often based on price or priority.

• A situation where choosing one option requires giving up another.

• A factor that motivates or influences behavior and decision-making.

Define the term listed below:

Trade-Off

• The value of the next best alternative that is foregone when making a choice.

• Inputs used to produce goods and services, such as land, labor, and capital.

• A mechanism for determining how resources or goods are distributed, often based on price or priority.

• A situation where choosing one option requires giving up another.

• A factor that motivates or influences behavior and decision-making.

Define the term listed below:

Incentive

• The value of the next best alternative that is foregone when making a choice.

• Inputs used to produce goods and services, such as land, labor, and capital.

• A mechanism for determining how resources or goods are distributed, often based on price or priority.

• A situation where choosing one option requires giving up another.

• A factor that motivates or influences behavior and decision-making.