All of these are considered services except

_____ are people who use goods and services to satisfy their needs and wants.

The satisfaction that comes from consuming goods and services is called _____.

Consumers want to _____ their total utility.

The additional utility from consuming a good or service is _____.

As a consumer consumes more of a good or service, the additional satisfaction of consuming the additional units goes down. This is called the law of _____.

What happens to Sandra's utility if she consumes a fifth pancake?

Does Sandra's consumption of pancakes exhibit diminishing marginal utility?

_____ are tangible items that can be touched.

A _____ is an action that a person does for someone else.

Consumers purchase goods and services in--

Consumers receive income from selling their resources (e.g., labor) in--

The satisfaction that comes from consuming goods and services is called--

People who use goods and service to satisfy their wants and needs are--

Julia purchases a ticket to a theatrical production. This is an example of purchasing a service.

The additional satisfaction of consuming a good or service is--

The total amount of satisfaction received from consuming a good or service is--

In making the best economic choices, consumers compare the benefits of the choice to--

Consumers are limited in the total utility that they can gain from buying products because they have limited _____

When choosing between different products with different prices, consumers should choose based on __________

Sarah is choosing between two products. Product A gives her 8 units of marginal utility per dollar, and product B gives her 6 units of marginal utility per dollar. Based on this information Sarah should buy a unit of product B.

When what consumers want determines the goods and services the producers bring to the market, it known as consumer sovereignty.

When consumer choices influence producer output, it is called consumer democracy.

Consumers have more consumer sovereignty in--

Consumer decisions are primarily affected by preferences and _______

Human capital is the _____ of a worker.

A worker can improve their human capital by _____.

Gaining more education is a good economic decision when the financial benefit of the education _____ the cost of the education.

Businesses _____ when their workers improve their human capital.

When attending college, an opportunity cost is the sacrifice of _____.

Which of the following are forms of investing in your own human capital? Select all that apply.

Human capital is the skills, knowledge and experience of workers.

Individuals invest in human capital by purchasing goods and services.

Human capital is when a worker is using capital equipment.

A worker with more human capital tends to earn--

Which of the following are considered soft skills for workers?

An example of a worker improving their human capital is which of the following?

By attending college, you sacrifice the income that could have been earned. This is called--

Human capital is associated with the resource of ______

A worker with more human capital can produce _______

Engineers earn the highest median lifetime earnings of college graduates.

It doesn’t matter if you graduate or not; getting some college is all you need. This is called the sheep-skin effect.

If you don’t finish your college degree, you might end up with a lot of debt and very little to show for it.

_____ is how efficiently we turn resources into goods and services.

Productivity is typically measured by how many goods and services a worker produces in _____.

A primary benefit to society of improving productivity is an improvement in _____.

When worker productivity increases, costs of producing goods and services _____.

Finishing ALMOST everything required for a degree without getting a diploma can prevent a person from getting a job. This is called the--

The development of human capital is important not only for an individual and their income but also as a benefit for the economy.

Breakthroughs in technology improve productivity.

Research suggests improvements in human capital explains what percentage of the growth in U.S. productivity from 1950 to the early 2000s?

When employers use a college degree as a sign that a worker has valuable skills, it is called which of the following?

The primary incentive for producers to bring products to the market is the amount of personal satisfaction they derive from producing.

Profits are equal to total revenue minus partial costs.

If Preston’s Pretzel Emporium has sales for the month of 20,000 boxes of pretzels and a box of pretzels sells for $20, what is Preston’s Pretzel Emporium's total revenue for the month?

Explicit costs are direct costs or payments that firms pay for resources owned by others.

Implicit costs are indirect costs or the opportunity costs of using resources owned by the firm in production.

A firm's total costs are calculated by subtracting implicit costs from explicit costs.

What are Dexter’s accounting profits per month?

What are Dexter’s economic profits per month?

If a firm’s economics profits are negative, what does that signal to the producer?

________ is a business that allows the owner to start a business by legally using someone else's expertise and ideas.

________ is when one person receives all benefits, profits, and income. This business is easy to start and easy to close down.

________ is a business where a small group of owners who have unlimited liability share decision-making.

________ is a form of business owned by the people who use its services or by the people who work there.

________ is managed by a board of directors. Owners/shareholders have limited liability.

Accountants include implicit or opportunity cost in their profit calculations.

When economists measure costs, they do not include implicit or opportunity costs.

The primary incentive for producers to bring products to market is profits.

Business forms that have unlimited personal liability include--

The business form that can issue stocks is a _____

Profit is equal to--

A business that is owned by one person and is easy to form is called a _____

A form of business in which one owner uses the model, methods and trademarks of another is a ______

A form of business owned by the people who use its services or by the people who work there is a ______.

An entrepreneur is which of the following?

Business failures _____ provide benefits for the economy.

Entrepreneurs facilitate growth in a market economy.

An entrepreneur is primarily motivated by profit.

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise.

The environment that allows entrepreneur to flourish is one of well-defined and enforced property rights and ____ taxes.

Entrepreneurs thrive in economies with--

The profit and loss system of capitalism helps entrepreneurs determine the--

If the resources that an entrepreneur uses have a higher value if used for other production, the entrepreneur will--

All market structures are based on the same number of sellers in a market.

One characteristic of market structures is the easy entry of new sellers.

Market structures are categories that identify the amount and type of competition in an industry.

In competitive markets there are ____ sellers and buyers.

Firms that compete in competitive markets are _____

In a competitive market, _____ is an incentive for new sellers to enter the market.

In a competitive market, sellers choose--

Products produced in a competitive market are--

The three primary benefits of competition in market are--

______ has MANY sellers, homogeneous product, very EASY entry, no price-setting power, and no non-price competition

______ has many sellers, differentiated product, relatively easy entry, some price-setting power, and considerable non-price competition

Example of ________ is residential electricity

Example of ________ is retail clothing market

Example of ________ is soft drink market

Monopoly markets have significant barriers to entry.

In both competitive markets and oligopolies there is much advertising or non-price competition.

Collusion is a collaborative agreement to prevent competition.

In the circular flow model money income is ____ to final payments of goods and services.

Land, labor capital and entrepreneurial ability are sold in the _____ market.

Firms are _______ in the product market.

Firms are _______ in the factor market.

Leakages include all of the following except--

The rest of the world impacts the circular flow with leakages and injections. Which of the following correctly identify these leakages and injections?

The government sector of the economy impacts the circular flow with leakages and injections. Which of the following correctly identify these leakages and injections?

If injections exceed leakages, the economy grows.

When we sell goods and services to people in other countries, the payments for the goods flow _____ the circular flow of economic activity.