Goods, services, and intermediate products produced in other countries.

(a)  

Goods, services, and intermediate products bought by people in other countries.

(a)  

- What creates a problem in using money to value GDP:

(a)  

A short-run increase in national income be caused by a decrease in which of the following.

(a)  

- is the available human resource whether employed or unemployed.

(a)  

Is anything that is used as a “medium of exchange” for goods and services.

(a)  

Is the factor of production which covers all natural resources that exist without man’s intervention

(a)  

It encompasses all things derived from the forces of nature such as the air, water, forests, vegetation, and other forms beyond the earth’s surface like minerals.

(a)  

These resources are not a man’s creation and are simply irreproducible

(a)  

Minerals, animals, water and forests are all considered to be the resources known as?

(a)  

Simply refers to the human inputs such as man power and skills that are used intrans forming other resources into different products that meet our needs

(a)  

- The physical and mental talents people bring to production processes comprise the resource called?

(a)  

Is the man-made factor of production that is used to create another product.

(a)  

Which include equipment, machinery, and other capital goods.

(a)  

Produced goods used as inputs for the production of other goods comprise the resource known as

(a)  

Individuals who come up with a new idea for a good or service, then they make it a reality.

(a)  

Is the resource which integrates land, labor and capital to produce new products.

(a)  

The talent for organizing the use of land, labor and capital, among other things.

(a)  

Are also called factors of production.

(a)  

Tools we use to make products.

(a)  

The initial discussions begin on how growth and output are measured and how the multiplier works

(a)  

It deals with the aggregates.

(a)  

Its scope is wider as it studies the entirety of an economy, whether national or international.

(a)  

Is a branch of economics which deals with the aggregates in the economy.

(a)  

Specifically measures the economic activities of a country

(a)  

It is the study of the nation’s economy as a whole.

(a)  

It deals with the economics of the firm.

(a)  

It focuses on the behavior of a particular unit of the economy such as the consumers, producers, and specific markets.

(a)  

(a)   is the branch of economies that studies the individual decision making such as households, firms and government.

Is one of the frequent assumptions used in the study of economics

(a)  

Which means “all things being equal or held constant.

(a)  

What does the Latin phrase Ceteris paribus literally mean?

(a)  

Economics is a (a)   .

Economics is necessary for (a)  

Economics gives a (a)   to any business organization.

Economic is a study of (a)   .

(a)   is a branch which deals with the various stages a consumer goes through before purchasing products or services for his end use.

The process of adding form, time, place, and personnel utilities to the existing matter is known as

(a)  

Are things we cannot live without.

(a)  

Are those non-essential things we can possibly live without.

(a)  

- Economists believe that people’s wants are?

(a)  

Is the study of the management and allocation of scarce resources to satisfy unlimited human wants and needs.

(a)  

Simply strives to describe what exists and how things work.

(a)  

Which looks at the outcome of economic behavior through judgments and prescriptions for causes of action

(a)  

Refers to the cost of giving up an alternative by selecting the next best choice

(a)  

The need to make choices is most closely related to the concept of.

(a)  

The value of the best (or most highly valued) forfeited alternative.

(a)  

Is the most highly-valued alternative forfeited when a choice is made.

(a)  

Is the amount of goods and services consumers are willing to purchase given a certain price.

(a)  

Is normally dictated by the changes in price

(a)  

The willingness of the buyer or consumer to pay for a certain good is called (a)  

The desire or willingness a consumer has to purchase a good or a service is called

(a)  

The willingness to produce is called (a)   .

The amount of goods or services available is called?

(a)  

Is the willingness of sellers to produce a good to sell at various possible prices.

(a)  

Something we pay for that we can touch.

(a)  

Something we pay to use for a certain amount of time.

(a)  

The exchange of goods and services.

(a)  

(a)   is one of the most basic influences on an individual’s needs, wants, and behavior.

- Is the place where trade between buyers and sellers or consumers and suppliers takes place.

(a)  

- The place where goods and services are exchanged.

(a)  

Is a place where buyers and sellers meet

(a)  

There are many buyers and sellers that none of them can influence a change in price or quantity of products.

(a)  

The point where supply and demand are balanced is

(a)  

This means that at one particular price, the buyers are able to purchase the quantity they are willing to buy and sellers are also able to sell the quantity they are willing to sell

(a)  

- Involved parties in Supply

(a)  

- Involved party in Demand.

(a)  

Factors that cause the supply or demand to change are called?

(a)  

a person or company that makes, grows, or supplies goods to sell is called the?

(a)  

Is a line which illustrates a consumer’s responsiveness or indifference based on a combination of two products. (X and Y)

(a)  

is a pivotal movement of the budget line towards a good that has a lower price or a discount.

(a)  

s the overall happiness derived by a consumer with regards to his consumption of a product.

(a)  

Is a graphical representation of the amount of goods a consumer can afford.

(a)  

- the extra satisfaction from the last unit consumed.

(a)  

- Is the change in total utility as we consume an additional unit of a produc

(a)  

Refers to the amount of additional utility received in every consumption of an additional unit of a good.

(a)  

Total amount of satisfaction I get from consuming Goods and Services or doing an activity.

(a)  

is a function of land resources, which also refer to raw materials, labor a manpower resources.

(a)  

Is reached when the highest isoquant touches the isocost of point tangency.

(a)  

Refers to the greatest output that can be created given an exact number of input

(a)  

Are inputs that do not change as output increases

(a)  

- Is the one which changes as output increases.

(a)  

refers to resources used to produce or create a good

(a)  

- refers to product or merchandise.

(a)  

shows possible combinations of capital and labor that are total costs.

(a)  

Shows the combinations of capital and labor that can be used to produce given amounts to output.

(a)  

– Is an application of production theory under a purely competitive set up.

(a)  

Is one of the important concepts in economics.

(a)  

Is the amount money received by firms from their sales of goods and services.

(a)  

Is maximized when marginal revenue, marginal cost, and price are all equal

(a)  

– It is different from profit, which is the difference between total revenue and total costs.

(a)  

An individual or group who purchases goods.

(a)  

Any individual who purchases goods and services from the market for his/her end-use is called a (a)   .