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when the federal government crafts environmental policies that make it less expensive for firms to follow green initiatives,
the policies are consistent with economic incentives
What is the study of the choices people make to attain their goals, given their scarce resources?
economists use the word marginal to mean an extra or additional benefit or cost of a decision. an optimal decision occurs when
marginal benefit equals marginal cost
a group of buyers and sellers of a particular product
Microsoft charges a price of $599 for a copy of Windows 7. Is this pricing decision rational?
We assume Microsoft used all available info, we are assuming rationality.
one of the basic facts of life is that people must make choices as they try to attain their goals. this unavoidable fact comes from a reality an economist calls
Societies organize their economies in two main ways to answer 3 questions of what, how, and who. A society can have a ___ economy in which they govt decides how economic resources will be allocated. Or a society can have a __ economy in which the decisions of households and firms interacting in markets allocate economic resources.
-centrally planned; market
occurs when a good or service is produced at the lowest possible cost
Occurs when production is in accordance with consumer preferences.
The fair distribution of economic benefits
Firms choose how to produce the goods and services they sell. In many cases, firms face a trade-off between using more workers or using more machines. For example,
many times in the past several decades, firms may have chosen between a production method in the United States that uses fewer workers and more machines and a production method in China that uses more workers and fewer machines.
An economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
What is Opportunity Cost?
The highest-valued alternative given up to get something.
Trade-offs force society to make choices when answering what three fundamental questions?
What goods and services to produce; how will these goods and services be produced; and who receives them?
decide(s) what goods and services will be produced.
Consumers, firms, and government
Who receives the goods and services produced in the United States depends largely on
how income is distributed
Any Model is based on making assumptions because
1. Models have to be simplified to be useful 2. We cannot analyze an economic issue unless we reduce its complexity
Economics is about what which measures the costs and benefits of different courses of action
Economics is a Social Science because
1. It applies the scientific method to the study of the interactions among individuals 2. It considers human behavior-particularly decision making behavior 3. It is based on studying the actions fo individuals
The part of economics study that looks at the operation of a nation’s economy as a whole
is the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
As with all demand curves, this curve’s slope is
Extra Information About occurs when production is in accordance with consumer preferences. That You May Find Interested
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Chapter 1 ECON Flashcards | Chegg.com
Allocative efficiency – Wikipedia
Allocative Efficiency – Economics Help
Economic Efficiency: Definition and Examples – Investopedia
Frequently Asked Questions About occurs when production is in accordance with consumer preferences.
If you have questions that need to be answered about the topic occurs when production is in accordance with consumer preferences., then this section may help you solve it.
What are preferences and taste in macroeconomics?
Economists refer to everything we want in life as having “tastes and preferences,” which can be small things like the toppings on our pizza or larger things like the type of work we enjoy doing or how we like to spend our free time.
What branch of economic analysis is focused on how things should be?
Normative economics focuses on the value of economic fairness, or what the economy “should be” or “ought to be.”
An economy is said to be producing when it is within the range of its production possibilities curve.
An economy can produce more of one good without sacrificing some of another good if it is operating within the production-possibilities curve.
Which of the following best describes the circumstances in which a good or service is produced?
A network externality refers to a situation in which the usefulness of a product decreases with the number of consumers who use it. Which of the following describes a situation in which a good or service is produced at the lowest possible cost?
How do you define consumer preference?
Consumer preference is a theory that has been around for decades, and it refers to consumers’ decisions to maximize their satisfaction. Consumers have some degree of control over the types of goods they buy, but they cannot always choose what they want.
What are the four subcategories of economics?
Traditional economies, command economies, mixed economies, and market economies are the four main types of economic systems.
Which four different economic theories are there?
The four main economic theories are Keynesian economics, supply-side economics, new classical economics, and monetarism.
In economics Mcq, which of the following is considered production?
Because tilling a soil is necessary for cultivation and that cultivation increases crop production, which is what is referred to as production in economics, tilling a soil is an economic activity.
Which of the following is a presumption made when creating a production possibility curve for an economy?
The production possibility curve displays every possible combination of two commodities that can be produced in an economy given the available resources, including labor, material, and technology, all of which are assumed to be constant and fully utilized.
What is the name of the procedure used to create a good or service?
Production is the process of creating goods and products from components or raw materials, or, to put it another way, it takes inputs and uses them to produce an output that is fit for consumption, or a good or product that has value for an end-user or customer.
Which of the following best sums up the value of goods and services that a nation’s citizens produce over the course of a year?
GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Which four types of production are there?
The primary categories include mass, batch, job, just-in-time, and flexible manufacturing systems.
What three types of production are there?
The three most prevalent types of basic production systems are the batch system, continuous system, and project system. In the batch system, general-purpose machinery and techniques are used to create small batches of output (goods or services), with specifications that differ significantly from batch to batch.
Which of the following best describes the market value of the products a nation produces in a calendar year?
GDP counts all the output produced within a nation’s borders and calculates the monetary value of all final goods and services—those that are purchased by the end user—that were produced in that nation in a given time frame (for example, a quarter or a year).
Which of the following best describes the nation’s economy’s total final output of goods and services?
The gross domestic product (GDP), which measures the total amount spent on final goods and services (less imports), is the accepted indicator of the value added produced through the production of goods and services in a nation over a specific time period.
Which term in economics is used to describe the market value of all goods and services produced by labor and properly supplied by citizens of the nation in a given year?
Detailed Solution: The market value of all finished goods and services produced by a nation’s citizens or residents is measured by the gross national product, which is the right response.
Which of the following phrases describes products and services made domestically but sold abroad?
Exports, along with imports, constitute international trade. Exports are goods and services that are produced in one nation and sold to consumers in another.
What does Mcq stand for in final goods and services?
The definition of final goods and services is those that are ultimately consumed directly by the consumer and don’t require any additional processing.
Which of the following economic growth indicators is most useful for tracking changes in an economy’s overall size?
Real gross domestic product, or real GDP, is the most widely used indicator of the health of the economy because it represents the value of all goods and services produced in the country.