ECON 200 UOFA EXAM 3 PROFESSIONAL
STUDY SHEET TESTED QUESTIONS MASTER
FILE
●● Macroeconomics.
Answer: the study of the economy at the large-scale level, examining
total output, price level, and aggregates measures
●● resource.
Answer: any item that is used to produce goods and services
●● land.
Answer: all natural resources used in production
●● labor.
Answer: all physical and mental activity devoted to producing goods and
services
●● capital.
Answer: the tools, machinery, infrastructure, and knowledge used to
produce goods and services
, ●● entrepreneurial ability.
Answer: the talent or ability to combine land, labor, and capital to
produce goods or services
●● scarcity.
Answer: inability of limited resources to satisfy unlimited wants
●● importance of scarcity in economics.
Answer: scarcity of goods plays a significant role in affecting
competition in any price-based market. Because scarce goods are
typically subject to greater demand, they often command higher prices
as well
●● opportunity cost.
Answer: the value of the opportunity that you gave up when you chose
an alternative
●● marginal benefit.
Answer: maximum amount a consumer is willing to pay for an
additional good or service or the additional satisfaction that consumer
receives when the additional good or service is purchased
●● marginal cost.
Answer: the change in cost that comes from making more of something
STUDY SHEET TESTED QUESTIONS MASTER
FILE
●● Macroeconomics.
Answer: the study of the economy at the large-scale level, examining
total output, price level, and aggregates measures
●● resource.
Answer: any item that is used to produce goods and services
●● land.
Answer: all natural resources used in production
●● labor.
Answer: all physical and mental activity devoted to producing goods and
services
●● capital.
Answer: the tools, machinery, infrastructure, and knowledge used to
produce goods and services
, ●● entrepreneurial ability.
Answer: the talent or ability to combine land, labor, and capital to
produce goods or services
●● scarcity.
Answer: inability of limited resources to satisfy unlimited wants
●● importance of scarcity in economics.
Answer: scarcity of goods plays a significant role in affecting
competition in any price-based market. Because scarce goods are
typically subject to greater demand, they often command higher prices
as well
●● opportunity cost.
Answer: the value of the opportunity that you gave up when you chose
an alternative
●● marginal benefit.
Answer: maximum amount a consumer is willing to pay for an
additional good or service or the additional satisfaction that consumer
receives when the additional good or service is purchased
●● marginal cost.
Answer: the change in cost that comes from making more of something
