Economics CP: Final Exam Review 2024 graded A+

Economics CP: Final Exam Review 2024 graded A+ Economics - answerThe study of choice under conditions of scarcity and the incentives; decision making Microeconomics - answerHow people and businesses work within the economy Macroeconomics - answerLarge and broad economy Scarcity - answerA situation in which humans wants are greater than the capacity of available resources Opportunity Cost - answerThe next best thing that one gives up to get the option that gives the most satisfaction Incentives - answerA cost or benefit that motivates a decision or action by consumers, workers, firms or other participants in the economy Four Factors of Production - answerLand, Labor, Capital, Enteurpenership Market - answerAny arrangement that brings buyers and sellers together and enables them to get information and also do business with each other Three Economic Questions - answerWhat to produce? For whom to produce? How to produce? Market V.Command Economics - answerPeople controlled V.Government controlled Mixed Economy - answereconomic systems in which some allocation of resources is made by the market and some by the government Characteristics of High Standard of Living - answerHigh per-capita GDP High life expectancy High income Characteristics of Low Standard of Living - answerLow per-capita GDP Low life expectancy