Economics CP Final Exam Review Questions & Answers 2024/2025

Economics CP Final Exam Review Questions & Answers 2024/2025 Economics - ANSWERSThe study of choice under conditions of scarcity and the incentives; decision making Microeconomics - ANSWERSHow people and businesses work within the economy Macroeconomics - ANSWERSLarge and broad economy Scarcity - ANSWERSA situation in which humans wants are greater than the capacity of available resources Opportunity Cost - ANSWERSThe next best thing that one gives up to get the option that gives the most satisfaction Incentives - ANSWERSA cost or benefit that motivates a decision or action by consumers, workers, firms or other participants in the economy Four Factors of Production - ANSWERSLand, Labor, Capital, Enteurpenership Market - ANSWERSAny arrangement that brings buyers and sellers together and enables them to get information and also do business with each other Three Economic Questions - ANSWERSWhat to produce? For whom to produce? How to produce? Market V.Command Economics - ANSWERSPeople controlled V.Government controlled