Econ 104 PSU exam 1 || A+ Guaranteed.

In economics the pleasure, happiness, or satisfaction received from a product are called __________. correct answers Utility An __________ ___________ is the cost associated with the alternative that was sacrificed to do or acquire something else. It is the cost associated with the foregone opportunity. correct answers Opportunity cost The study of economics is primarily concerned with what? correct answers Choices that are made in seeking to use scarce resources efficiently. The ___________ ____________ entails a comparison of marginal benefits and marginal costs in decision making. correct answers Economic Perspective A well tested and widely accepted theory is referred to as a law or principal. An economic generalization which is based on economic laws or principals implies what? correct answers The greatest degree of confidence in outcome. The term __________ __________ means "other things equal" correct answers Ceteris Paribus Full employment, price level stability, and economic growth are widely accepted _____________ ___________ goals in the U.S. correct answers Macroeconomic Goals _______________ can best be described as the study of the large aggregates of the economy or the economy as a whole. correct answers Macroeconomics _______________ is concerned with individual economic units in a specific market. correct answers Microeconomics _____________ ______________ Should be the basis for determining wether or not a good, or service is produced. Even inherently desirable products, such as education, and health care, should be produced when the marginal benefits of production no longer outweigh marginal costs. correct answers Marginal Analysis _____________ ___________ is one of deciding how to make the best of limited resources to satisfy virtually unlimited wants. correct answers Economizing Problem The four factors of production are: correct answers Land, labor, capital, and entrepreneurial ability Productive efficiency refers to the use of what? correct answers Least cost method of production. To reach full production a society must achieve both ___________ and ___________ efficiency . correct answers Allocative and Productive