Economics Final Review questions and
correct answers 100%.
the term that means that resources are limited? ANS - Scarcity
the study of the aggregate (or total) effects of the national economy or global economy
ANS - Macroeconomics
the study of how individual and business decisions interact. ANS - Microeconomics
tangible items that can be bought and sold ANS - Goods
intangible items that can be bought and sold ANS - Services
the philosophy that the government should take a hand's off approach to the economy
ANS - Laissez Faire
The three economic questions ANS - What to produce, how to produce and for whom
to produce
A motivation to act or not act in one particular manner ANS - incentive
the degree of wealth and material comfort available to a person or community ANS -
standard of living
a model of income and expenditures in the economy ANS - circular flow model
the cost of the best thing given up in exchange for something else ANS - Opportunity
Cost
The main source of federal income ANS - income taxes
The main source of state expenditure ANS - education
when expenses exceed income ANS - deficit
The four factors of production ANS - Land, labor, capital and entrepreneurship
any arrangement that brings together buyers and sellers ANS - market
anything that comes from the earth ANS - land
correct answers 100%.
the term that means that resources are limited? ANS - Scarcity
the study of the aggregate (or total) effects of the national economy or global economy
ANS - Macroeconomics
the study of how individual and business decisions interact. ANS - Microeconomics
tangible items that can be bought and sold ANS - Goods
intangible items that can be bought and sold ANS - Services
the philosophy that the government should take a hand's off approach to the economy
ANS - Laissez Faire
The three economic questions ANS - What to produce, how to produce and for whom
to produce
A motivation to act or not act in one particular manner ANS - incentive
the degree of wealth and material comfort available to a person or community ANS -
standard of living
a model of income and expenditures in the economy ANS - circular flow model
the cost of the best thing given up in exchange for something else ANS - Opportunity
Cost
The main source of federal income ANS - income taxes
The main source of state expenditure ANS - education
when expenses exceed income ANS - deficit
The four factors of production ANS - Land, labor, capital and entrepreneurship
any arrangement that brings together buyers and sellers ANS - market
anything that comes from the earth ANS - land
