ECONOMIC EXAM 2024-2025 WITH
LATEST 100% VERIFIED QUESTIONS AND
CORRECT ANSWERS GRADED A+
needs - ANS-things you require
want - ANS-things you would like to have
goods - ANS-tangible products that we use to satisfy our wants and needs
services - ANS-actions or activities that one person performs for another
scarcity - ANS-needs and wants are unlimited but resources are limited (this is the basic economic
problem)
trade-off - ANS-having to make a decision because of scarcity
opportunity cost - ANS-what is NOT chosen in a decision
4 factors of production - ANS-land, labor, capital, and entrepreneurs
land - ANS-resources found on the earth
, labor - ANS-Human effort directed toward producing goods and services
physical capital - ANS-all human-made goods that are used to produce other goods and services; tools
and buildings
human capital - ANS-the skills and knowledge gained by a worker through education and experience
entrepreneurs - ANS-people who decide how to combine the other factors of production to create new
goods and services
productivity - ANS-degree to which resources are used efficiently
underutilization - ANS-the condition in which economic resources are not being used to their full
potential
law of diminishing return - ANS-at a point, adding more resources will decrease production
incentive - ANS-reward offered to persuade people to make certain economic decisions
fixed cost - ANS-do not change (ex. rent, mortgage, loan payment)
variable cost - ANS-changes based on production (ex. electric bills, wages, materials)
total costs - ANS-fixed + variable
marginal cost - ANS-cost to add one more unit
marginal revenue - ANS-additional revenue from one more unit
LATEST 100% VERIFIED QUESTIONS AND
CORRECT ANSWERS GRADED A+
needs - ANS-things you require
want - ANS-things you would like to have
goods - ANS-tangible products that we use to satisfy our wants and needs
services - ANS-actions or activities that one person performs for another
scarcity - ANS-needs and wants are unlimited but resources are limited (this is the basic economic
problem)
trade-off - ANS-having to make a decision because of scarcity
opportunity cost - ANS-what is NOT chosen in a decision
4 factors of production - ANS-land, labor, capital, and entrepreneurs
land - ANS-resources found on the earth
, labor - ANS-Human effort directed toward producing goods and services
physical capital - ANS-all human-made goods that are used to produce other goods and services; tools
and buildings
human capital - ANS-the skills and knowledge gained by a worker through education and experience
entrepreneurs - ANS-people who decide how to combine the other factors of production to create new
goods and services
productivity - ANS-degree to which resources are used efficiently
underutilization - ANS-the condition in which economic resources are not being used to their full
potential
law of diminishing return - ANS-at a point, adding more resources will decrease production
incentive - ANS-reward offered to persuade people to make certain economic decisions
fixed cost - ANS-do not change (ex. rent, mortgage, loan payment)
variable cost - ANS-changes based on production (ex. electric bills, wages, materials)
total costs - ANS-fixed + variable
marginal cost - ANS-cost to add one more unit
marginal revenue - ANS-additional revenue from one more unit
