Econ 104 PSU exam 1- Econ 104 Penn State
University exam 1 flash cards
In economics the pleasure, happiness, or satisfaction received from a product are called
__________. - -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. - -
Opportunity cost
-The study of economics is primarily concerned with what? - -Choices that are made in
seeking to use scarce resources efficiently.
-The ___________ ____________ entails a comparison of marginal benefits and marginal costs in
decision making. - -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? - -The greatest
degree of confidence in outcome.
-The term __________ __________ means "other things equal" - -Ceteris Paribus
-Full employment, price level stability, and economic growth are widely accepted
_____________ ___________ goals in the U.S. - -Macroeconomic Goals
-_______________ can best be described as the study of the large aggregates of the economy or
the economy as a whole. - -Macroeconomics
-_______________ is concerned with individual economic units in a specific market. - -
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. - -Marginal Analysis
-_____________ ___________ is one of deciding how to make the best of limited resources to
satisfy virtually unlimited wants. - -Economizing Problem
-The four factors of production are: - -Land, labor, capital, and entrepreneurial ability
-Productive efficiency refers to the use of what? - -Least cost method of production.
University exam 1 flash cards
In economics the pleasure, happiness, or satisfaction received from a product are called
__________. - -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. - -
Opportunity cost
-The study of economics is primarily concerned with what? - -Choices that are made in
seeking to use scarce resources efficiently.
-The ___________ ____________ entails a comparison of marginal benefits and marginal costs in
decision making. - -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? - -The greatest
degree of confidence in outcome.
-The term __________ __________ means "other things equal" - -Ceteris Paribus
-Full employment, price level stability, and economic growth are widely accepted
_____________ ___________ goals in the U.S. - -Macroeconomic Goals
-_______________ can best be described as the study of the large aggregates of the economy or
the economy as a whole. - -Macroeconomics
-_______________ is concerned with individual economic units in a specific market. - -
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. - -Marginal Analysis
-_____________ ___________ is one of deciding how to make the best of limited resources to
satisfy virtually unlimited wants. - -Economizing Problem
-The four factors of production are: - -Land, labor, capital, and entrepreneurial ability
-Productive efficiency refers to the use of what? - -Least cost method of production.