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Economics Semester Final Prep. Spring 2023 EXAM with75 Verified Questions and Complete Correct Answers Revised(NGN)100%

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Economics Semester Final Prep. Spring 2023 EXAM with75 Verified Questions and Complete Correct Answers Revised(NGN)100%

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  • June 10, 2024
  • 22
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • economics semester final prep spring 2023 exam wi
  • economics semester final prep spring 2023 exam
  • economics semester final spring 2023 exam wi

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  • A Disorders Practice Quesons NCLEX/ NCLEX
  • A Disorders Practice Quesons NCLEX/ NCLEX

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Economics Semester Final Prep. Spring 2023 EXAM with 75 Verified Questions and Complete Correct Answers Revised(NGN)100% 1. Economics is known as the study of what? - >>ANSWER>>study of how people try to satisfy unlimited and competing wants through the careful use of scarce resources. 2. What are the 3basic Economic Questions - >>ANSWER>>What to produce? How to produce? For whom to produce? 3. What are the 4 -Factors of Production - - >>ANSWER>>Land, Capital, Labor, and Entrepreneurs 4. Gross Domestic Product(GDP) is defined as what? - >>ANSWER>>Dollar value of all final goods, services, and structures produced in a country in a 12month period . 5. What is the definition of a "Good" - >>ANSWER>>A useful tangible item created to satisfy a "want." 6. What is the definition of "Utility" - >>ANSWER>>The capacity to be useful and provide satisfaction. The utility of a good or service may vary from person to person . 7. The accumulation of products that are tangible scarce useful and transferrable are known as what? - >>ANSWER>>Wealth 8. Economic Growth occurs when what takes place when - >>ANSWER>>a nation's total output of goods and services increases over time. 9. Division of Labor is known as - >>ANSWER>>way of organizing work that each individual worker completes a separate part of the work. Dividing tasks in this manner generally leads to greater efficiency.

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