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ECONOMICS UNIT 1: INTRODUCTION TO ECONOMICS EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+ $18.39   Add to cart

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ECONOMICS UNIT 1: INTRODUCTION TO ECONOMICS EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+

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ECONOMICS UNIT 1: INTRODUCTION TO ECONOMICS EXAM LATEST UPDATE 2024/2025 QUESTIONS AND ANSWERS GRADED A+

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  • September 16, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECONOMICS UNIT 1: INTRODUCTION TO ECONOMICS
  • ECONOMICS UNIT 1: INTRODUCTION TO ECONOMICS
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WORLDNURSE
ECONOMICS UNIT 1: INTRODUCTION TO
ECONOMICS EXAM LATEST UPDATE 2024/2025
QUESTIONS AND ANSWERS GRADED A+




Need - ✔✔ANSWER✔✔-Something essential for survival.


Want - ✔✔ANSWER✔✔-Something that people desire but that
is not necessary for survival.


Goods - ✔✔ANSWER✔✔-The physical objects that someone
produces.

,Services - ✔✔ANSWER✔✔-The actions or activities that one
person performs for another.


Scarcity - ✔✔ANSWER✔✔-The principle that limited amounts
of goods and services are available to meet unlimited wants.


Economics - ✔✔ANSWER✔✔-The study of how people seek to
satisfy their needs and wants by making choices.


Shortage - ✔✔ANSWER✔✔-A situation in which consumers
want more of a good or service than producers are willing to
make available at a particular price.


Entrepreneur - ✔✔ANSWER✔✔-A person who decides how to
combine resources to create goods and services.


Factors of production - ✔✔ANSWER✔✔-The resources that are
used to make goods and services.
Economic System - ✔✔ANSWER✔✔-The structure of methods
and principles that a society uses to produce and distribute
goods and services.

, Factor Payment - ✔✔ANSWER✔✔-The income people receive
in return for supplying factors of production.


Profit - ✔✔ANSWER✔✔-The amount of money a business
receives in excess of its expenses.


Safety Net - ✔✔ANSWER✔✔-A set of government programs
that protect people who face unfavorable economic conditions.


Standard of living - ✔✔ANSWER✔✔-Level of economic
prosperity.


Land - ✔✔ANSWER✔✔-All natural resources used to produce
goods and services.


Labor - ✔✔ANSWER✔✔-The effort people devote to tasks for
which they are paid.


Capital - ✔✔ANSWER✔✔-Any human-made resource that is
used to produce other goods and services.

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