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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller WORLDNURSE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.39. You're not tied to anything after your purchase.