Economics correct answers The study of how pple choose to use their limited resources to satisfy their unlimited wants.
Economy correct answers A system used to manage limited resources for the production, distribution, and consumption of goods and services.
Positive Economics correct answers...
Econ Alive-Chapter 1 (A+ Graded)
Economics correct answers The study of how pple choose to use their limited resources to satisfy their
unlimited wants.
Economy correct answers A system used to manage limited resources for the production, distribution, and
consumption of goods and services.
Positive Economics correct answers The branch of economics that uses objective analysis to find out how
the world works. The goal is to describe how things are.
Normative Economics correct answers applies value judgements to data in order to recommend actions or
policies. The goal is to advise how things ought to be done.
Scarcity correct answers The condition that results because people have limited resources but unlimited
wants.
Tradeoff correct answers The exchange of one benefit or advantage for another that is thought to be
better.
Cost-benefit analysis correct answers A way to compare costs of an action with the benefits of that action.
If benefits exceed costs, then the action is worth taking.
Incentive correct answers Any factor that encourages or motivates a person to do something. Prices,
taxes, and laws create incentives that influence how people behave.
Marginal Cost correct answers What you give up to add one unit to an activity.
Marginal Benefit correct answers What you gain by adding one more unit.
Margin correct answers Border/outer edge of something.
Invisible Hand correct answers ...
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