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BJU Economics Chapter 1 Questions and Answers 100% Pass $8.39   Add to cart

Exam (elaborations)

BJU Economics Chapter 1 Questions and Answers 100% Pass

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  • BJU Economics Chapter 1
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  • BJU Economics Chapter 1

Economic Goods and Economic Services - ️️Those goods and services that bear a positive economic cost (a price tag higher than zero). Insatiability - ️️Everyone has unlimited wants. Scarcity - ️️Everything is finite . . . limited in quantity. Economic Cost - ️️The value people pl...

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  • October 25, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BJU Economics Chapter 1
  • BJU Economics Chapter 1
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PatrickKaylian
BJU Economics Chapter 1
Economic Goods and Economic Services - ✔️✔️Those goods and services that bear a
positive economic cost (a price tag higher than zero).

Insatiability - ✔️✔️Everyone has unlimited wants.

Scarcity - ✔️✔️Everything is finite . . . limited in quantity.

Economic Cost - ✔️✔️The value people place on a good or service.

Good - ✔️✔️Any tangible thing that has a measurable life span.

Service - ✔️✔️Intangible items such as the labor of an accountant, performance of a
singer, and work of a teacher.

Nuisance Goods - ✔️✔️Goods that a consumer pays to have removed and are said to
bear a negative economic cost.

Recycling - ✔️✔️The service of turning various nuisance goods into economic goods.

Economics - ✔️✔️The commonsense science of how and why people, businesses, and
governments make the choices they do.

Free Goods and Free Services - ✔️✔️Goods and services with a price tag of zero.
Includes things such as wind on a windmill or stream on a water wheel.

Diamond Water Paradox - ✔️✔️The solution is dependent on the principle of intrinsic
value.

Subjective Value - ✔️✔️States that it is an object's usefulness to the buyer that
determines its worth.

Utility - ✔️✔️The amount of satisfaction the good or service provides the buyer.

Opportunity Benefit - ✔️✔️The satisfaction you receive from the choice you make.

Opportunity Cost - ✔️✔️The satisfaction you give up or the regret you experience for
not choosing differently.

Util - ✔️✔️An economic term for an imaginary unit of satisfaction.

Microeconomics - ✔️✔️Deals with choices made by individual units.

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