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NYU Intro to Microeconomics Questions and Answers 2024 $14.49   Add to cart

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NYU Intro to Microeconomics Questions and Answers 2024

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NYU Intro to Microeconomics

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  • November 2, 2024
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NYU Intro to Microeconomics

Economics - answer the study of choice under conditions of scarcity

scarcity - answer A situation in which the amount of something available is insufficient to
satisfy the desire for it

explicit cost - answer The dollars sacrificed—and actually paid out—for a choice

opportunity cost - answer the cost of the next best alternative

implicit cost - answer The value of something sacrificed when no direct payment is
made

equation for OC - answer explicit costs + implicit costs = OC

resources - answer The labor, capital, land (including natural resources), and
entrepreneurship that are used to produce goods and services

labor - answer the time human beings spend producing goods and services

capital - answerany long-lasting tool that is itself produced and helps us make other
goods and services

physical capital - answerThe part of the capital stock consisting of physical goods, such
as machinery, equipment, and factories

human capital - answerThe skills and training of the labor force

capital stock - answerThe total amount of capital in a nation that is productively useful at
a particular point in time

land - answerThe physical space on which production takes place, as well as the
natural resources that come with it.

Entrpeneurship - answerThe ability and willingness to combine the other resources—
labor, capital, and land—into a productive enterprise

microeconomics - answerThe study of the behavior of individual households, firms, and
governments; the choices they make; and their interaction in specific markets

Macroeconomics - answerThe study of the behavior of the overall economy

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