Exam (elaborations)
NYU Intro to Microeconomics Questions and Answers 2024
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NYU Intro to Microeconomics
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NYU Intro to MicroeconomicsEconomics - 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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