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What are the 5 foundations of Economics? - ANS >> 1. Incentives - change how people behave 2. trade-offs - With limited resources, people have to make choices 3. opportunity cost- Every time a decision is made something has to be given up 4. marginal thinking- how does the additional be...
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Add to cartWhat are the 5 foundations of Economics? - ANS >> 1. Incentives - change how people behave 2. trade-offs - With limited resources, people have to make choices 3. opportunity cost- Every time a decision is made something has to be given up 4. marginal thinking- how does the additional be...
Microeconomic s - CORRECT ANSWER the study of the economy at the small-scale level, examining individuals and specific markets Macroeconomics - CORRECT ANSWER the study of the economy at the large-scale level, examining total output, the price level, and other aggregate measures of the economy ...
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Add to cartMicroeconomic s - CORRECT ANSWER the study of the economy at the small-scale level, examining individuals and specific markets Macroeconomics - CORRECT ANSWER the study of the economy at the large-scale level, examining total output, the price level, and other aggregate measures of the economy ...
Economics The study of how people make decisions given the scarcity of resources Economics - Correct Answer The study of how people make decisions given the scarcity of resources Incentives - Correct Answer a positive or negative environmental stimulus that motivates behavior Ceteris Par...
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Add to cartEconomics The study of how people make decisions given the scarcity of resources Economics - Correct Answer The study of how people make decisions given the scarcity of resources Incentives - Correct Answer a positive or negative environmental stimulus that motivates behavior Ceteris Par...
Which concept would be addressed by microeconomics? A) the national unemployment rate B) the reasons for a decline in a country's total output C) the price of college tuition that an individual student pays D) the inflation rate in Brazil - Correct Answer C Consider the following statement...
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Add to cartWhich concept would be addressed by microeconomics? A) the national unemployment rate B) the reasons for a decline in a country's total output C) the price of college tuition that an individual student pays D) the inflation rate in Brazil - Correct Answer C Consider the following statement...
Economists study.... - ANSWER all human behavior Economic agent - ANSWER an individual or a group that makes choices (examples: consumer eating bacon cheeseburger or tofu burger, parent enrolling child in public or private school) scare resources - ANSWER things that people want, where ...
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Add to cartEconomists study.... - ANSWER all human behavior Economic agent - ANSWER an individual or a group that makes choices (examples: consumer eating bacon cheeseburger or tofu burger, parent enrolling child in public or private school) scare resources - ANSWER things that people want, where ...
Define economics in terms of scarcity - CORRECT ANSWER economics addresses the problem of having too many wants but too few resources to achieve them all which brings in scarcity (the fact that must make choices given the resource limitations she or he faces) Know the difference between microecon...
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Add to cartDefine economics in terms of scarcity - CORRECT ANSWER economics addresses the problem of having too many wants but too few resources to achieve them all which brings in scarcity (the fact that must make choices given the resource limitations she or he faces) Know the difference between microecon...
A catalog reports the price of items in U.S. dollar amounts. This function of money is known as - Correct Answer unit of account One reason money may not cease to work as a medium of exchange is - Correct Answer it is not accepted for use during hyperinflation Paper money in circulation is...
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Add to cartA catalog reports the price of items in U.S. dollar amounts. This function of money is known as - Correct Answer unit of account One reason money may not cease to work as a medium of exchange is - Correct Answer it is not accepted for use during hyperinflation Paper money in circulation is...
Real Price - ANSWER Adjusted for inflation Nominal price - ANSWER Unadjusted for inflation Endogenous Variables - ANSWER Price, Qsupply, Qdemand. Characterized by movements along a curve Exogenous Variables - ANSWER Technology, costs of production, preferences, HHI. Characterized by...
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Add to cartReal Price - ANSWER Adjusted for inflation Nominal price - ANSWER Unadjusted for inflation Endogenous Variables - ANSWER Price, Qsupply, Qdemand. Characterized by movements along a curve Exogenous Variables - ANSWER Technology, costs of production, preferences, HHI. Characterized by...
National income accountants can avoid multiple counting by: - Correct Answer -only counting final goods Arthur sells $100 worth of cotton to Bob, Bob turns the cotton into cloth which he sells to camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. do...
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Add to cartNational income accountants can avoid multiple counting by: - Correct Answer -only counting final goods Arthur sells $100 worth of cotton to Bob, Bob turns the cotton into cloth which he sells to camille for $300. Camille uses the cloth to make prom dresses that she sells to Donita for $700. do...
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