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AHTG 100 Chapter 4 - Economics and the Human Predicament 65 Frequently Asked Questions With Answers $7.99   Add to cart
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AHTG 100 Chapter 4 - Economics and the Human Predicament 65 Frequently Asked Questions With Answers
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What does opportunity cost refer to? - ️️The cost of the next-best alternative. Not necessarily a monetary cost, but what you are giving up. What does specialization refer to? - ️️Without being completely self-sufficient, we need to specialize in something we can exchange with others. Wha...

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  • November 15, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AHTG 100 Chapter 4 - Economics
and the Human Predicament

What does opportunity cost refer to? - ✔ ✔ The
cost of the next-best alternative. Not necessarily a
monetary cost, but what you are giving up.
What does specialization refer to? - ✔ ✔ Without
being completely self-sufficient, we need to specialize
in something we can exchange with others.
What is a command/planned economy? - ✔ ✔ An
economic system where the government controls
exchanges and the allocation of resources--
government agencies decide what will be produced
and by whom.
What is a market economy? - ✔ ✔ An economic
system where the voluntary exchanges of individuals
control the allocation of resources--individuals decide
what will be produced and by whom.

, What is a market economy/capitalism? - ✔ ✔ -An
economy free from government regulation--instead of
the government controlling the economy, regular
people control it by their voluntary exchanges.
-Since all exchanges are innately self-interested, a
market economy is based on self-interest.
What is a monopoly? - ✔ ✔ When there is no
competition--the seller can determine the price.
What is a shortage? - ✔ ✔ When the amount
demanded is greater than the amount supplied; there
isn't enough of a good or service.


Division of Labor - ✔ ✔ Adam Smith's term for
specialization, or the way a complex manufacturing
process is broken down into discrete tasks
Equilibrium Price - ✔ ✔ the price at which the
quantity demanded equals the quantity supplied
Exchange - ✔ ✔ trade between two parties

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