Study guides, Class notes & Summaries

Understanding Economics Exam Review |Latest| UPDATED economics *Ans* the study of how people satisfy seemingly unlimited wants with limited resources macroeconomics *Ans* the study of economics on a large scale microeconomics *Ans* the study of economics on a small scale need *Ans* anything required in order to function in society want *Ans* the way or method that we satisfy needs trade-off *Ans* exchange of one thing for another economic analysis *Ans* illustrating how many economic ...

Economics 101 Exam Study Set |100% Correct Answers| economics *Ans* the study of how people make choices under conditions of scarcity and of the results of those choices for society rational person *Ans* someone with well-defined goals who tries to fulfill those goals as best as he or she can economic surplus *Ans* the benefit of taking any action minus its cost opportunity cost *Ans* the value of the next-best alternative that must be foregone in order to undertake the activity posi...

CIE A level Economics Practice Test |100% Correct Answers| LATEST Economic problem *Ans* limited resources and unlimited wants marginal cost *Ans* the increase in total cost that arises from an extra unit of production Ceteris parabus *Ans* All this held consant Opportunity Cost *Ans* The cost expressed in terms of the benefits of the next best thing forgone Positive statments *Ans* Objective statements that can be backed with evidence Normative statements *Ans* Subjective statements...

|UPDATED| Economics Final Exam Review 100% Correct Economics *Ans* the study of how people seek to satisfy their needs and wants by making choices Horizontal Merger *Ans* the combination of two or more firms competing in the same market with the same good or service Vertical Merger *Ans* the combination of two or more firms involved in different stages of producing the same good or service Shortage *Ans* a situation in which a good or service is unavailable Scarcity *Ans* limited qua...

The Three Questions of Economics Exam Question |UPDATED| The three questions of economics best help in making decisions about __________. *Ans* Production Which of the following best illustrates the importance of addressing the three questions of economics? People's desires and needs are always changing. Businesses need to use limited resources wisely. Traditional methods of production are outdated. Businesses need to limit production. *Ans* Businesses need to use limited resources ...

Economics GDP Practice Exam Questions 100% Correct Gross Domestic Product *Ans* -The total market value of all final goods and services produced within the borders of a country during one year -A basic measure of a country's output and income real GDP *Ans* -adjusted for inflation and price changes measures economic growth Real GDP per capita *Ans* A measure that permits comparison of material living standards over time and among people in different nations (real GDP/population) pot...

Latest Economics Exam Prep |Updated| 100% Correct Answers Any item that can be traded for goods or services *Ans* Money Anything that has value that can be touched *Ans* Goods Job done for money *Ans* Services When there is too much money and it becomes worthless *Ans* Inflation The way goods and services are produced, bought, and sold *Ans* Economy How much is available *Ans* Supply How much people want *Ans* Demand An economic system in which people choose freely what to buy and sell ...

IB Economics Diagrams for Exam Prep |UPDATED| Negative Externalities The government will increase MPC to match MSC. Effects of indirect taxes on consumer and producer surplus Market Demand Movement on curve vs. shift of curve (demand/supply same concept) Market supply Market equilibrium Consumer/producer surplus in competitive market How does a change in demand single price change? Inelastic PEDcurve Elastic PED curve Unit elasticity (PED=1) Varying PED along a demand curve As yo...