ECON
Economics_I_chapters_1_2_homework_9.2.10-4.docx

Economics_I_chapters_1_2_homework_9.2.10-4.docx - Economics...

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Economics 1 Name _Shayla Kadow____________ Chapters 1 & 2 1. Economics is the study of how limited resources are used to satisfy people’s unlimited wants and needs. 2. Tradeoffs carry scarce costs which are measured by what is given up. 3. Items used in the production of goods and services are called the four factors of production . 4. Human effort going into the production of goods and services is classified as , and the income from this resource is called scarce . 5. Inputs used in production that originate in nature are classified as , and the income from these resources is called . 6. Trucks, warehouses and other goods that are used to produce goods and services are classified as and the income earned off these resources is called _________________. 7. is the factor of production that performs the functions of organizing a business activity and bearing the risk of the business’ success or failure. The income from this resource is . 8. In Figure 1.1a, (below), as the price of X increases , the quantity supplied of Y . This is referred to as a relationship, and is graphed as a line that slopes to the right. In Figure 1.1b, as the price of X increases, the quantity demanded of Y . This is referred to as a relationship, and is graphed as a line that slopes to the right.
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9. According to the equation ,” Y = 500 - 100X,” at a price of $2.00 per pound, pounds would be demanded.
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