Image (2).jpg - Chapter 1 DQ's 1 An opportunity cost is the...

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Unformatted text preview: Chapter 1 DQ's 1 . An opportunity cost is the cost that an individual incurs when they choose to do one thing and miss out on the next big thing. It relates to economics because every choice that we make is going to incurs some opportunity cost , A greater cost would result from the parking lot in the heart of NYC because you miss out in usere that spares for advertisement. businesses, etc thon with a suburban area . 2. a . burying takealt is eating at home b. driving to school is, taking the bus c. studying during the weekend is working 3 . Utility refers to the pleasure and happiness level of indurduals (we attempt to maximize it ) . This idea relates to purposeful behavior because human act in rational self - interest where we try to increase our utility 5 . a . The unemployment rate is 4.8% b. The unemployment rate is too high and we should lower it We treat " what is statements as positive and " what should be " as normaltie. 7. Economic resources are the natural, human, and manufactured inputs used to produce goods and services . Economic resources fall into four main categones : labor, land, real capital and entrepreneurs. They are also called factors of production because they influence how much goods and services are produced . They are called inputs as well because they go into the production process , w/ resulting goods / services being called outputs 10. An individual nation is limited to the combinations of output indicated by its production possibilities cure. International specialization means directing domestic resources to output which the nation is highly efficient at producing....
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