Prac Test 1 p1

Prac Test 1 p1 - Exam 1 Review 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 The study of choice under conditions of scarcity The labor

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam 1 Review September 22, 2008 1. __________________ The study of choice under conditions of scarcity. 2. __________________ The labor, capital, and land that are used to produce goods and services. 3. __________________ Anything (including a resource) used to produce a good or service. 4. __________________ Resource allocation decisions of individual firms and consumers 5. __________________ Resource allocation decisions of economic aggregates (governments, central banks, economies) 6. __________________ There are many buyers and sellers, none of whom individually can set the price 7. __________________ Agent has the ability to individually influence price a. An example of this is: ______________ 8. __________________ A good for which an increase in income causes an increase in demand 9. __________________ A good for which an increase in income causes a decrease in demand 10. __________________ Where quantity demanded = quantity supplied 11. __________________ What is given up when making a choice or taking an action 12. __________________ A method of production in which each person concentrates on limited number of activities. 13. __________________ The ability to produce a good or service using fewer resources than other producers use. 14. ___________________The ability to produce a good or service at a lower opportunity cost than other producers. 15. ___________________ A curve showing all combinations of two goods that can be produced with the resources and technology currently 16. ___________________ A good that can be used in place of some other good and that fulfills more or
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 08/31/2011 for the course ECON 101 taught by Professor Brentkreider during the Fall '07 term at Iowa State.

Page1 / 5

Prac Test 1 p1 - Exam 1 Review 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 The study of choice under conditions of scarcity The labor

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online