Lunday - E conomics 1 Chapters 1 2 1 Economics is the study...

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Economics 1 Chapters 1 & 2 1. Economics is the study of how , resources are used to satisfy people’s material wants and needs. 2. Tradeoffs carry costs, which mean that the cost of a decision, purchase, or such, is measured by the alternative forgone. 3. Items used in the production of goods and services are called the four of . 4. Human effort going into the production of goods and services is classified as , and the income from this resource is called . 5. Inputs used in production that originate in nature are classified as , and the incomes from these resources are called . 6. Trucks, warehouses and other goods that are used to produce goods and services are classified as . 7. is the factor of production that performs the functions of organizing economic activity and bearing the risk of a venture’s success or failure. The entrepreneurs’ income is called . 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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