Basics Flashcards
1
Q
Opportunity cost
A
Opportunity cost refers to what you give up in order to have something else.
2
Q
Free goods - no opp cost
A
true
3
Q
economic goods - no opp cost
A
false
4
Q
govt goods - free/eco?
A
eco
5
Q
common resource (clean air/forest.land/ river etc.) free/eco?
A
eco
6
Q
marginal utility
A
satisfacion gained from 1 more unit
7
Q
consumption increases-marginal utility decreases
A
true
8
Q
marginal utility
A
always decrease nd become -ve
9
Q
total utility
A
increase till a point and decrease
10
Q
marginal vs total
A
marginal become -ve when total starts to decrease
11
Q
LPG reforms year?
A
1991
12
Q
Factors of prodution
A
land labour capital enterpreneur
13
Q
Land
A
natural resources
14
Q
labour
A
human
15
Q
capital
A
tools and tech
