FINAL

Question 1

Scarcity

Answer 1

We cannot have all we want of goods and services

Question 2

Opportunity costs

Answer 2

What is forgone when I choices made

Question 3

Secondary effects

Answer 3

The unintended result of choices, unplanned and often unforeseen

Question 4

Efficiency

Answer 4

The absence of waste

Question 5

Macro economics

Answer 5

Deals with choices that affect the whole country

Question 6

Micro economics

Answer 6

Looks mainly at choices made by individuals in households and business firms

Question 7

Economic profit

Answer 7

A reward for innovation

Question 8

Normal profit

Answer 8

Zero economic profit, just enough to keep existing resources employed no more, no less

Question 9

Law of demand

Answer 9

When things other than price and quantity stay the same, people still want

Question 10

Law of supply

Answer 10

Other things staying the same, firms are willing and able to sell more goods or services at higher prices than at lower ones

Question 11

Substitute

Answer 11

A good we can use in place of another product

Question 12

Market power

Answer 12

The ability to influence the price of a product or resource

Question 13

Types of gross domestic product

Answer 13

Real and nominal

Question 14

Define GDP

Answer 14

Gross domestic product is the value of all goods and services produced in a year in a single country

Question 15

Real

Answer 15

Accounting for changes over years

Question 16

Nominal

Answer 16

The GDP as it is in the moment

Question 17

Inflation

Answer 17

A general increase in prices and or fall in the purchasing power of money

Question 18

Money

Answer 18

A neutral means of exchange

Question 19

Protectionism

Answer 19

A set of ideas to justify restrictions on imports

Question 20

Four types of resources

Answer 20

Land, labor, capital, entrepreneurial and managerial ability

Question 21

What are the four types of economic system

Answer 21

Tradition, command, market, mixed

Question 22

We cannot have all we want of goods and services

Answer 22

Scarcity

Question 23

What is for gone when A choice is made

Answer 23

Opportunity costs

Question 24

The unintended result of choices, unplanned and often on for seen

Answer 24

Secondary effects

Question 25

The absence of waste

Answer 25

Efficiency

Question 26

Deals with choices that affect the whole country

Answer 26

Macroeconomics

Question 27

Looks mainly at choices made by individuals and households and a business firms

Answer 27

Microeconomics

Question 28

A reward for innovation

Answer 28

Economic profit

Question 29

Zero economic profit, just enough to keep existing resources employed and no more and no less

Answer 29

Normal profit

Question 30

Other things staying the same, firms are willing and able to sell more goods or services at higher prices than at lower ones

Answer 30

Law of supply

Question 31

A good we can use in place of another product

Answer 31

Substitute

Question 32

The ability to influence the price of a product or resource

Answer 32

Market power

Question 33

Real and nominal

Answer 33

Types of GDP

Question 34

The value of all goods and services produced in a year in a single country

Answer 34

Gross domestic product

Question 35

Accounting for changes over the years

Answer 35

Real GDP

Question 36

The GDP as it is in the moment

Answer 36

Nominal GDP

Question 37

A general increase in prices and or fall in the purchasing power of money

Answer 37

Inflation

Question 38

A neutral means of exchange

Answer 38

Money

Question 39

A set of ideas to justify restrictions on imports

Answer 39

Protectionism