humanities: economics

Question 1

economics

Answer 1

the studies of how economies and societies best satisfy their populations needs and wants through the allocation of scarce resources

Question 2

microeconomics

Answer 2

individual and business decisions

Question 3

macroeconomics

Answer 3

governments and countries decisions

Question 4

relative scarcity

Answer 4

demand outweighs supplies available

Question 5

needs

Answer 5

things essential for human survival; water, shelter, food

Question 6

wants

Answer 6

things that aren’t essential for human survival, but make it better; television, phones (debated)

Question 7

goods

Answer 7

visible, tangible items that can be purchased. consumers don’t need to be present during production; groceries

Question 8

services

Answer 8

tasks or processes performed for the consumer; haircuts, doctor

Question 9

consumerism

Answer 9

an increasing consumption of good is desired. consumers having a natural inclination towards the purchases of goods and services

Question 10

opportunity cost

Answer 10

the cost of the second best alternative that was given up in the consumption or production process.

Question 11

cost benefit analysis

Answer 11

a systematic approach to estimating the strengths and weaknesses of alternatives. it is used to make a decision with the highest benefit to the individual.

Question 12

cost benefit analysis

Answer 12

a systematic approach to estimating the strenghts and weaknesses of alternatives. used to make a decision with the highest benefit to the individual

Question 13

law of demand

Answer 13

when price is increased, the quantity demanded decreases

Question 14

law of supply

Answer 14

when the price increases, the quantity of the supply increases

Question 15

equilibrium

Answer 15

quantity demanded is equal to the quantity supplied

Question 16

surplus

Answer 16

an over supply of good and services or a shortage of demand

Question 17

entrepreneur

Answer 17

someone who designs and creates their own business

Question 18

factors that influence supply

Answer 18

natural/land (animals/water)
labour (mental or physical skills needed to produce good and services)
capital (human made items used in manufacturing goods and services (machinery))
management (investors, entrepreneurs, business people.)

Question 19

markets

Answer 19

when a consumer interacts with a business through the consumptions of goods and services, they have become a part of its market