Podcast
Questions and Answers
Market demand is the sum of individual ______.
Market demand is the sum of individual ______.
demand
A ______ is a tangible good that can be seen and felt.
A ______ is a tangible good that can be seen and felt.
commodity
Essential goods are considered basic needs, such as ______ and medicine.
Essential goods are considered basic needs, such as ______ and medicine.
food
______ goods are items that people may do without, like luxury cars or perfume.
______ goods are items that people may do without, like luxury cars or perfume.
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The circular flow model illustrates the flows in the ______ market.
The circular flow model illustrates the flows in the ______ market.
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______ cost refers to the value of the next best alternative when a decision is made.
______ cost refers to the value of the next best alternative when a decision is made.
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Public finance involves the activities of ______.
Public finance involves the activities of ______.
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Factors of production include land, labor, capital, ______, and entrepreneurship.
Factors of production include land, labor, capital, ______, and entrepreneurship.
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Study Notes
Division of Economics
- Consumption
- Public finance
- Production (process of producing goods)
- Distribution
- Exchange
Factors of Production
- Capital (monetary assets)
- Labour (human resources)
- Entrepreneurship
- Land (economic resources)
Goods and Services
- Goods (tangible items)
- Services (intangible outputs)
Classification of Goods
- Consumer goods (everyday items)
- Essential goods (basic needs)
- Capital goods (used in production)
- Luxury goods (not necessities)
- Economic goods (scarce resources)
Production
- Services (actions performed)
- Producers (individuals or entities offering goods/services)
- Consumers (users of goods/services)
Distribution
- Marketing of goods and services
- Exchange of goods and services
Consumption
- Proper use of economic goods
- Government involvement (public finance)
Economic Resources
- Factors involved in production
Circular Flow Model
- Illustrates the flow of production
Public Market
- Households
- Businesses
Production Possibilities Frontier
- Outcome/production (consumer/capital goods)
- Opportunity cost (value of choices)
Basic Economic Decisions
- Consumption, production, distribution, and growth over time
Branches of Economics
- Positive economics (fact-based)
- Normative economics (opinion-based)
- Demand (wants and needs)
- Individual demand (quantity per person)
Market Demand
- Summation of individual demands
Commodities
- Tangible goods/services
Types of Commodities
- Agricultural commodities
- Energy commodities
- Metal commodities
- Livestock commodities
Demand Curve
- Useful for businesses
Demand Data
- Organized charts
Market Index
- Herfindahl-Hirschman Index (measures market concentration)
Socioeconomic Factors
- Quality of life
- Income
- Education
- Skills
- Occupation
- Sustainability
Factors Affecting Business
- Economic condition
- Social environment
- Government
- Economic changes
- Political changes
- Technological changes
- Environmental factors
- Viability (ability to survive)
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Description
Test your understanding of economics with this comprehensive quiz covering topics such as consumption, production, distribution, and the factors of production. Explore the various classifications of goods and services, and gain insights into the circular flow model. Perfect for students studying basic economic principles.
