Introduction to Economics

<p>A haircut (A)</p> Signup and view all the answers

<p>Rent (B)</p> Signup and view all the answers

<p>He is considered the father of modern economics (C)</p> Signup and view all the answers

<p>The methods used to produce goods and services (B)</p> Signup and view all the answers

<p>Capital (A)</p> Signup and view all the answers

<p>Opportunity Cost (A)</p> Signup and view all the answers

<p>Environmental Sustainability (A)</p> Signup and view all the answers

<p>Marginal Benefit (D)</p> Signup and view all the answers

<p>It helps economists identify the impact of one variable while holding all other factors constant. (B)</p> Signup and view all the answers

<p>Every choice incurs a cost, even if it's not immediately apparent. (B)</p> Signup and view all the answers

<p>Opportunity Cost (A)</p> Signup and view all the answers

<p>The choice that an individual believes is the best for them, given available options. (B)</p> Signup and view all the answers

<p>Marginal Analysis (D)</p> Signup and view all the answers

<p>Economics as a study of social interactions (C)</p> Signup and view all the answers

<p>It overlaps with other social sciences, studying how society functions economically. (C)</p> Signup and view all the answers

<p>Self-interest focuses on individual gain, while social interest considers the well-being of society. (C)</p> Signup and view all the answers

<p>To create goods and services as outputs. (D)</p> Signup and view all the answers

<p>Production is driven by consumption; goods are made to satisfy consumer demand. (A)</p> Signup and view all the answers

<p>It influences economic activity through government spending and taxation. (B)</p> Signup and view all the answers

<p>It studies how people interact in creating and distributing wealth. (B)</p> Signup and view all the answers

The study of allocating scarce resources to satisfy needs and wants.

The father of economics who introduced laissez faire and entrepreneurship.

What determines production decisions and their social impact?

Objects of value produced to satisfy wants, including physical items and actions.

Resources used to produce goods and services, categorized into four types.

Natural resources used in production, referred to as 'gifts of nature'.

The work effort and time people invest in producing goods and services.

Tools, buildings, and machines used to produce goods and services.

The process of dividing a market into distinct groups of buyers.

A choice is in your self-interest if it results in the greatest personal benefit.

Self-interested choices that promote the best outcome for society as a whole.

The value of the highest-valued alternative that is foregone when a choice is made.

Making decisions based on the additional benefits and costs of a little more or less of an activity.

The additional benefit gained from consuming one more unit of a good or service.

The additional cost incurred from consuming one more unit of a good or service.

A Latin term meaning 'all else being equal' used as an assumption to analyze economic variables.

Economics defined as the science of wealth acquisition and usage.

Economics defined as the science of making choices among alternatives.

Economics defined as the study of allocating scarce resources to meet unlimited wants.

The process of using inputs to create outputs or goods and services.

The allocation of total products among the members of society.

The use of goods and services by households or individuals.

The study of government expenditures and revenues, including taxation and borrowing.