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E2020

Some of the E2020 notes

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Economics
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E2020

Deciding whether to do or use one additional unit of some resource *Thinking at the margin Service *work that is performed for someone The government of a country must make a decision between spending money on a hospital or spending the same amount on border security. What kind of decision is this. *Not D All the possible alternatives that rejected when a choice is made *not opportunity cost. For the one about CLEAN AIR. *B Productivity? *A measure of the amount of output produced by a given amount of inputs What is the opportunity cost of a decision? *Not A Which of the following is an example of scarcity, rather than shortage? *not D ANOTHER TEST^^^^^^^ Which of the following does a government provide as part of a safety net for the people? *B.

E2020 Economics

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Economics
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economics
E2020

Any resources that are made by humans and used to create other goods and services are called: Capital. Which of the following lists would an economist consider land? Iron ore, Natural gas, Fertile Soil, Water. An example of a shortage is limited amounts of food available because the trucks carrying it are on strike. Land, Labor, and Capital. Factors of Production. The resources used to make all goods and services are the Factors of Production. Actions or activities that one person performs for another. Services. Physical objects that can be exchanged. Goods. Paid effort that people devote to a task. Labor. Temporary lack of one or more goods. Shortage.
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