What is economics vocab quizlet?
Economics. The study of choices when there is scarcity. Factors of Production. The resources used to produce goods and services; also known as production inputs or resources.
What is the definition of economy quizlet?
economy. the way a country uses money and resources. market economy. an economic system where free competition and prices are determined by the interaction of supply and demand.
What are menu costs in economics?
Menu costs are the costs incurred by a business when it changes the prices it offers to its customers. A classic example is a restaurant that has to physically print new menus when it changes the prices of its dishes. The main takeaway from menu costs is that some prices are sticky.
What vocab term means to limit the amount of goods that can be purchased or used?
Quotas restrict the amount or value of a foreign product that may be imported; quantity quotas limit the amount of a good that may be imported, and value quotas limit the monetary value of a good that may be imported.
What is another name for choices in economics?
Scarcity, Choice, and Cost All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.
What is opportunity cost economics quizlet?
opportunity cost. the most desirable alternative given up as the result of a decision. thinking at the margin. the process of deciding whether to do or use one additional unit of some resource. cost/benefit analysis.
What is a consumer economy quizlet?
consumer economics. the study of how people deal with scarcity, fulfill needs, and select among alternative goods, services, and actions.
What is GDP Everfi?
What is GDP (gross domestic product)? The total value of all the finished goods and services produced in a country over a certain period of time. ______ is the total value of all the finished goods and services produced in a country over a certain period of time.
What do you mean by menu Costing?
When the government spends money or makes a payment it is called a n?
When the government spends money or makes a payment, it is called a(n expenditure/revenue/budget.
How are the terms revenue and levy related in the text?
1. How are the terms revenue and levy related in the text? Levy is the good that is being taxed, and revenue is the money made from that tax.
What is choice and opportunity cost?
Whenever a choice is made, something is given up. The opportunity cost of a choice is the value of the best alternative given up. Choices involve trading off the expected value of one opportunity against the expected value of its best alternative.
What is the term opportunity cost?
Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. Because opportunity costs are unseen by definition, they can be easily overlooked.
What are opportunity costs examples?
A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).
What is opportunity cost and example quizlet?
The cost of making a choice is that the next best alternative is forgone. This is know as opportunity cost. For example if a Government decides to make the choice of devoting more resources to the NHS then the opportunity cost is devoting those resources into the education system.
What does price mean in economics?
price, the amount of money that has to be paid to acquire a given product. Insofar as the amount people are prepared to pay for a product represents its value, price is also a measure of value.
What is a consumer based economy?
A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).
Menu costs are the costs incurred by firms (businesses) when they have to change their prices. Most firms change their prices infrequently because of the costs of changing those prices. Things like: Changing the physical tags on the products. Changing the computer system to reflect new prices.
How many terms are there in the economics Quizlet?
Other Quizlet sets Chapter 14 Economics 42 terms Fahmaninda_Listiyani Atmospheric Science Lecture Test 4 75 terms rebeccawatley ACS SWANA Test 25 terms BoboVaughan 2202 Exam 2 162 terms maggie_osborne Verified questions ECONOMICS
How many terms are there in Chapter 14 of Economics?
Chapter 14 Economics 42 terms Fahmaninda_Listiyani Atmospheric Science Lecture Test 4 75 terms rebeccawatley ACS SWANA Test 25 terms BoboVaughan 2202 Exam 2 162 terms maggie_osborne Verified questions ECONOMICS What would happen to a student’s demand curve for movie tickets if the price of DVD movie rentals increased by $4.00 each? Verified answer