word nswers- Wht is Economics Wht is scrcity Why is Economics clled the study of scrcity nd choice Wht choices do consumers hve to mke Wht choices do businesses
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APPLIED ECONOMICS MODULE 1 (Ch.1,2,3) Answer the following questions with 3-4 word answers:
- What is Economics?
- What is scarcity?
- Why is Economics called the study of scarcity and choice?
- What choices do consumers have to make?
- What choices do businesses have to make?
- What choices do governments have to make?
- What are the resources used to satisfy consumers' wants?
- What happens when resources are fully employed?
- What is Macroeconomics?
- What is Microeconomics?
- What does Macroeconomics examine?
- What does Microeconomics examine?
- What are opportunity costs?
- What are tradeoffs?
- What is decision making at the margin?
- What are factors of production?
- What are natural resources?
- What is the income to the owners of the land?
- What is rent?
- What are human resources?
- What is the price for the use of labor called?
- What is wages?
- What is salary?
- What is capital to economists?
- What is capital to business people?
- What is the pay for the use someone's capital called?
- What is entrepreneurship?
- What is the reward to entrepreneurs for their efforts?
- What is the basic economic problem?
- What basic economic questions should every society answer?
- What is the main economic objective for well-developed nations?
- 32 What is the main economic objective for less-developed countries?
- What is the way to increase production?
- What are types of economic systems?
- What is traditional economy?
- What is command economy?
- What is market economy?
- What is a subsistence level?
- How is question what to produce answered in traditional economy?
- How is question how to produce answered in traditional economy?
- Who gets what is produced in traditional economy?
- Who owns important natural and capital resources in command economies?
- Who determines what, how to produce in command economies?
- What is market economy?
- Who answers the questions what, how and who in market economies?
- What are essential elements in a market economy?
- Who owns means of production in a market economy?
- What is private property?
- What is profit?
- What is profit motive?
- What are mixed economies?
- What are the pillars of free enterprise system?
- What are prices?
- What is money?
- How do prices direct a market economy?
- What is competition?
- What is economic self-interest?
- What is the role of the government according to Adam Smith?
- What power does the government in a market economy have?
- What responsibilities does the governmentln a market economy have?
- How does the government protect the market system ?
- What public goods does the government in a market economy have to provide?
- Why does the government have to provide certain public goods in a market economy?
- What are externalities?
- What are harmful externalities?
- How can the government correct harmful externalities?
- How can the government encourage development of beneficial externalities?
- What are the ways to help those in need?
- What are the ways to help specific groups?
- Who are specific groups?
- How can a government stabilize the economy?
- What is gross domestic product?
- What is the formula of the gross domestic product?
- Who are consumers?
- What are households?
- What flows from consumer households to businesses?
- What flows from businesses to consumers?
- What flows from businesses to governments?
- What flows from businesses to governments?
- What flows from governments to consumers and businesses?
- What are the goals of American Economic System?
- What is demand?
- What is The Law of Demand?
- What are substitutes?
- What is Diminishing marginal utility?
- What is elasticity of demand?
- What is elastic demand?
- What is inelastic demand ?
- What is supply?
- What is The Law Of Supply?
- What is elastic supply?
- What is inelastic supply?
- What is Equilibrium?