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10EC

Last updated over 1 year ago

9 questions

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Question 1

1.

What is the definition of Demand?

purchasing a good.

want/willingness to buy a product to a specific price.

amount of the good.

consumers willing to purchase luxury goods.

Question 2

2.

What is the definition of Labour?

The human effort to sell a good.

The business needing to purchase capital goods. (to be able to produce goods).

the human effort (mental & physical) required to produce something.

The business selling a product to the market.

Question 3

3.

What is the definition of Scarcity?

limited availability of resources (ones that will run out eventually), not enough to satisfy all the wants.

resources that will never run out. (water)

A capital good not available for the production of certain goods.

Land purchased in order for factories to be set up in.

Question 4

4.

What are the Factors of Production?

Land, capitalism, events, government.

Government, businesses, market, resources.

Land, labour, capital, enterprise.

Price, supply, labour, business.

Question 5

5.

What is the definition of Supply?

Amount of products/goods business sell to the market.

The number of goods/services cusomuers are purchasing annually.

The number of goods/services with the lowest demand.

The number of goods/services firms are able & willing to supply at a range of prices.

Question 6

6.

What is the Equilibrium?

The point at which supply is higher than demand.

The point at which demand is higher than supply.

The point at which demand and supply never intersect.

The point at which demand and supply intersect.

Question 7

7.

What are Economic Assumptions

Foundational beliefs held by
economists, governments, and business organizations.

Theorists arguments against the economic state of the country.

Foundational beliefs to help make govermental decisions.

Foundational arguments between economists, governments and business organizations.

Question 8

8.

What is the Production Possibility Curve?

A curve that represents the amount of demand.

A curve that represents the amount of supply left.

A curve that represents possible output if the factors of production are used efficiently.

A curve that represents possible sales if all factors of production are used efficiently.

Question 9

9.

What is an Opportunity cost?

The cost of the a similar product.

The cost of production.

The cost of the next best alternative.

The cost of land.