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Macro #1

Macro study cards for first test prep

QuestionAnswer
Scarcity refers to the situation in which: unlimited wants exceed limited resources
Economics is the study of the ________ people make to attain their goals, given their ________ resources. choices; scarce
The term "market" in economics refers to a group of buyers and sellers of a product and the arrangement by which they come together to trade
Fast food restaurants produce a range of menu items such as hamburgers, chicken sandwiches, salads, and French fries. What fundamental economic question are they addressing by offering this range of items? What to produce?
When goods and services are produced at the lowest possible cost, ________ occurs. productive efficiency
Allocative efficiency is achieved when firms produce the goods and services that consumers value most.
Voluntary exchange increases economic efficiency because neither the buyer nor the seller would agree to a trade unless they both benefit.
The decision about what goods and services will be produced in a market economy is made by consumers and firms choosing which goods and services to buy or produce.
The decision about what goods and services will be produced in a centrally planned economy is made by lawmakers in the government deciding on what will be produced.
Opportunity cost is defined as the highest valued alternative that must be given up to engage in an activity.
Carmelita can perform either a combination of 35 manicures and 70 pedicures or a combination of 50 manicures and 45 pedicures. If she now performs 35 manicures and 70 pedicures, what is the opportunity cost of performing an additional 15 manicures? 25 pedicures
25 pedicures the janitor at a local elementary school
An example of a factor of production is a worker hired by an auto manufacturer.
The ability to exercise control over one's own resources within the confines of the law refers to one's property rights.
A successful market economy requires well defined property rights and detailed government regulations.
Created by: sviator1
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