society could have used these resources to produce something else, it sacrifices those other goods and services in making the lunch available.

there is not an unlimited supply of something (in order to get more of it, you must give up something else.)

there is less supply of something than demand for it.

when there is more supply than demand, as in extra resources.

The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

In a market system scarce goods are allocated through the operation of

what must be sacrificed in using a resource for its next best use.

Suppose a city block was going to be used for a parking lot. The opportunity cost would be

greater in New York City because the alternative uses of the block are more valuable.

A student will decide to attend class when

the marginal benefit of attending exceeds the marginal cost of attending.

Which of the following best describes the concept of utility and economic behavior?

Satisfaction from consuming goods or services.

Economic resources are the

natural, human, and manufactured inputs used to produce goods and services.

Economists classify resources as

labor, land, real capital, and entrepreneurs.

Because economic resources are used to produce goods and services, they are called

factors of production or inputs

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econ exam

exam 1

Question	Answer
opportunity cost	society could have used these resources to produce something else, it sacrifices those other goods and services in making the lunch available.
Scarcity	there is not an unlimited supply of something (in order to get more of it, you must give up something else.)
Shortage	there is less supply of something than demand for it.
Surplus	when there is more supply than demand, as in extra resources.
Marginal Benefit	The additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.
In a market system scarce goods are allocated through the operation of	what must be sacrificed in using a resource for its next best use.
Suppose a city block was going to be used for a parking lot. The opportunity cost would be	greater in New York City because the alternative uses of the block are more valuable.
A student will decide to attend class when	the marginal benefit of attending exceeds the marginal cost of attending.
Which of the following best describes the concept of utility and economic behavior?	Satisfaction from consuming goods or services.
Economic resources are the	natural, human, and manufactured inputs used to produce goods and services.
Economists classify resources as	labor, land, real capital, and entrepreneurs.
Because economic resources are used to produce goods and services, they are called	factors of production or inputs
Why is money not considered to be a capital resource in economics?	because it is not productive
The marginal benefit curve is______sloping	downward
The marginal cost curve is_____sloping	upward

Created by: evanc91

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