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MicroEconomics Test

Enter the letter for the matching Definition
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1.
Inefficient levels of production
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2.
Opportunity Cost
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3.
Production possibilities frontier
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4.
Inefficient levels of production
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5.
Efficient Levels Of Production
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6.
Opportunity cost of producing one good
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7.
Efficient Levels of Production
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8.
Production Possibilities Frontier
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9.
Markets for goods and Services
A.
The Economy is getting all it can; from the scarce resources available; the only way to produce less of the other good
B.
Give up producing the other good Slope of the production possibilities frontier
C.
Points inside production possibilities frontier
D.
The economy is getting all it can From the scarce resources available Points on the production possibilities frontier Trade-off: The only way to produce more of one good Is to produce less of the other good
E.
a graph-combinations of output that the economy can possibly produce-Given the available Factors of production Production technology
F.
Points "Inside" production possibilities frontier
G.
A graph that shows the combination of output that the economy can possibly produce given the available factors of production and the available production technology
H.
Give up producing the other good;slope of the production possibilities
I.
Firms – sellers Households – buyers
Type the Term that corresponds to the displayed Definition.
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10.
For gods and services For factors of production
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11.
A visual model of the economy that shows how dollars flow through markets among households and firms
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12.
The study of economy-wide phenomena, including inflation, unemployment, and economic growth
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13.
Firms and households
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14.
Firms – buyers Households - sellers
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15.
The study of how households and firms makes decisions; and how they interact in markets
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16.
Produce goods and services Use factors of production / inputs
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17.
Claims that attempt to describe the worlds as it is: for of a fact
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18.
Claims that attempt to prescribe how the world should be; more of an opinion
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19.
Own factors of production Consume goods and services

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Created by: robtyson26
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