Connect Economics Quiz Answers Homework

in economics, the business or individual that provides goods a…
in economics, the business or individuals that buy goods and s…
a business in which one owner holds all liability and control…
a business in which two or more owners share liability and res…
in economics, the business or individual that provides goods a…
in economics, the business or individuals that buy goods and s…
What market has significant barriers?
What market has differentiated goods?
What market has no close substitute for…
Uses public relations advertising
What market has significant barriers?
Oligopolistic Competition
What market has differentiated goods?
Oligopolistic Competition
a private good with positive externalities
the addition to total costs to produce each extra unit of outp…
The value of forgoing one option for another
The study of the whole economy dealing in aggregates such as e…
a private good with positive externalities
the addition to total costs to produce each extra unit of outp…
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
The value of the next best alternative foregone
An objective statement that can be tested, amended or rejected…
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
Change in quantity supplied
Normative Economic statement
the amount on the curve of supply changed by price
"what ought to be"
idea is to attain as much output as possible given the amount…
Happy meeting point between supply and demand
Change in quantity supplied
the amount on the curve of supply changed by price
Normative Economic statement
"what ought to be"
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
The value of the next best alternative foregone
An objective statement that can be tested, amended or rejected…
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
all alternatives given up when making a choice... Ex: You can buy…
most desirable alternative given up when making a choice... Ex: Y…
1. Land... 2. Labor... 3. Capital... 4. Entrepreneurship
model that shows other ways an economy can use its scarce reso…
all alternatives given up when making a choice... Ex: You can buy…
most desirable alternative given up when making a choice... Ex: Y…
the study of how households and firms make decisions
the desire, willingness, and ability to buy a product
Consumers will purchase more of a good when its price decrease…
an additional amount of satisfaction
the study of how households and firms make decisions
the desire, willingness, and ability to buy a product
the collection of different quantities that people will purcha…
represents a downward sloping line reflecting the reality that…
Having unlimited wants VS having limited resources
the collection of different quantities that people will purcha…
represents a downward sloping line reflecting the reality that…
Land or other things found in nature us…
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
The value of the next best alternative foregone
An objective statement that can be tested, amended or rejected…
Goods that are not scarce and therefore available without limi…
A consumable item that is useful to people but scarce in relat…
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
A diagram that shows the exchange of goods and services for mo…
The market in which households exchange money for goods and se…
The market in which households exchange the factors of product…
To make a trade possible.
A diagram that shows the exchange of goods and services for mo…
The market in which households exchange money for goods and se…
a government mandated minimum price, prevents prices from fall…
ALL binding price floors create surpluses. The quantity suppli…
Government mandated maximum price, prevents prices from rising…
ALL binding price ceilings create shortages. The quantity dema…
a government mandated minimum price, prevents prices from fall…
ALL binding price floors create surpluses. The quantity suppli…
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
The unit of study that focuses on the interactions of business…
A model used to show how resources flow from households to bus…
Market where goods and services are sold by businesses to indi…
Market where resources (land, labor, capital and entrepreneurs…
The unit of study that focuses on the interactions of business…
Circular flow of economic activity
A model used to show how resources flow from households to bus…
Circular flow of economic activity
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
anything of value to which the firm has a legal claim
an important decision making body in a corporation. It decides…
an organization that uses resources to produce goods and servi…
A legal entity that can conduct business in its own name in th…
anything of value to which the firm has a legal claim
an important decision making body in a corporation. It decides…
The benefit a consumer receives for participating in the marke…
The benefit the producer gets for participating in the market…
The market benefits (economy) ... Consumer surplus ... +... Producer su…
Getting the most of your scarce reasorces (land, Labor, Capital
The benefit a consumer receives for participating in the marke…
The benefit the producer gets for participating in the market…
Why is economics based on choices?
Why is there no such thing as free lunc…
The social science concerned with how the society makes choice…
Our economic wants exceed the productive capacity of our scarc…
Someone bears the cost. There are resources to make the produc…
A situation in which unlimited wants exceed the limited resour…
The social science concerned with how the society makes choice…
Why is economics based on choices?
Our economic wants exceed the productive capacity of our scarc…
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources
No one would benefit by changing his own behavior.
Individual or group that makes choices
Things people want, where the quantity want exceeds the quanti…
No one would benefit by changing his own behavior.
allocating scarce resources to satisfy unlimited wants.
Focuses on individual markets or sector, firms, households, eg…
Based on testable theories, eg 'the level of unemployment in t…
Microeconomics definition
allocating scarce resources to satisfy unlimited wants.
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarc…
the property of distributing economic prosperity uniformly amo…
the limited nature of society's resources
the study of how society manages its scarce resources

Economics (McConnell) AP Edition, 19th Edition

Chapter 25: Economic Growth

The content of this chapter may be included on the AP* Macroeconomics and Microeconomics exam.

After reading this chapter, you should be able to:

  1. List two ways that economic growth is measured.
  2. Define "modern economic growth" and explain the institutional structures needed for an economy to experience it.
  3. Identify the general supply, demand, and efficiency forces that give rise to economic growth.
  4. Describe "growth accounting" and the specific factors accounting for economic growth in the United States.
  5. Explain why the trend rate of U.S. productivity growth has increased since the earlier 1973-1995 period.
  6. Discuss differing perspectives as to whether growth is desirable and sustainable.

AP Chapter 25 Introduction (9.0K)

Quiz

Web-based Questions

Origin of the Idea

Interactive Graphs

Worked Problems

See the Math

PowerPoint Presentations

Quiz

Web-based Questions

Origin of the Idea

Interactive Graphs

Worked Problems

See the Math

PowerPoint Presentations


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