Economics

Find PEOD: You were willing to buy stuffed animals yesterday at 20 dollars for 60 units, but today the price has risen to 40 dollars for 60 units, what is the PEOD and is it Elastic, Inelastic or Unitary?

Katherine advertises to sell cookies for $4 a dozen. She sells 50 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. What is the elasticity of demand? Assuming that the elasticity of demand is constant, how many would she sell if the price were $10 a dozen?

The use of resources in such a way as to maximize the output of goods and Services is called?

A line on a production possibilities curve that shows the maximum possible output an economy can produce is known as?

all natural resources used to produce goods and services?

Matching questions

1. economics
2. shortage
3. scarcity
4. services
5. capital

• ______the study of how people seek to satisfy their needs and wants by making choices
• ______the principle that limited amounts of goods and services are available to meet unlimited wants
• ______the actions or activities that one person performs for another
• _______any human-made resource that is used to produce other goods and services
• ________a situation in which consumers want more of a good or service than producers are willing to make available at a particular price

something essential for survival

• 1 need
• 2 want
• 3 land
• 4 goods

the most desirable alternative given up as the result of a decision

• 1 human capital
• 2 physical capital
• 3 opportunity cost
• 4 underutilization

something that people desire but that is not necessary for survival

• 1 land
• 2 want
• 3 capital
• 4 need

a graph that shows alternative ways to use the economy's productive resources

• 1 production possibilities frontier
• 2 entrepreneur
• 3 production possibilities curve
• 4 opportunity cost

the process of deciding whether to do or use one additional unit of some resource

• 1 physical capital
• 2 thinking at the margin
• 3 factors of production
• 4 human capital