Question
Hi Please help. I have included my answer please correct me if I'm wrong. because on some I wasn't sure about. Thank you! MATCH the
Hi Please help. I have included my answer please correct me if I'm wrong. because on some I wasn't sure about. Thank you!
MATCH the description with the corresponding terms:
Term: Microeconomics, Macroeconomics, Models, Ceteris Paribus, Efficiency, Trade, Thinking at the Margin, Scarcity, Equity, Inputs, Entrepreneurship, Opportunity Costs, Specialization, Land, Productivity, Market Failure
A. That which goes into the production process to create finished products: land, labor, capital, and entrepreneurial ability (my answer: Entrepreneurship)
B. Earns profits for its part in the production process (my answer: Inputs)
C. Occurs when markets do not do what they are supposed to do (my answer: Market Failure)
D. Fairness (my answer: Equity)
E. When someone considers whether to eat an additional ice cream cone. Summed up in the phrase the straw that broke the camels back. (my answer: Thinking at the Margin)
F. Simple, stylized descriptions of issues (my answer: Model)
G. A vacant, unimproved parking lot in the middle of Omaha, Nebraska (my answer: Land)
H. Is considered the economic problem, resulting from our wants being greater than available resources (my answer: Scarcity)
I. Markets that provide the best quality products for the lowest possible cost (my answer: Efficiency)
J. How much output we produce over a specific period; the greater the amount, the higher our standard of living will be (my answer: Productivity)
K. The exchange of goods and services between countries or individuals (my answer: Trade)
L. When each of us concentrates on doing fewer things well rather than many things not as well (my answer: Specialization)
M. All other relevant factors held constant (my answer: Ceteris Paribus)
N. The cost of what you have to give up (my answer: Opportunity cost)
O. A part of economics that looks at the decisions of individual consumers and businesses (my answer: Micro
P. A part of economics that looks at the decisions of all consumers and all businesses (my answer: Macro)
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