Introduction to Economics Quiz 3 Review!!. The level of a country’s economic prosperity.
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Transcript of Introduction to Economics Quiz 3 Review!!. The level of a country’s economic prosperity.
The structure of methods and principles that a society uses to produce & distribute goods & services.
The structure of methods and principles that a society uses to produce & distribute goods & services.
Economic system
What are the three key economic questions?
What does a society produce, How do they combine the factors of production, who gets to consume the different choices
The income people derive for supplying factors of production, like land, labor or capital
Factor payments
Organizations that use resources to produce a product or service, which it then sells.
Firms (also referred to as business firms)
The amount of money a business receives in excess of expenses, it’s the reward for taking the risk and starting a business.
The amount of money a business receives in excess of expenses, it’s the reward for taking the risk and starting a business.
Profit
A person or group of persons living n a single residence…frat houses don’t count, nor do jail cells or prisons.
A person or group of persons living n a single residence…frat houses don’t count, nor do jail cells or prisons.
Households
Any arrangement that allows buyers and sellers to exchange things, like Craig’s List, a vending machine…
Any arrangement that allows buyers and sellers to exchange things, like Craig’s List, a vending machine…
A market
Where you can purchase or rent land, hire workers, borrow money to purchase capital. The want ads would be an example.
Where you can purchase or rent land, hire workers, borrow money to purchase capital. The want ads would be an example.
Factor Market
What are the five economic goals of society, maybe not all the societies, but at least for ours, usually.
What are the five economic goals of society, maybe not all the societies, but at least for ours, usually. Economically efficient, wide range of economic freedom, security in our economic endeavors, fair for all consumers and households, and steady growth would be nice.