Economics by Arnold Chapter 1
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| A _____ is anything that gives a person utility or satisfaction. It is something that people want more of. | show 🗑
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| show | bad
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| show | Utility
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| _____ is the dissatisfaction one receives from a good or service. | show 🗑
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| A ______ is anything used to produce a good or service. | show 🗑
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| show | input or a factor of production
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| show | Land (natural resources), labor, capital, entrepreneurship
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| The condition whereby our desire for goods and services exceeds our ability to produce goods and services. | show 🗑
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| Identify three implications of scarcity. | show 🗑
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| A _____ is a mechanism or means for deciding who gets what. | show 🗑
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| What is cost? | show 🗑
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| What does it mean to say that "there is no such thing as a free lunch?" | show 🗑
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| True or False: "As the cost of an action increases, you will be more likely to do the action." | show 🗑
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| Define "marginal benefit" | show 🗑
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| Define "marginal cost" | show 🗑
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| What does in mean to make "decisions at the margin"? | show 🗑
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| show | equals
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| show | Marginal benefits decrease.
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| show | Marginal costs increase.
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| What does it mean to say "there are no $10 bill on the sidewalk"? | show 🗑
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| True or False: "If the government increases the minimum wage that must be paid to all workers then the incomes of workers will increase." | show 🗑
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| True or False: "If automobile seatbelt usage increases then there would be fewer and less severe injuries from automobile accidents." | show 🗑
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| Positive Economics | show 🗑
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| show | The study of "what should be" in economics (value judgements that can not be tested).
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| show | The area of economics that studies relativly small units such as the individual or the firm.
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| show | The area of economics that studies relativly large units such as the whole economy or major sectors of the economy.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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