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MicroEco Ch. 1 Test

Enter the letter for the matching Definition
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1.
Fixed Technology
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2.
Purposeful behavior
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3.
Two Goods
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4.
Labor
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5.
Opportunity Costs
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6.
Unattainable
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7.
Full Employment
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8.
Microeconomics
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9.
Economic Perspective
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10.
Production Possibilities Curve
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11.
Generalizations
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12.
Utility
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13.
Law of Increasing Opportunity Costs
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14.
Economic Principle
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15.
Positive Economics
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16.
Economic Growth
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17.
Land
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18.
Normative Economics
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19.
Factors of Production
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20.
MB = MC
A.
Focuses on face and cause-and-effect relationships Embodies "what is"
B.
As the production of a particular good increase, the opportunity cost of producing an additional unit rises.
C.
Larger total output
D.
Where the optimal amount of the activity occurs.
E.
A statement about economic behavior or the economy that enables prediction of the probable effects of creation actions.
F.
Combinations beyond the budget line
G.
The pleasure, happiness, or satisfaction obtained from consuming a good or service.
H.
People make decisions with some desired outcome in mind.
I.
Economy is employing all of its available resources
J.
To obtain more of one thing, society forgoes the opportunity of getting the next best thing.
K.
Incorporates value judgements about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal. Embodies "what it ought to be"
L.
The economy is producing only two goods
M.
The state of technology is constant
N.
Land. labor, capital, and entrepreneurial ability combined to produce goods and services. "Inputs"
O.
Economic principles are generalizations relating to economic behavior or to the economy itself
P.
Economics concerned with decision making by individual customers, workers, households, and business firms. EX. examine the sand, rocks, and shells, not the beach
Q.
Economic way of thinking.
R.
Graphic curve that displays the different combinations of goods and services that society can produce in a fully employed economy
S.
Includes all natural resources, "gifts of land" used in the production process EX. Forests, mineral and oil deposits, water resources, wind power, sunlight
T.
Consists of the physical actions and mental activities that people contribute to the production of goods and services EX. Work-related activities of logger, machinist, teacher
Type the Definition that corresponds to the displayed Term.
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21.
Consumer Goods
Type the Term that corresponds to the displayed Definition.
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22.
The quantity and quality of the factors of production are fixed
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23.
All natural, human, and manufactured resources that go into the production of goods and services
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24.
A collection of specific economic units treated as if they were one unit. EX. Lump together the millions of consumers in the U.S. economy and treat them as one huge unit called "consumers"
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25.
Observing Hypothesis Testing Accepting, rejecting, & modifying hypothesis Continue to test hypothesis
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26.
Entrepreneur preforms several social useful functions: -Initiative in combining resource of land, labor, capital to produce a good/service -Makes strategic business decisions -Innovates -Bears Risk
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27.
Includes all manufactured aids used in producing consumer goods and services. EX. Factory, storage, transportation
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28.
Examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, household, and business sectors. Looks at total picture, not specific details
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29.
The social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
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30.
Schedule or curve that shows various combinations of two products a consumer can purchase with a specific money income

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