Study Review Micro Ch. 1

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Micro Is the discipline of economics concerned with individual units such as a person, household, firm, or industry

True Communism exhibits all the characteristics of a command system

Which of the following describe a command system?
Government ownwershiop of most or all property resources
A government appointed central planning board

Economics is a social Science concerned with the allocation of scarce Resources to meet the unlimited wants Of the members of a given society.

Marginal analysis involves the comparison or evaluation of: * The incremental cost versus the incremental benefit of a decision *
* An good economic system must address the following questions: * What gods are to be produced?
* How they are to be produced? Who gets what is produced? *
* An equitable outcome is one where each individual affected is treated faily *
* The economic question of what to produce is about decisions related to the mix of goods and services to make available in a given economy *
* Which of the following results from scarcity with respect to economic resources? * The production of limited goods and services
* The economic question of how to produce is about decisions related to the mix factor input land, labor, capital used to produce gods and services. *
* True: In a command system, the government decides how a country’s resources will best be utilized *
* A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as an: economic theory, and economic principle *
* Due to scarce resources, every individual, whether rich or poor, is faced with an implicit cost when choosing to produce or consume more of one good over another. *
* False: Economcis, as a social science, is concerned with how to make money? *
* Macroeconomics is the discipline that examines either the economy as a whole or in the...
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