Chapter 1 What Is Economics? 1) All economic questions are about A) how to make money. B) what to produce. C) how to cope with scarcity. D) how to satisfy all our wants. 2) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff. 3) An inducement to take a particular action is called A) the marginal benefit. B) the marginal cost. C) opportunity cost
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Coupons‚ premiums‚ contests‚ free samples‚ and frequent buyer programs 8. loyalty marketing programs 9. point-of-purchase promotion 10. personal selling versus advertising or sales promotion 11. Elaboration Likelihood Model of persuasion 12. The scarcity rule 13. where customers can interact with the technology and provide information. 14. Combing through data to understand customers 15. Way of understand customers by whether they made a purchase recently as well as how often that customer makes
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unlimited wants result in scarcity‚ opportunity costs‚ and tradeoffs for individuals‚ businesses‚ and governments. a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. b. Define and give examples of productive resources (factors of production) (e.g.‚ land (natural)‚ labor (human)‚ capital (capital goods)‚ entrepreneurship). c. List a variety of strategies for allocating scarce resources. d. Define opportunity cost as the next
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AND SUNK COST DEFINE AND EXPLAIN A RANGE OF CORE ECO TERMS AND CONEPTS INCLUDING ECONOMIC SURPLUS OPP COST AND SUNK COST CHAPTER !: THINKING LIKE AN ECONOMIST Scarcity principal: due to limited resources to satisfy unlimited wants‚ trade offs occur in terms of having more of one good and less of another Economic decision: any decision when securing something of value means going without something else Economics: study of how people make choices under conditions of scarcity and of the results
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about this; it is people’s wants rather than their needs which provide the motive for economic activity. People go to work in order to obtain an income which will buy them the things they want rather than the things they need. It is not possible to define ‘need’ in terms of any particular quantity of a product‚ because this would imply that a certain level of consumption is right’ for an individual. Economists tend to avoid this kind of value judgment which tries to specify how much people ought to
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Amster‚ Randall March 10‚ 2009 Water‚ Water Everywhere? Sustaining Scarce Resources in the Desert AlterNet This article is very disturbing‚ as it paints a grim picture of how the world will look if we do not gain control of the water scarcity issue. It outlines the concept of organizations privatizing water sources‚ water wars and worse… Quinn‚ James August 27‚ 2009 Global Fresh Water Crisis‚ Peak Water The Market Oracle‚ Financial Markets Analysis This article discussesthe
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and concepts of the various subdomains of social studies (Government and Civics‚ Cultures and Societies‚ Economics‚ Geography‚ Historical Perspective). Kentucky Academic Expectations for Social Studies The Kentucky Academic Expectations define what students should know and be able to do upon graduation from high school. These large goals
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Analysis 6. *Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? In economic situation‚ Scarcity means there are inadequate/ insufficient amount of supply of resources. Those resources are Human resources (labour)‚ natural resources (land and raw materials)‚ and manufactured resources (capital). Scarcity is where human wants are virtually unlimited whereas the resources available to satisfy what their wants. So‚ scarcity can be identified
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philosophy‚ and Alfred Marshall‚ the 19th century economist describes economics as the study of individuals in the business of everyday life. * Scarcity Colander (2010) stated “scarcity has two elements: our wants and our means of fulfilling those wants. These can be interrelated since wants are changeable and partially determined by society” (p. 5). Scarcity is a basic problem of economics it has apparent limitless individual wants and needs when the world in fact has limited resources. We as a
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economy ‚the income of the consumer falls. Assuming computers to be normal good‚ what will be the equilibrium price & quantity for computers in this case? 002 1. Managerial economics helps in decision making in the framework of uncertainty & scarcity of resources. Discuss the statement & elaborate with an example. 2.Identify an industry of your choices & select a company within that industry; compare the performance of that company with that of the industry over the past five years
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