mplete the following statements: CeelsTouri is the value of the best alternative
ID: 1138339 • Letter: M
Question
mplete the following statements: CeelsTouri is the value of the best alternative that is given up when choice is made. (1 point) Resource Accumulation, Improvement are sources of economic growth. (1 point) Unioq I) ( and Efficienc A .8 o satisfy them is an economis copdition in which our wants exesd the economy's abilit he Demand Price is the or a given quantity of a good. (2 points) price that consumers are willing and able to pa used is the knowledge and skills embodied in people as he Production Process. (2 points) is the study of Economics from the viewpoint cmy-wide effects. (I point) ctory Narkis the factories, machinery, equipment and other items th e used to produce goods and services. (1 point) ds are other good move in the same direction. (2 points) if a Price Change of one good and the Demand Change is a situation in which consumers are willing to purchase more at alternative prices. (2 point) is often cited as the father of modern Economics. (1 point)Explanation / Answer
Complete the following statements:
Opportunity cost is the value of the best alternative that is given up when a choice is made.
Resource accumulation, productivity and efficiency improvement are sources of economic growth.
Scarcity is the condition in which our wants exceed the ability of the economy to satisfy them.
The demand price is the highest price that the consumers are willing and able to pay for a given quantity of good,
Human capital is the knowlege and skills embodied in the people as in the production function
Macroeconomics is the study of economics from the viewpoint of the economy wide efects.
Capital is the factories, goods and equipment used to produce goods and services
Goods are substitutes if the price change in one good leads to demand change in other good in the same direction.
Market competition is a situation where the consumers are willing to purcahse more at alternative prices.
Adam Smith is the Father of modern economics.
Trur false
1. False (rightward shift)
2. False ( science of wealth and allocation of resources)
3. False (negatively related)
4. False (normative economics)
5. False (resources are not fully used. The point has be on the PPC not inside it)
6. False (land labour and capital)
7. false (capital goods are brought and sold in factor markets)
8. True
9. False ( interest is the income paid for the use of capital)
10. True
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