Econ Chp. 7 and 8 quiz

production the process by which inputs are combined , transformed, and turned into outputs 3 decisions all firms must make …

Economics Chapter 2

Traditional Economy An economic system the relies on habit, custom, or ritual to decide the three key economic questions Free …

ECON

A firm can never change its fixed costs, even in the long run (t/f) False In most market transactions, consumer …

Economics Final Study Guide

scarcity limited quantities of resources to meet unlimited wants shortage a situation in which a good or service is unavailable; …

Economics Definition

Resources What goods and services are produced from, such as raw materials, labour, machinery. There are four different resource categories, …

Environmental Economics Ch 5

Normative concept (def) A statement about what “ought to be” Positive economics (def) The study of how events actually occur …

Economics (Inflation)

Definition of Inflation Sustained increase in the general level of prices in an economy. RWE: The US has an inflation …