Economics Questions
Explore questions in the Economics category that you can ask Spark.E!
- land (natural resources not created by humans)- labor (the work people do to provide goods and services)- capital (the buildings, tools, equipment, money, machinery, and factories used in the production of goods and services)- entrepreneurship (a person who is a risk-taker in search of profits who does something new with existing resources)
people want more than what's available; main concern of economics
The sum of skills, abilities, health, and motivation of people.- Government can invest by providing education and health care- Businesses can invest by training and other programs to improve the skill and motivation of workers- Individuals can invest in their own education
the additional cost of the next unit produced; increase in activity they rise
The study of how individuals and countries make choices about ways to use their scarce resources to fulfill or satisfy their wants. Involves production, consumption, and transfer of wealth.
the maximum amount a consumer will pay for an additional good or service; increase in activity they rise
anything that can be used to obtain a need or a want.
The cost of choosing one choice over another; whatever must be given up to obtain some item.
a basic requirement for survival; something that is necessary to remain alive.
Own-price elasticity of demand (apples)
Law of Diminishing Marginal Utility
Measurement unit of Utility are _______
As consumption increases, marginal utility ___________
The consumer's utility-maximizing consumption bundle will always be along the __________constraint, on the highest affordable ________ curve
Indifference Curves: Slope/Marginal Rate of Substitution Formula
When supply decreases and demand increases in a market, what happens to price?It goes down.It goes up.It stays the same.Price is not affected by supply and demand.
What is one of the most important differences between an appraisal and a CMA?An appraisal is used to price a new property. A CMA is used to price a resold property.An appraisal is for commercial property. A CMA is for residential property.An appraisal must be done by a licensed appraiser. A CMA can be done by anyone.An appraisal affects a seller's title. A CMA does not.
Jane buys a home with an extra bedroom and bathroom that she's planning to rent out. She pays a little more for a property with a separate entrance for the rental space, knowing she will make the money back on the rent. What principle of value is at work here?principle of anticipationprinciple of substitutionprinciple of conformityprinciple of contribution
Which one of these is an appraisal?A licensed appraiser assigns a value to a home.A real estate agent assigns a value to a home.A buyer decides how much they are willing to pay for a home.A tax assessor assigns a value to a home.
Which of these could be a factor in creating a seller's market?low housing supplylow demandfew qualified buyerstoo much inventory on the market