LW1

Question 1

Positive relationship

Answer 1

one variable increase, second increase also

Question 2

Negative relationship

Answer 2

They decrease together

Question 3

Time series data

Answer 3

One variable, different points in time

Question 4

Cross-sectional data

Answer 4

One variable, same point in time different individuals

Question 5

Economics

Answer 5

Study of how society manages its scares resources

Question 6

Sec

Question 7

Scarity

Answer 7

limited nature resources

Question 8

Business activity

Answer 8

Turning land, labor, and capital into a product or service to customers.

Question 9

Should I do something ?

Answer 9

B(x)bigger than C(x)

Question 10

Opportunity cost

Answer 10

is whenever is given up to obtain some item

Question 11

Sunk cost

Answer 11

costs that are beyond recovery at the moment

Question 12

Marginal cost

Answer 12

The change in total production costs that comes from making or producing 1 more

Question 13

Intermediant goods

Answer 13

product that is not finished yet ex. : butter, flour

Question 14

Final goods

Answer 14

finish product ready to customers ex.: cake

Question 15

Capital goods

Answer 15

physical assets a company uses to produce goods and services for consumers ex.: farmer buys combine

Question 16

Market failure

Answer 16

is when market on its own fails to produce an efficient allocation of resources