1. 1. These questions are from Chapter 1 Section 2. b. opportunity cost. Econ 13.4. ANS: C PTS: 1 DIF: Average REF: Page 20 NOT: Learn more about this question in Economics Principles and Practices, page 20, and in the Reading Essentials and Notetaking Guide, Chapter 1, Section 3. 42) 43)Opportunity cost means A)the accounting cost minus the marginal benefit. 4.The opportunity cost of moving from f to c is… 3.The opportunity cost of moving from d to b is… 7 Bikes. Key Terms and Concepts, methods used to encourage people to take certain actions, the benefit or satisfaction received from using a good or service, to make decisions according to the best combination of costs and benefits, the motivation for making a particular choice, the alternative people give up when they make choices, the value of something that is given up to get something else that is wanted, an approach that weighs the benefits of an action against its costs, the additional cost of using one more unit of a product, the additional satisfaction from using one more unit of a product. phrases you know to link together. 1. Who makes trade-offs? Concepts: Opportunity Cost Scarcity Capital Goods Choice Consumer Goods Communism Content Standards and Benchmarks (1, 3 and 15): Standard 1: Productive resources are limited. Why would "parts" be variable costs? 5.What can you say about point G? different options and their benefits/ opportunity cost. Write. the most desirable alternative given up as a result of a decision. 353 CHAPTER-BY-CHAPTER ANSWER KEY CHAPTER 1 ANSWERS FOR THE MULTIPLE CHOICE QUESTIONS 1. b The sociological perspective is an approach to understanding human behavior by placing it within its broader social context. Explain why scarcity and choice are the basis of economics. This section focuses on the costs of the choices that people make by examining what economists call trade-offs and opportunity costs. Find GCSE resources for every subject. The economic problem b. 4 terms. Answer the following questions by identifying the opportunity costs in each situati( l. Working after school every day 2. D)the accounting cost minus the marginal cost. Vision c. Entrepreneurship d. Motivation 2. The opportunity cost of moving from a to b is… Main Idea: A trade-off is the act of giving up one thing for another. Learn. 1 car = 15 days = 1.25 planes (3) ABC's opportunity cost of producing a unit of planes is 1.25 units of cars. how does thinking at the margin- also called cost/benefit analysis-change the decision making process? The cost of an item is the sacrifice made to acquire it. Benchmarks: Whenever a choice is made, something is […] Also explore over 4 similar quizzes in this category. the cost of parts, labor, and the total cost for each item. B)the highest-valued alternative forgone. 1. STUDY. What is opportunity cost? 3. C)marginal benefit. Section 2—Opportunity Cost Trade-Offs- a situation in which more of one thing necessarily means less of something else. You figure opportunity cost by considering what your second choice for using a resource would be if you were not using the resource in the way you have chosen. Answers … ____ 2. 4 terms. 10. PLAY. Introduction to Microeconomics (ECON 201) Uploaded by. Chapter 1 Section Main Menu •Law of Increasing Opportunity Cost- •As you produce more of any good, the opportunity cost(this is the second item) will increase. Created by. Then apply your knowledge to the Guiding Question: How does opportunity cost affect decision making? IDENTIFYING MAIN IDEAS Write the letter of the correct answer in the blank provided. C)the monetary costs of an activity. Title: Slide 1 Author: Jennifer Droukas Created Date: 1/15/2015 12:44:47 PM Benchmarks: Whenever a choice is made, something is […] 8 terms. a. b. In Australia, the opportunity cost is 2 tonnes of sugar. How does thinking at the margin change the _decision-making process? Portfolios encourage students to collect work samples throughout the chapter as a reinforcement of their progress and achievements. Jillian_Roy. 1. 2. 2. Econ 13.3. Land d. Inability to produce everything that people want 5. Spell. PLAY. 5 terms. =2 +40/ 3. Scarc ity a n d the Factors of Prod uction A. REVIEW QUESTIONS This grid shows one way to analyze a decision by identifying the opportunity costs and benefits at the margin. 2 (Quiz) Questions: 1. d. economic interdependence. 8 terms. ____ 1. doodles1235. Econ 13.2. 10. 7. 1 Microeconomics LESSON 2 ACTIVITY 2 Answer Key UNIT 2. Requirements 2. Flashcards. People will choose between the one you will have not as much of an opportunity cost but more benefit, or they will choose the one which gives them the benefit they want, no matter the opportunity cost. Section 2: Guided Reading and Review Opportunity Cost NAME CLASS DATE Many ew inventions he way Americans ved in the 1920s. Factors of production g. 10 terms. Jillian_Roy. NAME _____ CLASS _____ DATE _____ Section 1: Guided Reading and Review. 4. What type of business typically lists.its costs in this way? Learn how to start an Chapter 1 Section 2 Case Study Price And Opportunity Cost Answers essay from clear practical and theoretical advice that will help you overcome problems connected with understanding its principles. ~a~ a.z~ "gu:1s vr butter" decisions? Section 1 begins on page 137 of your textbook.10 Key Terms –rationing –price Section 1-2 Study Guide (cont.) Economic Choice Today: Opportunity Cost Shaina_Abbb. Learn. information. -all of the alternatives we give up when we choose 1 course of action over another b. opportunity cost. Natural resources 2. 8. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. Two points are computed by summing up the next problem they encounter. Define the three factors of production and the differences between physical and human capital. (B) convex to the origin. Use complete sentences. Chapter 1 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. How a society answers the key economic questions primarily depends on a. A firm can produce T-shirts or sweatshirts. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Created by. STUDY. • Chapter 1 Performance Task • Answer Keys and ... Chapter 1 School-Home Letter (English) ... opportunity for instructional adjustments, when required. Labour immobility f. Products that do not have an opportunity cost 7. A cost … The situation in which some necessities have little value while some non-necessities have a much higher value is known as a. paradox of value. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2247 times by avid quiz takers. Economics UNIT ONE: Foundations, Economic Systems & International ... and opportunity cost is more of a necessity 4. Chapter 1 Section 3 Economic Choices and Decision Making Trade-Offs and Opportunity Cost A) Trade-Offs-alternative choices, whenever they make an economic decision. View Homework Help - Chapter 1 Reading Guide Questions Economics Answer Key from ECON SS 57 at Mountain View High School, Mesa. –Describe the advantages of using prices as a For additional practice, visit this book's Online Learning Center at glencoe.com. Opportunity Cost. 1.2 Chapter 2 - Economic Models: Trade-offs and Trade -- PPF, feasibility and efficiency, normative vs. positive statements. 1 1 2 3 2500 6500 8250 16500 3500 375 1200 – – – – – – – 3250 8750 21750 3500 375 1200 – – – – – – Jun.20– SECTION 6.1 EXERCISES (continued) Exercise 2, p. 181 A. B. choose from limited resources to meet their needs. How to Start an Essay: Simple and Effective Instruction. OTHER SETS BY THIS CREATOR. (D) shifted. Then, circle the letter of the correct answer choice. The average cost per gigabyte of RAM can be approximated by the function C ( t ) = 8 , 500 , 000 ( 0.65 ) t , C ( t ) = 8 , 500 , 000 ( 0.65 ) t , where t t is measured in years since 1980, and C C is cost … The situation in which some necessities have little value while some non-necessities have a much higher value is known as a. paradox of value. Imagine that a gardener produces both carrots and potatoes in her garden. Government programs that protect people experiencing unfavorable economic conditions are a. This lost opportunity is called the "opportunity cost. Chapter 1 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. Trade barrier 4. As You Read Directions: As you read Section 2, answer the questions under each main idea below. B. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. A. salvage value B. wasted value C. sunk cost D. opportunity cost E. erosion Refer to section 10.2 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective:10-1 Section: 10.2 Topic: Opportunity cost 3. Trade-Offs ... Chapter 1, Section 2: Opportunity Cost. 9. NEW! Key Concepts: Terms in this set (10) Trade-off. Unattainable. Economic resources 3. 4. Andy and Hannah and the time it takes each of them to clean an office and clean a jail cell: 15 min 30 min Cleaning jail cells 20 min 60 min 2. Approval of Special Rehabilitation Services by Institutions b. Title: Microsoft PowerPoint - econ_ch02_sect04_online_lecture_notes Author: Bob Created Date: 8/8/2012 7:33:32 PM Use complete sentences. A set of reasons for engaging in a particular behavior, especially human behavior is known as _____. Answer The opportunity cost of a million litres of milk in Brazil is 4 tonnes of sugar. Main Idea: A trade-off is the act of giving up one thing for another. CHAPTER Class Date 1 Opportunity Cost SECTION 2 As You Read Directions: As you read Section 2, answer the questions under each main idea below. The cost of getting or doing one thing instead of another is known as opportunity cost. 4. opportunity cost? STUDY. Synergy 2. d. How it combines factors of production. 1. lucas tonton. 1. When we select one alternative, we must sacrifice another. Spell. 7. production possibilities curve 8. production possibilities frontier 9. efficiency 10. underutilization 11. cost 12. law of increasing costs NAME CLASS DATE Section 3: Guided Reading and Review Production Possibilities Curves Guided Reading and Review Chapter 1 19 1. Then apply your knowledge to the Guiding Question: How does opportunity cost affect decision making? Reviewing Key Terms Answer each of the following questions. Economics is the study of how people A. calculate their income tax. A complete answer key appears at the back of this book. Explain how scarcity affects the factors of production. As You Read Directions: As you read Section 2, answer the questions under each main idea below. How does an opportunity cost differ from a trade-off? 3. 460 . else. 1 … opportunity cost. These include: 1) how to optimize the performance of a system, 2) the key driving force in the economy, 3) the motivation for work, 4) the responsibility for training prior to employment, 5) the relationship between government and business, and 6) the purpose of government policy. 1. • 4 Computer. 38 terms. (4) all the alternatives that we give up whenever we choose one course of action over others, the 2nd most desirable alternative given up as a result of a decision, when you decide how much more or less to do, when you make the first move, you get the _____ benefits, Not everyone can get everything they want, exactly how they want it, when there are other people involved too, it depends how much each individual is willing to give up in order to receive their ideal benefit. 1. doodles1235. Exam #1 – Answer Key. ECON 500 – Spring 2004. ____ 1. Female Reproduction. M28R, Part V, Section A, Chapter 1 Revised March 31, 2014. Show all your work in the space provided. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. Chapter 2: The Economic Problem Quick Quiz (open access) If a society is at point that is inside the production possibilities frontier, the society is experiencing Opportunity cost can be measured as the ... Answer choices in this exercise are randomized and will appear in a different order each time the page . As You Read. Male Reproduction. Economics Chapter 1 Section 2. 1 plane = 10 days = 1.25 cars (4) XYZ's opportunity cost of producing a unit of planes is 0.8 units of cars. Scarcity a. Search. (10 points each) ____ 1. 5.What can you say about point G? Heart Physiology. Answer: True Difficulty: Simple Learning Objective: 1 AACSB: Analytic T F 2. 1. Economics. 1 Opportunity Cost SECTION 2 A. 2016/2017 Flashcards. 3. ____ 2. Jillian_Roy. 1.3 Chapter 2 appendix - Graphs in Economics; 2 Part 2 - Supply and Demand 14 Lanen, Anderson, Maher Fundamentals of Cost Accounting, 2e Chapter 2 Cost Concepts and Behavior True/False Questions T F 1. Thus, the price of a million litres of milk must be between 2 and 4 tonnes of sugar in order for the countries to trade. Estimating is another set of west virginia. The profit (a function of the selling price) should be maximized. If the economy represented in Figure 2.2 is presently producing 12 units of Good B and zero units of Good A: (A) The opportunity cost of increasing production of Good A from zero units to one unit is the loss of two unit(s) of Good B. Match. 1.3 Chapter 2 appendix - Graphs in Economics; 2 Part 2 - Supply and Demand At a recent meeting, your salesperson reports that the introduction of competing products has reduced the expected sales of your new product to $250,000. 2. ORGANIZING YOUR THOUGHTS Use the diagram below to help you take notes as you read the summaries that follow. What are “guns or butter” decisions? When x =4.472, the perimeter is about 17.889 feet. 43) 44)The opportunity cost of any action is A)the time required but not the monetary cost. (2) XYZ's opportunity cost of producing a unit of cars is 1.25 units of planes. Concordia University. What is the setting of this cartoon? When opportunity cost is constant across all production levels, the productions possibilities frontier is (A) concave to the origin. CHAPTER 9 REVIEW Stoichiometry SECTION 2 PROBLEMS Write the answer on the line to the left. 10 terms. Gravity. Chapter 2 Quizzes Section 1: 1. If the average cost per gigabyte of RAM in 2010 is $12, find the average cost per gigabyte of RAM in 1980. However, there exists a problem of _(6)_, in which people do not have enough income, time, and other resources to satisfy their every want. The person with the lower opportunity cost should perform the chore. In what way are trade-offs and opportunity costs alike? Jillian_Roy. (C) undefined. what does thinking at the margin help compare? –We always face an opportunity cost. Describe what entrepreneurs do. c. trade-offs. Economics, Chapter 1, Section 2: Opportunity Cost. Microeconomics Topic 1: “Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapter 1 (p. 3-6) and Chapter 13 (p. 270-2). c. The underutilization of resources. A society's goals and values. 23 terms. Training to be an Olympic champion ... Chapter l, Section 2 Mastery Workshe : Created Date: Turn key point 3. How does thinking at the margin change the decision-making process? 3. BuRá£R STEW ARTS LABOR $3.10 15 10 2-5( AL $6 Directions: Answer these questions about the cartoon. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. Then apply your knowledge to the Guiding Question: How does opportunity cost affect decision making? They must opportunity case section chapter 1 2 study price and cost answers both be completed in a row. c. trade-offs. 1. Who makes trade-offs? Key Concepts: Terms in this set (13) Alternatives that people give up when they choose one course of action over another. Describe what entrepreneurs do. 2. Wants c. Inability of workers to change jobs and location 4. Test. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. 2. 4. • Chapter 1 Performance Task • Answer Keys and ... Chapter 1 School-Home Letter (English) ... opportunity for instructional adjustments, when required. Main Idea: A trade-off is the act of giving up one thing for another. Economics, Chapter 1, Section 2: Opportunity Cost. ... Economics Chapter 1 Section 2: Economic Choice Today: Opportunity Cost. 1.1 Chapter 1 - First Principles -- opportunity costs, equilibrium, marginal analysis, efficiency. How does an opportunity cost differ from a trade-off? Dating only one person during high school 3. For additional practice, visit this book's Online Learning Center at glencoe.com. Unattainable. 0 Computers. Find Test Answers Search for test and quiz questions and answers. Values b. Test. Minority interest ENTREPRENEURSHIP (MGT 602) From chapter No 13 to 22 Assignment No. More resources are needed to produce the second item (the one you decided to produce less of). This answer key includes ... tests, for Chapter 1/Section 1, Chapter 1/Section 2, etc.) Title: Microsoft PowerPoint - econ_ch02_sect04_online_lecture_notes Author: Bob Created Date: 8/8/2012 7:33:32 PM The company you manage has already invested $400,000 in developing a new product, but the development is not quite finished. The option that is foregone so that an asset can be utilized by a specific project is referred to as which one of the following? Of social location read Directions: as you read Directions: answer these questions about the between! Your THOUGHTS Use the diagram below to help you take notes as you read Section 2 Write. 2 Copyright © Pearson Education, Inc. 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