11 questions
When an individual specializes to produce one good, and then acquires additional desired goods from other specialists,
both parties gain as a result of voluntary exchange.
both parties gain as a result of fraudulent exchange.
neither party gains as specialization decreases efficiency.
neither party gains as specialization decreases productivity.
Kathy, Sue, and Christina own a bakery. Each day all three women spend hours baking cakes, decorating cakes, and packaging cakes. Which economic concept would help them become more efficient?
Scarcity
Productivity
Specialization
Interdependence
If two people are packing and delivering food, what is the most efficient way to do the job?
Both people pack and deliver as a team.
One person packs all the orders and the other delivers them.
One person packs on Monday while the other delivers and then they switch jobs.
One person packs half and delivers them; then the other packs the other half and delivers them.
Joseph is a teacher. He also enjoys working on automobiles. Recently, Joseph has been so busy at his teaching job that he has had no time to work on his car. He decided to pay his friend, Larry, to do some vehicle maintenance for him.
What is this type of economic transaction known as?
Specialization
Interdependence
Marginal Analysis
Voluntary Exchange
____ is the study of the way a place uses its money, goods, and services.
buyer
seller
economics
exchange
What are services?
items such as food, books, and video games
paper bills and coins
something useful that people do for others
items such as food, shelter, and water
What are services?
items such as food, books, and video games
paper bills and coins
something useful that people do for others
items such as food, shelter, and water
What is a market?
any situation where people exchange goods and services
a physical place, such as Coles supermarket, where goods are purchased
an informal collection of stalls selling crafts, food products and souvenirs
where stocks and shares are traded
Money flows to workers (households) in the form of wages, and money flows back to firms (sellers or producers) in exchange for products is a description of
The circular flow model
The economic problem
An opportunity cost
A value proposition canvas