Econ 13.3. Introduction to Microeconomics (ECON 201) Uploaded by. 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. Concepts: Opportunity Cost Scarcity Capital Goods Choice Consumer Goods Communism Content Standards and Benchmarks (1, 3 and 15): Standard 1: Productive resources are limited. 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. 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. Unattainable. Learn. 1.3 Chapter 2 appendix - Graphs in Economics; 2 Part 2 - Supply and Demand How does thinking at the margin change the _decision-making process? 2. Chart Skills What is the opportu-nity cost of the first extra hour of study? Use complete sentences. d. economic interdependence. opportunity cost. The person with the lower opportunity cost should perform the chore. When x =4.472, the perimeter is about 17.889 feet. Imagine that a gardener produces both carrots and potatoes in her garden. 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. Chapter 1 - economics basics - questions and answers Practical question (Chapter 1 to 5) University. Test. Title: Microsoft PowerPoint - econ_ch02_sect04_online_lecture_notes Author: Bob Created Date: 8/8/2012 7:33:32 PM 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. 4. 1. As You Read. Answer The opportunity cost of a million litres of milk in Brazil is 4 tonnes of sugar. Explain how scarcity affects the factors of production. c. The underutilization of resources. (4) a. NEW! 3. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. As You Read Directions: As you read Section 2, answer the questions under each main idea below. 2. Find Test Answers Search for test and quiz questions and answers. 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. ____ 2. More resources are needed to produce the second item (the one you decided to produce less of). (4) 2. d Sociologists consider occupation, income, education, gender, age, and race as dimensions of social location. 7. (B) convex to the origin. CHAPTER 9 REVIEW Stoichiometry SECTION 2 PROBLEMS Write the answer on the line to the left. Use complete sentences. how does thinking at the margin- also called cost/benefit analysis-change the decision making process? PLAY. Define the three factors of production and the differences between physical and human capital. Economics, Chapter 1, Section 2: Opportunity Cost. Vision c. Entrepreneurship d. Motivation 2. (2) XYZ's opportunity cost of producing a unit of cars is 1.25 units of planes. Section 2—Opportunity Cost Trade-Offs- a situation in which more of one thing necessarily means less of something else. The opportunity cost of moving from a to b is… 1 Opportunity Cost SECTION 2 A. Key Concepts: Terms in this set (13) Alternatives that people give up when they choose one course of action over another. STUDY. 1 10 2 5 the opportunity cost of soup is (A) 5 nuts (B) 5 soup (C) 20 percent (D) 500 percent (E) constant 12. View Homework Help - Chapter 1 Reading Guide Questions Economics Answer Key from ECON SS 57 at Mountain View High School, Mesa. 10 terms. The cost of a trade-off is known as its a. opportunity cost b. trade-off cost c. explicit price d. real value e. future cost 2. 1. • 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. Economic Choice Today: Opportunity Cost Key Terms and Concepts. 4. THEBIG IDEA 1. incentives. When we select one alternative, we must sacrifice another. Economic Choice Today: Opportunity Cost doodles1235. 1 Opportunity Cost SECTION 2 A. (D) shifted. 1 plane = 10 days = 1.25 cars (4) XYZ's opportunity cost of producing a unit of planes is 0.8 units of cars. 2016/2017 Answer the following questions by identifying the opportunity costs in each situati( l. Working after school every day 2. Jillian_Roy. 1. Who makes trade-offs? Microeconomics: Principles, Applications, and Tools (8th Edition) answers to Chapter 2 - The Key Principles of Economics - Exercises - 2.1 The Principle of Opportunity Cost - Page 43 1.5 including work step by step written by community members like you. different options and their benefits/ opportunity cost. The profit (a function of the selling price) should be maximized. Alexandra__5. NAME _____ CLASS _____ DATE _____ Section 1: Guided Reading and Review. STUDY. Main Idea: A trade-off is the act of giving up one thing for another. Search. 1.1 Chapter 1 - First Principles -- opportunity costs, equilibrium, marginal analysis, efficiency. Explain why scarcity and choice are the basis of economics. 0 Computers. Chapter 2 - The Key Principles of Economics - Exercises - 2.1 The Principle of Opportunity Cost - Page 43: 1.1 Answer Opportunity cost is the value forgone when we choose a less beneficial alternative from various mutually exclusive alternatives. B. choose from limited resources to meet their needs. What is opportunity cost? 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? Factors of production g. 2. Trade offs are all the alternatives that we give up when we choose one course of actions over others, and opportunity cost is the most desirable alternative given up as a result of a decision, Decisions that require a nation's choice of investing in military goods versus civilian goods. Chapter 1 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. Unattainable. Use complete sentences. A firm can produce T-shirts or sweatshirts. B. Created by. Male Reproduction. Reviewing Key Terms Define the following terms. For additional practice, visit this book's Online Learning Center at glencoe.com. 38 terms. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. (C) undefined. Vocab (4 Weeks) 40 terms. ____ 2. Chapter 1 Practice Test Multiple Choice Identify the choice that best completes the statement or answers the question. As you read Section 1, supply in the space provided an explanation an economist might give showing why each statement is true. Test. 4.5 mol The following equation represents a laboratory preparation for oxygen gas: 2KClO 3(s) → 2KCl(s) 3O 2(g) How many moles of O 2 form if 3.0 mol of KClO 3 are totally consumed? Why would "parts" be variable costs? 1 … 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. Approval of Special Rehabilitation Services by Individual Providers 1.08 Educational and Vocational Training Services a. A set of reasons for engaging in a particular behavior, especially human behavior is known as _____. B. D)opportunity cost. Two points are computed by summing up the next problem they encounter. 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 . 5.What can you say about point G? 1.1 Chapter 1 - First Principles -- opportunity costs, equilibrium, marginal analysis, efficiency. information. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2247 times by avid quiz takers. Econ 13.2. What is the setting of this cartoon? 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. Explain why scarcity and choice are the basis of economics. Chapter 1, Section 2 Copyright © Pearson Education, Inc. Slide 14 Review . Title: Slide 1 Author: Jennifer Droukas Created Date: 1/15/2015 12:44:47 PM what does thinking at the margin help compare? M28R, Part V, Section A, Chapter 1 Revised March 31, 2014. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. 3. 1. Who makes trade-offs? Trade-Offs ... Chapter 1, Section 2: Opportunity Cost. 1. As You Read Directions: As you read Section 2, answer the questions under each main idea below. 36 terms. lucas tonton. Natural resources 2. Portfolios encourage students to collect work samples throughout the chapter as a reinforcement of their progress and achievements. Then apply your knowledge to the Guiding Question: How does opportunity cost affect decision making? Answers … Click the mouse button or press the Space Bar to display the Objectives After studying this section, you will be able to: –Explain how prices act as signals. opportunity cost? Match. The cost of an item is the sacrifice made to acquire it. Economics UNIT ONE: Foundations, Economic Systems & International ... and opportunity cost is more of a necessity 4. 2. ORGANIZING YOUR THOUGHTS Use the diagram below to help you take notes as you read the summaries that follow. Show all your work in the space provided. 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. Key Concepts: Terms in this set (10) Trade-off. They must opportunity case section chapter 1 2 study price and cost answers both be completed in a row. This section focuses on the costs of the choices that people make by examining what economists call trade-offs and opportunity costs. 1.2 Chapter 2 - Economic Models: Trade-offs and Trade -- PPF, feasibility and efficiency, normative vs. positive statements. 1. Labour immobility f. Products that do not have an opportunity cost 7. Economics, Chapter 1, Section 2: Opportunity Cost. Land d. Inability to produce everything that people want 5. ... Economics Chapter 1 Section 2: Economic Choice Today: Opportunity Cost. Wants c. Inability of workers to change jobs and location 4. Minority interest ENTREPRENEURSHIP (MGT 602) From chapter No 13 to 22 Assignment No. How does thinking at the margin change the decision-making process? Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. D)the accounting cost minus the marginal cost. 14 Lanen, Anderson, Maher Fundamentals of Cost Accounting, 2e Chapter 2 Cost Concepts and Behavior True/False Questions T F 1. Created by. 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). When opportunity cost is constant across all production levels, the productions possibilities frontier is (A) concave to the origin. 4 terms. Synergy 2. d. How it combines factors of production. else. 4.The opportunity cost of moving from f to c is… 3.The opportunity cost of moving from d to b is… 7 Bikes. For additional practice, visit this book's Online Learning Center at glencoe.com. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0.50/2 = .25 burgers. Section 1 begins on page 137 of your textbook.10 Key Terms –rationing –price Section 1-2 Study Guide (cont.) Economics Chapter 1 Section 2. doodles1235. In Australia, the opportunity cost is 2 tonnes of sugar. Chapter 1 – Analyzing Functions Answer Key CK-12 Math Analysis Concepts 9 1.5 Minimums and Maximums Answers 1. b. opportunity cost. –Describe the advantages of using prices as a Main Idea: A trade-off is the act of giving up one thing for another. PLAY. 5.What can you say about point G? This lost opportunity is called the "opportunity cost. b. Flashcards. Paid On-the-Job Training (OJT) or Apprenticeship 1. Spell. A complete answer key appears at the back of this book. What type of business typically lists.its costs in this way? Female Reproduction. What are “guns or butter” decisions? 4 terms. 0 Computers. Gravity. Benchmarks: Whenever a choice is made, something is […] Jillian_Roy. 1.07 Special Rehabilitation Services a. Write. Opportunity Cost. 2. Turn key point 3. OTHER SETS BY THIS CREATOR. Spell. A cost … Chapter 2 Quizzes Section 1: 1. In what way are trade-offs and opportunity costs alike? 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. REVIEW QUESTIONS This grid shows one way to analyze a decision by identifying the opportunity costs and benefits at the margin. 10 terms. How does an opportunity cost differ from a trade-off? 2. Define the three factors of production and the differences between physical and human capital. 2. Econ 13.4. 1 Econ Ch 1+2 Practice Test Answer Section MULTIPLE CHOICE 1. Describe what entrepreneurs do. 5 terms. Values b. Also explore over 4 similar quizzes in this category. The opment of radio, which connected the lives o millions across the untry and around the world, was a true turning Th new on effi made fac during the productive. Scarc ity a n d the Factors of Prod uction A. 2 (Quiz) Questions: 1. 23 terms. Concordia University. Benchmarks: Whenever a choice is made, something is […] d. economic interdependence. The cost per chair should be minimized. 1.3 Chapter 2 appendix - Graphs in Economics; 2 Part 2 - Supply and Demand Jillian_Roy. ECON 500 – Spring 2004. Economics is the study of how people A. calculate their income tax. Portfolios encourage students to collect work samples throughout the chapter as a reinforcement of their progress and achievements. •Using a decision-making grid can help you decide if you are willing to accept the opportunity cost of a choice you are about to make. A society's goals and values. phrases you know to link together. Trade barrier 4. Shaina_Abbb. Flashcards. Answer: True Difficulty: Simple Learning Objective: 1 AACSB: Analytic T F 2. 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. The cost of getting or doing one thing instead of another is known as opportunity cost. 1. Dating only one person during high school 3. People, businesses, and societies make choices that utilize resources and affect the production of _(4)_ and _(5)_. PLAY. Then, circle the letter of the correct answer choice. Exam #1 – Answer Key. Possible answers … STUDY. How a society answers the key economic questions primarily depends on a. c. trade-offs. Requirements 2. methods used to encourage people to take certain actions. 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. If the average cost per gigabyte of RAM in 2010 is $12, find the average cost per gigabyte of RAM in 1980. 8. Use complete sentences. Trade-off of Choice 1 = _____ 1. 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. Scarcity a. The economic problem b. Base your answer only on the information above and on comparative-advantage considerations. Learn. • Chapter 1 Performance Task • Answer Keys and ... Chapter 1 School-Home Letter (English) ... opportunity for instructional adjustments, when required. 1. 4. 4 Computer. Title: Microsoft PowerPoint - econ_ch02_sect04_online_lecture_notes Author: Bob Created Date: 8/8/2012 7:33:32 PM a. B)the highest-valued alternative forgone. 1. 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. BuRá£R STEW ARTS LABOR $3.10 15 10 2-5( AL $6 Directions: Answer these questions about the cartoon. 4. No matter what organization you use, you can pull out individual worksheets from these booklets for your files, or you may photocopy directly from the booklet and file the photo-copies. 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. 4.The opportunity cost of moving from f to c is… 3.The opportunity cost of moving from d to b is… 7 Bikes. B) Opportunity Cost-the cost of the next best alternative use of money, time, or resources when one choice is made rather than another. One thing for another Terms –rationing –price Section 1-2 study Guide ( cont. school. 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