Give examples and definitions of how these economic terms are used: (Simple definitions) -factory market -opportunity cost -wealth

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QUESTION 1 Choose the most correct answer to the following questions/phrases. Only the question number and the letter of your answer. 1.1 1.1.1 Communism and Socialism are both examples of a economy. Planned Market C Mixed D Оpen 1.1.2 In a economy various aspects of production are determined by supp demand. A Planned Market C Mixed D Open 1.1.3 An unfair and unethical phenomenon that does not occur in planned econo Social grants Over-development Monopolies Unemployment be A B D 1.1.4 In a economy consumer demand is predictable and controllable.

Draw a production possibilities frontier diagram for a farm able to produce corn or soybeans. What does a production possibilities frontier illustrate?

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Discussion Question:1)What is your opportunity cost of taking this course at UIU? When looking at this question, please focus on your alternatives of your decisions. Also, how does the role of scarcity affect the decisions that you have to make? or 2) Locate an article that details one or more of the five foundations. Summarize the article and provide detail supporting your case on one of the five foundations. What specific economic concept from the text is found in this story? How does this concept lead people to change their behaviors? What is your reaction to this story? How would you alter the plan to achieve a different outcome? Look to answer at least two of the questions above.

Write one example each for the four strategies for Global Product planning. You can search in Google. Briefly write the example in two three sentences. (Note: Examples given in handout is not accepted) Strategy Strategy 1: Dual extension Example Strategy 2: Product extension communication adaptation Strategy 3: Product adaptation Communication extension Strategy 4: Dual adaptation

ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…

Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.

nowledge (27) acroeconomics (26) microeconomics (26) monetary policy (40) onopolistic competition (35) Monopoly (34) nationalizing (30) pra pun rec reg SOC su su un TEST YOUR KNOWLEDGE Questions for Review 1. Why is the economic concept of scarcity a crucial concept for businesspeople to understand? 2. How does macroeconomics differ from microeconomics? 3. Does the United States have a purely free-market economy or a mixed economy? Why is government spending an important factor in eco- nomic stability? 5. Why might a government agency seek to block a merger or an acquisition? 10 1 12 1. Questions for Analysis 5. Why is competition an important element of the free-market system? 7. Why do governments intervene in free-market systems? How do countries know if their economic systems are working? 1. EXPAND YOUR KNOWLEDGE Discovering Career Opportunities inking about a career in economics? Find out what econo- mists do by reviewing the Occupational Outlook Handbook in your library or online…