II. REVIEW OF KEY CONCEPTS Match the following terms from column A with their definitions in column B. A B Scarcity 1.Th

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Ii Review Of Key Concepts Match The Following Terms From Column A With Their Definitions In Column B A B Scarcity 1 Th 1 (97.87 KiB) Viewed 31 times

II. REVIEW OF KEY CONCEPTS Match the following terms from column A with their definitions in column B. A B Scarcity 1.The branch of economics concerned with the overall performance of the economy. Efficiency 2.Commodities or services, such as land, labor, or capital, that are used by firms in their production processes. Opportunity cost 3. Measurement of cost based on the value of the next-best forgone alternative. Economic goods 4. Using the economy's resources as effectively as possible to satisfy people's needs and desires. Macroeconomics 5. Describes the facts and behavior of an economy Microeconomics 6. Assuming that what is true for part of a system is also true for the whole system. Outputs 7. Commodities and resources that we value are limited in supply Inputs 8. Products (Goods and services that result from the production process. Land 9.A market economy in which the government has almost no role. market economy 10 Assuming that one event causes another simply because it happens first. Economics 11 Goods that we value that are limited in supply. PPF 12 Involves value judgments and ethical precepts about an economy. 13. Commodities and resources that are available without limit. 14.Branch of economics concerned with the behavior of individual entities such as markets, firms, and households. 15. Includes the earth itself and all the precious and scarce) natural resources that we get out of it. 16. Individuals and private firms make the major decisions in the economy 17. shows the maximum quantity of outputs that can be efficiently produced by an economy, given its technological knowledge and the quantity of available inputs. 18. study of how societies use scarce resources to produce valuable products and distribute them among people