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Basic Concepts in Economics
- Scarcity
- Opportunity costs
- Marginal changes
- Externality
- Productivity
- Inflation
- Business cycle
- Taxes
- Markets
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Social Science
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Economy
The Economy 1.0 @ CORE Econ
CORE Econ
Ch.1 The Capitalist Revolution - The Economy 1.0 @ CORE Econ
Introduction to Microeconomics Course
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Subfields of Economics
Economic Measures
Basic Concepts in Economics
Core Economic Questions
Economic History
Economic Methodology
History of Economic Thought
Economic Problems and Case Studies
A city government is considering converting a large, vacant downtown lot into a new public park. The project would require significant public funds for construction and ongoing maintenance. From the perspective of the academic discipline that studies how people manage resources to meet their needs and wants, which of the following questions is the most fundamental to analyzing this decision?
Analyzing Societal Transitions
Analyzing Banana Production Costs
The Scope of Economic Analysis
The academic discipline of economics is primarily concerned with analyzing financial markets, such as the stock market, and the management of personal finances.
Intertemporal Consumption Choice
Match each core component from the definition of economics to the scenario that best exemplifies it.
A historian, a sociologist, and an economist are all studying the societal changes during the Industrial Revolution. Which of the following research questions best represents the primary focus of the economist's perspective?
Evaluating Development Policies
The academic discipline that examines how people interact with each other and their natural surroundings to produce their means of subsistence, and how these interactions change over time, is known as ________.
Learn After
Market Economy Definition
Scarcity
Marginal Changes
Types and Purposes of Taxes
Market Failure
A student has a non-refundable, pre-paid ticket to a concert tonight that cost $50. A friend offers them a last-minute babysitting job for the same evening that pays $70. The student cannot do both. If the student's only two options are to go to the concert or to babysit, what is the opportunity cost of choosing to go to the concert?
Airline Ticket Pricing Decision
A chemical factory operates near a river, producing a valuable product that is sold nationwide. As a byproduct of its manufacturing process, the factory discharges waste into the river. This significantly reduces the fish population, harming the businesses of local fishing companies that rely on the river. The factory does not compensate the fishing companies for this damage. This uncompensated impact on the fishing companies is a classic example of what economic concept?
A city government has a fixed annual budget and must decide how to allocate its funds. The city council wishes to build a new public library, upgrade the water treatment facility, and repave several major roads. The combined cost of these projects is greater than the total budget available. The necessity of choosing which projects to fund and which to postpone is a direct result of what fundamental economic concept?
Identifying the Business Cycle Phase
Productivity and Standard of Living
An individual places $1,000 in a savings account that yields a 1% annual interest rate. During the same year, the economy experiences an overall price increase of 3% for goods and services. At the end of the year, what has happened to the purchasing power of the individual's savings?
Evaluating a Congestion Charge Policy
A government decides to increase its spending on public infrastructure projects, such as building new roads and bridges. To finance this, the government increases the tax on gasoline. As a result of this decision, the government has fewer funds available to upgrade the national park system. Which of the following core economic concepts is LEAST directly illustrated by this scenario?
Match each economic scenario with the primary economic concept it illustrates.
Mutually Exclusive Alternatives
Opportunity Cost