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EconomicsBenchmark#1StudyGuide Answerthefollowingonaseparatesheetofpaper.Usecompletesentences. 1. Explainthedifferencebetweenopportunitycostsandtradeoffs– 2. Giveanexampleofopportunitycost=MyExample:Youcanspend$5onahamburgerofasliceofpizza;you choosethepizza–theopportunitycostisthehamburger. a. Youprovideanotherexample!! 3. Givefiveexamplesoftheresourceland– 4. Explainregulationandderegulation– 5. Regulation/Deregulation–whichgovernmentinterventionhelpsconsumersandwhichgovernmentintervention helpsbusinesses 6. Explainhowaneconomybecomesmoreefficient 7. Whatisthedifferencebetweenarationaleconomicdecisionandanirrationaleconomicdecision? 8. Whatisthedifferencebetweenapriceceilingandapricefloor? 9. Differentiatebetweenanentrepreneurandhumancapital 10. Whatisthedifferencebetweenalaborerandanentrepreneur? 11. Whatisanothernameforequilibrium? 12. Whatisthedifferencebetweenequilibriumandmarketclearingprice. 13. TheU.S.isamarketeconomy,amixedmarketeconomyoracommandeconomy. 14. Explainthedifferencebetweenamixedmarketeconomy,amarketeconomyandacommandeconomy 15. Whatisatraditionaleconomy? 16. Whatdoesaproductionpossibilitiescurveshow? 17. Givetwoexamplesofpublicgoods.Whatmakesthemapublicgood? 18. Whatistheproductmarket? 19. Whatisafactormarket? 20. Isafactoryanexampleofland,labor,orcapital? 21. Whatisanadvantageofamarketeconomy? 22. Whatisadisadvantageofamarketeconomy? 23. Whatisanadvantageofacommandeconomy? 24. WhydidCommunistgovernmentsuseacommandeconomicsystem? 25. Listtwoexamplesofgoodsthatareelastic.Whatmakesthemelastic? 26. Listtwoexamplesofgoodsthatareinelastic.Whatmakestheminelastic? 27. Whopaysforpublicgoods? 28. Howisproductivitydefined? 29. Howdoyoucalculateproductivity 30. Whatisdivisionoflabor 31. Whofirstdevelopedtheconceptofspecializationandhow 32. Whatisamarketfailure?Giveoneexample 33. Explainthedifferencebetweenacomplementarygoodandasubstitute. 34. Whywouldapriceceilingbeimplementedbythegovernment 35. Whywouldapricefloorbeimplementedbythegovernment 36. PriceceilingsandPricefloorsoffsetthelawofsupplyanddemand 37. Listthedemanddeterminantsandgiveonexampleofhoweachcancauseachangeindemand(anewdemand curve) 38. Listthesupplydeterminantsandgiveanexampleofhoweachcancauseachangeinsupply(anewsupplycurve) 39. Isanincreaseindemandanewcurve?Ifso,isitashifttotheleftortotheright? 40. Isanincreaseinsupplyanewcurve?Ifso,isitashifttotheleftortotheright? EconomicsBenchmark#1StudyGuide Answerthefollowingonaseparatesheetofpaper.Usecompletesentences. 41. 42. 43. 44. 45. 46. 47. 48. Explainthedifferencebetweenanchangeindemandandachangeinquantitydemanded Explainthedifferencebetweenandchangeinsupplyandachangeinquantitysupplied. Explainthefourtypesofmarketstructures(characteristics) Explainthedifferencebetweenasoleproprietorship,partnership,andacorporation.Listoneadvantageandone disadvantageofeach. Giveanexampleofperfectcompetition-whatmakesthisperfectcompetition Giveanexampleofmonopolisticcompetition-whatmakesthismonopolisticcompetition? Giveanexampleofanoligopoly-whatmakesthisanoligopoly? Giveanexampleofamonopoly-(naturalmonopoly)-whatmakesthisanaturalmonopoly?
