EEE2083 Midterm G1

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Value of most valued option forgone

Definition of Opportunity Cost

Property and inequality of wants.

Exchange implies what?

Creative Destructive

Joseph Schumpeter is best known for coining which term?

Revenue-Cost

Price equals?

How much a good is Facilitates universal medium of exchange Based on the market All of the above

Price is...

It saves time, develops expertise, and automation/machines

The Division of Labor is more efficient and effective because...

Ripples through the economy Includes the "Unseen" Includes Opportunity Cost All of the above

The Multiplier Effect ...

False

True or False?: Consumers are more loyal when there is high optionality.

True

True or False?: Prices of products are subjective.

Price based on consumer

What is Subjective Value?

Exchange

What is a social agreement to trade something for something else?

Value>Price>Cost

What is the correct order of the profit chain for consumers and producers?

Money

What is the universal (commonly used) medium of exchange?

How can I make something that consumers will buy?

What question do Entrepreneurs ask themselves?

Invisible Hand

Which Adam Smith theory posits that an individual's pursuit of self-interest unintentionally benefits society?

Opening of a new educational institution.

Which of the following is NOT one of Joseph Schumpeter's "new combinations" in entrepreneurial activities?

More jobs created

Which of these is NOT one of the three reasons discussed in class for why it is more efficient to work under the division of labor?

Creative Destruction

Which term refers to the process where old industries are displaced by new innovations?

Adam Smith

Who is the father of Economics?

Network of interconnected and interdependent productive actions and processes that build off and support each other.

An economic organism is what?


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