The effort people devote to tasks for which they are paid
100
What is full production?
When a company is making as much as they can with the resources they have.
100
If I had a huge test tomorrow morning and I hadn't studied but I'm gonna wake up early the next morning and study what would be the benefits of getting up early?
The benefits would be I would get a good grade on my test
100
I can do a total of four extra credit assignments but they take 30 minutes a piece but they boost my grade 4 points for each one I turn in. What would be the rational decision?
2 extra credit assignments
100
If I buy 6 new registers for my store what am I investing in?
Equipment
200
What is the definition of opportunity cost?
The most desirable alternative given up as a result of a decision
200
.What is over production?
This is not possible because they don't have the amount of resources
200
If I had a huge test tomorrow morning and I hadn't studied and instead of studying the next morning I sleep in what would be my benefits and my costs
My benefits would be extra sleep time my cost would be failing my test
200
I can get up to 5 extra hours a week overtime at my job. For every hour I work that's 8.00 dollars I earn. What would be the rational decision?
3 extra hours
200
If my job hires 10 new workers what are they investing in?
People
300
What is the definition of a rational decision?
A decision in which the marginal benefit of a decision outweighs the marginal cost
300
What is under production?
The company is wasting resources by not producing all that they can
300
If i decide to go to a party instead of hangin out with my family what would be the benefits and costs?
The benefits would be I would get social time with friends but my cost would be id lose time with family
300
I can get up to four new outfits but they cost four dollars a piece what would be my rational decision.
Two new outfits
300
If my office bought all new computers what would they be investing in?
Technology
400
What is the definition of productivity?
The ability of firms to turn input into output an economy can produce
400
What is economic decline?
When the company loses resources
400
If I decided to stay home and spend time with family instead of going to the party. What would be my benefits and my costs?
My benefits would be family time and my costs would be losing social time
400
I can study up to 6 hours a night but for every hour I study my grade only goes up two points. What would be my rational decision?
Studying for three hours
400
Why do people invest in technology, equipment, and people?
To better their businesses
500
What is the definition of negative incentive?
A fear of penalty encouraging people to act a certain way
500
What is economic growth?
When a company aquires new resources
500
What is a benefit and cost?
A benefit is something you gain a cost is something you have to give up
500
I can work up to 12 hours overtime every week at my job. I only get payed 8.00 for every hour. What would be my rational decision?
Working 5 extra hours
500
What is investment
The action of investing in something to make profit