E1
An economic term for an imaginary unit of satisfaction.
Util
What is left after all expenses are subtracted from revenue?
Profit
Goods and services with a price tag of zero is considered?
Free goods
Bonus- Anything that brings value to your business is considered an ____
Asset
Limited resources is defined as?
Scarcity
Capital
When a product has limited supply it is likely that the product will have high ____
Demand
Goods that a consumer pays to have removed are said to bear a negative economic cost is called?
Nuisance goods
Return on investment
When a product has low demand it is possible that product has high _____
Supply
Opportunity benefit
With unlimited wants comes....
Unlimited resources
The loss of the soul is called?
Perdition
The common-sense science of how and why people, businesses, and governments make choices they do.
Economics
_______ is an application of the stewardship principle.
Recycling
The term Oikos means?
House
This refers to making value judgments about existing or proposed economic policies.
Normative Economics
When someone studies a stock and states that the stock will rise, this is considered?
Positive economics
A principle that holds that a thing is valuable because of the nature of the product.
Intrinsic value
Who published the solution to the diamond-water paradox in 1871
Carl Menger
The usefulness of a product is based on the consumer would be called?
Subjective value
The value people place on a good or service
Economic cost
A good
The satisfaction you give up or the regret you experience for not choosing differently is called?
Opportunity cost
Contentment