Economics study guide questions 4. Define marginal benefit:5. Define marginal cost:6. What is a rational decision?7. What are the 4 types of productive resources?8. Give an example of a land resource.9. Give an example of a labor resource.10. Give an example of a capital resource.11. Give an example of an entrepreneurship resource.12. Define factors of production.13. How could you increase your human capital?14. How could better healthcare improve business? Do businesses also face scarcity? Trueor False15. Being an entrepreneur always works and involves no risk. True or False16. Give 2 examples of things that could motivate an entrepreneur to take on risk.17. Define specialization.18. What does specialization and division of labor increase?19. Who is involved in voluntary exchange?20. Why do people participate in voluntary exchange?21. What is an incentive?22. What are the 2 types of incentives?23. Give an example of each type of incentive.24. How do economists say people respond to incentives?25. Draw and label a PPF.26. What could cause a PPF to shift outward?27. Define standard of living.28. An outward shift of the PPF would do what to standard of living?

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Author:William A. McEachern

Publisher:William A. McEachern

Chapter1: The Art And Science Of Economic Analysis

Section: Chapter Questions

Problem 1.1P

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Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.

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Economics study guide questions

4. Define marginal benefit:
5. Define marginal cost:
6. What is a rational decision?
7. What are the 4 types of productive resources?
8. Give an example of a land resource.
9. Give an example of a labor resource.
10. Give an example of a capital resource.
11. Give an example of an entrepreneurship resource.
12. Define factors of production.
13. How could you increase your human capital?
14. How could better healthcare improve business? Do businesses also face scarcity? True
or False
15. Being an entrepreneur always works and involves no risk. True or False
16. Give 2 examples of things that could motivate an entrepreneur to take on risk.
17. Define specialization.
18. What does specialization and division of labor increase?
19. Who is involved in voluntary exchange?
20. Why do people participate in voluntary exchange?
21. What is an incentive?
22. What are the 2 types of incentives?
23. Give an example of each type of incentive.
24. How do economists say people respond to incentives?
25. Draw and label a PPF.
26. What could cause a PPF to shift outward?
27. Define standard of living.
28. An outward shift of the PPF would do what to standard of living?

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