▶ Phrase Check

1. 2 6 10 Economy * 총 30문항, 각 문제당 3.3점씩 배점 ▶Word Check ☞ Write the meanings of the words. ▶Phrase Check ☞ Choose the correct word or phrase for each blank. into, at, a situation efficient, is worth, being

2. 2 6 10 Economy ▶Reading Comprehension Efficiency: Production of the Most with the Least Economists put so much time and effort into a research to figure out the most efficient ways to produce goods and services since resources, including natural resources, socio-economic resources and human resources, are limited, in other words, scarce. Economic efficiency is a term typically used in microeconomics when discussing production. Efficiency is a relationship between ends and means. We call a situation efficient when we achieve the desired ends with less means. When we do not achieve the desired ends with less means, then the situation is inefficient. Production of a unit of goods is considered to be economically efficient when that unit of goods is produced at the lowest possible cost. For example, suppose that we have a bundle of resources (hours of labor, raw materials and machines). We can produce products A, B, or C with the given resources. When we produce product A, it is worth $20. When we produce product B, it is worth $22. When we produce product C, it is worth $25. In this case, which one would you like to produce? Of course, you are most likely to produce product C because it is worth the most. The concept of economic efficiency says that these resources should be used to produce a product with the highest value. If these resources are used for product C, the result is economically efficient. If they end up being used to produce either A or B, the economic system is not producing as much value as it could, and the result is economically inefficient. In short, when we produce the most with the least, it is economically efficient. ☞ Choose the best answer based on the article.

3. 2 6 10 Economy ☞ Write True(T) or False(F). ▶ Composition ☞ Write a sentence using the words below. 30. 그의 이름은 히로시이지만 모두 그를 히로라고 부른다. ( Hiroshi, everyone, call, Hiro ) His name .

4. 2 6 10 Economy * 총 30문항, 각 문제당 3.3점씩 배점 ▶Word Check ☞ Write the meanings of the words. ▶Phrase Check ☞ Choose the correct word or phrase for each blank. into, at, a situation efficient, is worth, being

5. 2 6 10 Economy ▶Reading Comprehension Efficiency: Production of the Most with the Least Economists put so much time and effort into a research to figure out the most efficient ways to produce goods and services since resources, including natural resources, socio-economic resources and human resources, are limited, in other words, scarce. Economic efficiency is a term typically used in microeconomics when discussing production. Efficiency is a relationship between ends and means. We call a situation efficient when we achieve the desired ends with less means. When we do not achieve the desired ends with less means, then the situation is inefficient. Production of a unit of goods is considered to be economically efficient when that unit of goods is produced at the lowest possible cost. For example, suppose that we have a bundle of resources (hours of labor, raw materials and machines). We can produce products A, B, or C with the given resources. When we produce product A, it is worth $20. When we produce product B, it is worth $22. When we produce product C, it is worth $25. In this case, which one would you like to produce? Of course, you are most likely to produce product C because it is worth the most. The concept of economic efficiency says that these resources should be used to produce a product with the highest value. If these resources are used for product C, the result is economically efficient. If they end up being used to produce either A or B, the economic system is not producing as much value as it could, and the result is economically inefficient. In short, when we produce the most with the least, it is economically efficient. ☞ Choose the best answer based on the article.

6. 2 6 10 Economy ☞ Write True(T) or False(F). ▶ Composition ☞ Write a sentence using the words below. 30. 그의 이름은 히로시이지만 모두 그를 히로라고 부른다. ( Hiroshi, everyone, call, Hiro ) His name is Hiroshi but everyone calls him Hiro.