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Exam (elaborations)

ECON 101 EXAM REVIEWS WITH CORRECT ANSWERS

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  • ECON

ECON 101 EXAM REVIEWS WITH CORRECT ANSWERS what is economics? - CORRECT ANSWER-study of how a society manages its scarce resourses resources - CORRECT ANSWER-input, factors of production economy's resources - CORRECT ANSWER-1. labor 2. capital 3. natural resources 4. entrepreneurial abili...

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  • August 10, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ECON
  • ECON
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ECON 101 EXAM REVIEWS WITH
CORRECT ANSWERS




what is economics? - CORRECT ANSWER-study of how a
society manages its scarce resourses

resources - CORRECT ANSWER-input, factors of production

economy's resources - CORRECT ANSWER-1. labor
2. capital
3. natural resources
4. entrepreneurial ability

labor - CORRECT ANSWER-physical capital (machines,
buildings, roads)

capital - CORRECT ANSWER-human capital (education,
knowledge)

scarcity - CORRECT ANSWER-nobody can have everything
they want

macroeconomics - CORRECT ANSWER-how to utilize these
resources to better the nation as a whole

the Decision Makers - CORRECT ANSWER-1. households
2. government
3. firms
4. rest of the world

, households - CORRECT ANSWER-the consumers.they
demand goods/services, supply resources

firms & goverment - CORRECT ANSWER-demand resources,
supply goods/services

market - CORRECT ANSWER-any place where supply and
demand come together

Production Possibility Curve/Frontier - CORRECT ANSWER-
graph showing various combos of output that economy can
produce given its resources & tech

opportunity cost - CORRECT ANSWER-what you give up to get
a specific item

demand - CORRECT ANSWER-how much of a good
customers are able/willing to purchase at all possible prices

quantity of demand - CORRECT ANSWER-how much of a
good customers are able and willing to purchase at a particular
price (point on demand curve)

law of demand - CORRECT ANSWER-Cetirus peribus: as
prices go up, quantity of demand goes down (holding
everything else constant)

movement on the demand/supply curve - CORRECT
ANSWER-change in quantity of demand due to change in price

shift on the demand curve - CORRECT ANSWER-when entire
curve shifts right or left, its due to a change in demand. it is also
effected by # of buyers, substitutes, and income

Changes due to Income - CORRECT ANSWER-Normal Goods:
as income goes up, demand goes up (manicures)

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