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Econ 211 UTK Exm 1 Complete

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Econ 211 UTK Exam 1 Complete Answers Economics - Definition: - ️ The study of how people make decisions given the scarcity of resources. Key Concepts - Incentives: - ️ A positive or negative environmental stimulus that motivates behavior. - Ceteris Paribus: - ️ Meaning everything else ...

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  • August 16, 2024
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  • Econ 211 UTK Exm 1 Complete
  • Econ 211 UTK Exm 1 Complete
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Econ 211 UTK Exam 1 Complete Answers


Economics

- Definition:

- ✔️ The study of how people make decisions given the scarcity of resources.



Key Concepts

- Incentives:

- ✔️ A positive or negative environmental stimulus that motivates behavior.



- Ceteris Paribus:

- ✔️ Meaning everything else stays the same.



- Three Things You Can Never Have Enough Of:

- ✔️ Time, money, and resources.



- Microeconomics:

- ✔️ The study of how households and firms make decisions and how they interact in markets.



- Economic Model:

- ✔️ A simplified version of reality used to analyze real-world economic situations.



- Positive Analysis:

- ✔️ Analysis concerned with what is (can be answered using facts and information).



- Normative Analysis:

- ✔️ Analysis concerned with what ought to be (based on beliefs and/or opinions).

, - Equity:

- ✔️ Fairness.



Fundamental Assumptions in Economics

- ✔️ 1. People are rational.

- ✔️ 2. People are self-interested (opposite is altruistic).

- ✔️ 3. People respond to incentives.



Additional Definitions

- Marginal:

- ✔️ Additional.



Economic Systems

- Capitalist/Market Economy:

- ✔️ Private individuals and firms own most of the resources; innovation due to competition;
government role is to protect property rights.



- Communist/Planned Economy:

- ✔️ Most resources owned by the government.



- Mixed Economy:

- ✔️ A mixture between capitalist/market and communist/planned.



Factors of Production

- ✔️ Four Factors: Land, labor, capital, entrepreneurship.



Investment

- Definition:

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