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Econ 1010 Midterm 1 With Complete Solutions Latest Update 2024
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Econ 1010 Midterm 1 With Complete Solutions Latest Update 2024
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Econ 1010 Midterm 1 With Complete SolutionsLatest Update 2024
Scarcity - ANS the limited nature of societies resources
economics - ANS the study of how society manages its scarce resources
efficiency - ANS the property of society getting the most it can from its scarce
resources
equality - ANS the property of distributing economic prosperity uniformly among
the members of society
opportunity cost - ANS whatever must be given up to obtain some item
rational people - ANS those who systematically and purposefully do the best they
can to achieve their objectives
marginal change - ANS a small increment adjustment to a plan of action
incentive - ANS something that induces a person to act
, market economy - ANS one that allocates resources through the decentralized
decisions of many firms and households as they interact in markets for goods and
services
property rights - ANS the ability of an individual to own and exercise control over
scarce resources
market failure - ANS a situation in which a market left on its own fails to allocate
resources efficiently
externality - ANS the impact of one person's actions on the well being of a
bystander
market power - ANS the ability of a single economic actor to have a substantial
influence on market prices
productivity - ANS the quantity of goods and services produced from each unit of
labor input
inflation - ANS an increase in the overall prices in the economy
business cycle - ANS fluctuations in economic activity such as employment and
production
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