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ECON 1150 Midterm Questions And Answers Latest Update
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ECON 1150 Midterm Questions And Answers Latest Update
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ECON 1150 Midterm Questions And AnswersLatest Update
Scarcity - ANS the limited nature of society's resources
Economics - ANS the study of how society manages its scarce resources
Society's Scarce Resources - ANS - how people decide how much to work, save,
and spend, and what to buy
- how firms decide how much to produce, what to produce, and how many
workers to hire
- how society decides how to divide it's resources beteeen national defense,
consumer goods, protecting the environment, and other needs
Efficiency - ANS getting the most out of our scarce resources
Equity - ANS distributing prosperity fairly among society's members
Opportunity Cost - ANS whatever must be given up to obtain some item
Opportunity Cost Formula - ANS Explicit Cost + Implicit Cost
, Rational - ANS person who systematically and purposefully does the best they can
to achieve their objectives, given opportunities they have
Marginal Changes - ANS incremental adjustments to an existing plan of action
Ex-Ante - ANS before the fact (unknown result)
Ex-Post - ANS after the fact (known result)
Incentive - ANS something that induces a person to act a certain way (such as
prospective reward or punishment)
Market - ANS a group of buyers and sellers of a particular good or service
Property Rights - ANS the ability of an individual to own and exercise control over
scarce resources
Market Failure - ANS when the market fails to allocate society's resources
efficiently
Externalities - ANS the impact of one person's actions on the well-being of a
bystander
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