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Econ 104 Exam 1 Review Notes With Complete Solutions Latest Update 2024
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Econ 104 Exam 1 Review Notes With Complete Solutions Latest Update 2024
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Econ 104 Exam 1 Review Notes With CompleteSolutions Latest Update 2024
Increasing Marginal Opportunity Cost - ANS Increasing the production of a good
requires larger and larger decreases in the production of another good.
The more resources devoted to an activity, the smaller the payoff to devoting
additional resources to that activity.
A Country's Future Growth Rate - ANS The highest point on the PPF where the
most/more resources are used to produce capital goods
Circular-Flow Diagram - ANS Shows how households (has the greatest importance
in determining that goods are produced) and firms are linked through product and
factor markets
Free Market - ANS A market where the government does not control the
production of goods
Entrepreneurs - ANS People who operate businesses that produce goods/services.
Play a key role in the market by bringing together the factors of production.
They are the people who take the risks in an economy.
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