100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON 211 Exam 1 (UNL) Study Guide with Complete Solutions $9.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. ECON 211
  4.  
  5. ECON 211

Exam (elaborations)

ECON 211 Exam 1 (UNL) Study Guide with Complete Solutions
 0 purchase
  • Course
  • ECON 211
  • Institution
  • ECON 211

ECON 211 Exam 1 (UNL) Study Guide with Complete Solutions Economists study.... - Answer️️ -all human behavior Economic agent - Answer️️ -an individual or a group that makes choices (examples: consumer eating bacon cheeseburger or tofu burger, parent enrolling child in public or private...

[Show more]

Preview 2 out of 8  pages

Document information

  • August 29, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 211 exam 1 unl study guide with complete so

Written for

  • ECON 211
  • ECON 211

Seller

avatar-seller
SophiaBennett

Reviews received

Content preview

©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM




ECON 211 Exam 1 (UNL) Study Guide
with Complete Solutions

Economists study.... - Answer✔️✔️-all human behavior

Economic agent - Answer✔️✔️-an individual or a group that makes choices

(examples: consumer eating bacon cheeseburger or tofu burger, parent
enrolling child in public or private school)

scare resources - Answer✔️✔️-things that people want, where the quantity
that people want exceeds the quantity that is available

scarcity - Answer✔️✔️-exists because people have unlimited wants in a
world of limited resources

economics - Answer✔️✔️-the study of how agents choose to allocate scarce
resources and how those choices affect society

positive economics - Answer✔️✔️-describes what people actually do

normative economics - Answer✔️✔️-recommends what people ought to do

microeconomics - Answer✔️✔️-the study of how individuals, households,
firms, and governments make choices and how those choices affect prices,
the allocation of resources and the well-being of other agents

macroeconomics - Answer✔️✔️-the study of the economy as a whole




1

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



optimization - Answer✔️✔️-people decide what to do by consciously or
unconsciously weighting all of the known pros and cons of the different
available options and trying to pick the best feasible option

equilibrium - Answer✔️✔️-a situation in which no agent would benefit
personally by changing his or her own behavior

empiricism - Answer✔️✔️-analysis that uses data or analysis that is
evidence-based

trade-offs - Answer✔️✔️-they arise when some benefits must be given up in
order to gain others

budget constraints - Answer✔️✔️-the set of things that a person can choose
to do (or buy) without breaking her budget

opportunity costs - Answer✔️✔️-the best alternative activity

cost benefit analysis - Answer✔️✔️-is a calculation that adds up costs and
benefits using a common unit of measurement, like dollars

market - Answer✔️✔️-a group of economic agents who are trading a good or
service, and the rules and arrangements for trading

market price - Answer✔️✔️-if all sellers and all buyers face the same price

perfectly competitive market - Answer✔️✔️-1. sellers all sell an identical
good or service




2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$9.99
  • (0)
Add to cart
Added