ECON-211: Exam #1 Study Guide with Complete Solutions
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Course
ECON 211
Institution
ECON 211
ECON-211: Exam #1 Study Guide with
Complete Solutions
Economics - Answer️️ -social science concerned with using scarce
resources to obtain the
maximum satisfaction of the unlimited material wants of society
3 features of economics - Answer️️ -#1 Scarcity and Choice
#2 Purposeful Behav...
ECON-211: Exam #1 Study Guide with
Complete Solutions
Economics - Answer✔️✔️-social science concerned with using scarce
resources to obtain the
maximum satisfaction of the unlimited material wants of society
3 features of economics - Answer✔️✔️-#1 Scarcity and Choice
#2 Purposeful Behavior
#3 Marginal benefits & costs
Scarcity is the conflict between - Answer✔️✔️-relatively unlimited wants vs
relatively limited resources
Scarcity - Answer✔️✔️-restricts options and demands choices (forces people
to make a choice)
Opportunity cost - Answer✔️✔️-to obtain more of one thing, society forgoes
the opportunity of getting the next best thing (cost is the value of the next
best alternative that was not chosen)
Utility - Answer✔️✔️-the pleasure, happiness, or satisfaction obtained from
consuming a good or service
Purposeful behavior - Answer✔️✔️-people make designs with some desired
outcome in mind
-Develop an economic theory based on favorable results
Economic Theory - Answer✔️✔️-Generalizations about how people behave
or economy works
Aggregate - Answer✔️✔️-collection of a specific economic units treated as
they were one
Economic Policy - Answer✔️✔️--Course of action based on economic
theories
-Policies to help achieve economic goal(s).
Macroeconomic Goals - Answer✔️✔️--Economic growth
-Full employment
-Control inflation
Positive Economics - Answer✔️✔️--Use the scientific method to
explain what is or why it is
-Study cause and effect
Normative Economics - Answer✔️✔️--Is an opinion or value judgment
3
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