ECON 100 Final Exam Study Guide with Complete Solutions
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Course
Econ 100
Institution
Econ 100
ECON 100 Final Exam Study Guide with
Complete Solutions
Economics - Answer️️ -The study of how best to allocate scarce resources among
competing uses
Opportunity cost - Answer️️ -The most desired goods and services that are forgone in
order to obtain something else
Three Economic Ques...
Microeconomics - Answer✔️✔️-The study of individual behavior in the economy, of the
components of the larger economy
Factor Market - Answer✔️✔️-Any place where factors of production are bought and sold
Product Market - Answer✔️✔️-Any place where finished goods and services are bought
and sold
Supply - Answer✔️✔️-The quantities of a good or service that producers are willing and
able to sell at all possible prices during a given time period, ceteris paribus
Demand - Answer✔️✔️-The quantity of goods or services that buyers(consumers) are
willing and able to buy at all possible prices during a given period of time, ceteris
paribus
Supply Curve - Answer✔️✔️-Always upward sloping
Demand Curve - Answer✔️✔️-Always downward sloping b/s as the price of a good or
service falls, people tend to purchase more of that good or service
Law of Demand - Answer✔️✔️-The quantity demanded of good or service increases as
the price decreases, and vice versa, ceteris paribus
Market Demand - Answer✔️✔️-The total quantities of a good or service people are willing
and able to buy at alternative prices in a given time period
Market Supply - Answer✔️✔️-Sum of individual supplies
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