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Econ 101 Chapters 1-12 UPDATED ACTUAL Questions and CORRECT Answers $9.99
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Econ 101 Chapters 1-12 UPDATED ACTUAL Questions and CORRECT Answers
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Econ 101 Chapters 1-12 UPDATED ACTUAL Questions and CORRECT Answers Macroeconomics - CORRECT ANSWER- Looks at the economy as a whole on a large scale, might look at unemployment, inflation and economic growth in our society. Microeconomics - CORRECT ANSWER- Looks at the actions of individua...

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  • November 12, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Econ 101

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Econ 101 Chapters 1-12 UPDATED
ACTUAL Questions and CORRECT
Answers
Macroeconomics - CORRECT ANSWER✔✔- Looks at the economy as a whole on a large
scale, might look at unemployment, inflation and economic growth in our society.


Microeconomics - CORRECT ANSWER✔✔- Looks at the actions of individual decision
makers on a small scale, might look at households.


Trade-offs - CORRECT ANSWER✔✔- There is a cost-benefit to everything.



Opportunity cost - CORRECT ANSWER✔✔- The true cost of something is its opportunity
cost: the opportunity of any item or event must be given up to take it.


Thinking on the margin - CORRECT ANSWER✔✔- Deciding 'how much or how many' is
best accomplished by examining the benefits and costs of choosing a little more or a little less
of a good.


Incentives - CORRECT ANSWER✔✔- Motivating factors which can be positive or negative.



Trade - CORRECT ANSWER✔✔- Can make everyone better off: favors an environment of
mutual benefit.


Markets - CORRECT ANSWER✔✔- Usually a good way to organize economic activity: a
collection of buyers and sellers which favors economic activity.


Government intervention - CORRECT ANSWER✔✔- Governments can help when markets
don't work by creating incentives through law, regulations, taxes.


Circular flow model diagram - CORRECT ANSWER✔✔- Pictures the economy as
consisting of two groups - households and businesses - that interact in two markets: the goods
and services market and the factors of production market.

, Factors of production - CORRECT ANSWER✔✔- Any resource used to produce a good or
service.


Capital - CORRECT ANSWER✔✔- Anything human-made that is used to produce a good or
service.


Labour - CORRECT ANSWER✔✔- Measure of work done by human beings.



Land - CORRECT ANSWER✔✔- Natural resources used in the creation of a good or service.



Households - CORRECT ANSWER✔✔- People that make up society, own the factors of
production (labour) and consume the goods and services that businesses produce.


Market for goods and services - CORRECT ANSWER✔✔- Households are buyers and
businesses are sellers.


Markets for factors of production - CORRECT ANSWER✔✔- Businesses are buyers and
households are sellers.


Production Possibilities Frontier (PPF) - CORRECT ANSWER✔✔- Economic model that
graphs the number of goods that an economy can possibly produce given available resources.


Opportunity cost calculation - CORRECT ANSWER✔✔- Slope = (rise)/(run) = (y2 - y1)/(x2
- x1).


Economic growth - CORRECT ANSWER✔✔- Shifts PPF outward.



Exporting - CORRECT ANSWER✔✔- Country decides to sell goods and services it
produces domestically abroad.

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