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 202 (Ch. 1-4) Questions with Correct Answers CA$20.80   Add to cart
Quickly navigate to
Preview
  2.  
  3. Economists
  4.  
  5. Economists

Exam (elaborations)

Econ 202 (Ch. 1-4) Questions with Correct Answers
 9 views  0 purchase
  • Course
  • Economists
  • Institution
  • Economists

scarcity Correct Answer-a situation in which unlimited wants exceed the limited resources available to fulfill those wants economics Correct Answer-the study of the choices people make to attain their goals, given their scarce resources economic model Correct Answer-a simplified version of re...

[Show more]

Preview 2 out of 11  pages

Document information

  • August 2, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 202 ch 1 4 questions with correct answers

Written for

  • Economists
  • Economists

Seller

avatar-seller
cracker

Reviews received

Content preview

Econ 202 (Ch. 1-4) Questions with Correct Answers
scarcity Correct Answer-a situation in which unlimited wants exceed the
limited resources available to fulfill those wants


economics Correct Answer-the study of the choices people make to
attain their goals, given their scarce resources


economic model Correct Answer-a simplified version of reality used to
analyze real-world economic situations


market Correct Answer-a group of buyers and sellers of a good or
service and the institution or arrangement by which they come together
to trade


people are rational, people respond to incentives, optimal decisions are
made at the margin Correct Answer-What are the 3 key economic ideas?


marginal analysis Correct Answer-analysis that involves comparing
marginal benefits and marginal costs


trade-off Correct Answer-the idea that, because of scarcity, producing
more of one good or service means producing less of another good or
service


opportunity cost Correct Answer-the highest-valued alternative that must
be given up to engage in an activity

, what goods and services will be produced? how will the goods and
services be produced? who will receive the goods and services
produced? Correct Answer-what are the 3 fundamental questions that
society must make when making choices?


centrally planned economy Correct Answer-an economy in which the
government decides how economic resources will be allocated


market economy Correct Answer-an economy in which the decisions of
households and firms interacting in markets allocate economic resources


mixed economy Correct Answer-an economy in which most economic
decisions result from the interaction of buyers and sellers in markets but
in which the government plays a significant role in the allocation of
resources


productive efficiency Correct Answer-a situation in which a good or
service is produced at the lowest possible cost


allocative efficiency Correct Answer-a state of the economy in which
production is in accordance with consumer preferences


competition Correct Answer-How is productive efficiency achieved?

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 cracker. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$20.80. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85443 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$20.80
  • (0)
  Add to cart