Economics correct answers The study of how people make decisions given limited resources and unlimited wants
Scarcity correct answers Having unlimited wants with limited resources or when something has more than one valuable use
Microeconomics correct answers The study of individual units tha...
Econ 100 - Exam 1 || A+ GRADED
Economics correct answers The study of how people make decisions given limited resources
and unlimited wants
Scarcity correct answers Having unlimited wants with limited resources or when something
has more than one valuable use
Microeconomics correct answers The study of individual units that make up an economy.
Ex. Individual businesses & markets
Macroeconomics correct answers The study of the overall aspects & workings of an economy
Ex. whole country
Five Foundations of Economics correct answers -Incentives
-Trade off
-Opportunity cost
-Marginal thinking
-Trade creates value
Incentives correct answers A factor that motivates a person to act. There are positive,
negative, direct and indirect __________.
Trade-offs correct answers Every choice involves costs due to scarcity
Opportunity cost correct answers Highest-valued alternative that must be given up to get
something else
Markets correct answers Bring buyers and sellers together to exchange goods and services
Ex. Stores, ebay, etc
Trade correct answers Voluntary exchange of goods and services between two or more
parties
Comparative advantage correct answers Situation where an individual, business or country
can produce at a lower opportunity cost than a competitor can. Leads to specialization
Economic Efficiency correct answers Country producing the most resources and making the
most product possible
Economic Equity correct answers People's belief in right and wrong
Economic Freedom correct answers The freedom to choose what you want to buy/sell, open
businesses, etc.
Economic Growth correct answers Growth from a whole country aspect
Economic Security correct answers Desire to be protected from economic risks that they have
no control over
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