ECN 211 EXAM 1 REVIEW ASU QUESTIONS WITH COMPLETE ANSWERS
7 views 0 purchase
Module
ECN211 ASU
Institution
ECN211 ASU
Ten Principes - CORRECT ANSWER Principle 1: People face tradeoffs
Principle 2: The cost of something what you give up getting it
Principle 3: Rational people think at the margin
Principle 4: People respond to incentives
Principle 5: Trade can make everyone better off
Principle 6: Market...
The economist plays 2 roles - CORRECT ANSWER Scientist: Trying to explain
the world
Policy Advisers: Trying to improve the world
Circular-flow diagram is what? - CORRECT ANSWER A visual model of the
economy, slows how dollars and goods and services flow through markets among
households and firms
Factors of production are defined as? and what are some examples? - CORRECT
ANSWER the resources the economy uses to produce goods and services
including
1. Labor
2. Land
3. Capital (buildings and machines used in production)
Households in the circular-flow diagram do what? - CORRECT ANSWER 1.
Own the factors of production, sell/rent them to firms for income
2. Buy and consume goods and services
Firms in the circular-flow diagram do what? - CORRECT ANSWER 1. Buy/hire
factors of production, use them to produce goods and services
2. Sell goods and services for wages, rent, and profit
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 ACELEARNERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £9.16. You're not tied to anything after your purchase.
