Exam (elaborations)
ECON 1B03 Chapter 1 questions and answers
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ECON 1B03 Chapter 1 questions and answers
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1-30 of 30someone knows something that someone else doesn't know
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asymmetric information
government intervention
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centrally planned economy
cost of everything you have to give up in order to get something else
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Opportunity cost
which of the things you gave up had the greatest value
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Best foregone alternative
we use our scarce resources as best as they can be used
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efficiently
Not much can change, less flexible things are fixed
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, Short run
how G&S move through the economy (grey line on the diagram)
- households provide factors of production to resource markets
- resource markets use factors to produce firms
- firms then sell G&S in the product market
- Households purchase the G&S
Breakdown: Households provide FOP (labour), resource markets use them to makr
firms, the firms make goods, the household buys the goods.
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flow of goods and services
people who think at the margin think in increments, usually one. How would getting
one more change my satisfaction with what im doing
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Margin
decision making at the individual level. households and firms make decisions about
consumption and production
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