Examination
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, ECON 1000 - Introduction to Microeconomics 2024 –
2025 ECON 1000 Midterm Exam Quiz Practice Study
Guide with Answers | 100% Pass Guaranteed | Graded
A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Scarcity - Answer>> Inability to satisfy all wants
Microeconomics - Answer>> Study of individual and
business choices
Macroeconomics - Answer>> Study of national and global
economy performance
Opportunity Cost - Answer>> Highest-valued alternative
given up for a choice
Marginal Benefit - Answer>> Benefit from an increase in
an activity
Marginal Cost - Answer>> Cost of an increase in an
activity
Incentives - Answer>> Rewards or penalties influencing
choices
Factors of Production - Answer>> Land, labor, capital,
entrepreneurship
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