ECON 101 EXAM REVIEWS WITH
CORRECT ANSWERS
what is economics? - CORRECT ANSWER-study of how a
society manages its scarce resourses
resources - CORRECT ANSWER-input, factors of production
economy's resources - CORRECT ANSWER-1. labor
2. capital
3. natural resources
4. entrepreneurial abili...
market - CORRECT ANSWER-any place where supply and
demand come together
Production Possibility Curve/Frontier - CORRECT ANSWER-
graph showing various combos of output that economy can
produce given its resources & tech
opportunity cost - CORRECT ANSWER-what you give up to get
a specific item
demand - CORRECT ANSWER-how much of a good
customers are able/willing to purchase at all possible prices
quantity of demand - CORRECT ANSWER-how much of a
good customers are able and willing to purchase at a particular
price (point on demand curve)
law of demand - CORRECT ANSWER-Cetirus peribus: as
prices go up, quantity of demand goes down (holding
everything else constant)
movement on the demand/supply curve - CORRECT
ANSWER-change in quantity of demand due to change in price
shift on the demand curve - CORRECT ANSWER-when entire
curve shifts right or left, its due to a change in demand. it is also
effected by # of buyers, substitutes, and income
Changes due to Income - CORRECT ANSWER-Normal Goods:
as income goes up, demand goes up (manicures)
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