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Econ 231 Test 1 || with 100% Errorless Answers.
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  • Econ 231

Individual choice correct answers the decision by an individual of what to do, which necessarily involves a decision of what not to do. resource correct answers anything that can be used to produce something else. scarce correct answers not enough of the resources are available to satisfy all...

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  • August 16, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Econ 231
  • Econ 231

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Econ 231 Test 1 || with 100% Errorless Answers.
Individual choice correct answers the decision by an individual of what to do, which necessarily
involves a decision of what not to do.

resource correct answers anything that can be used to produce something else.

scarce correct answers not enough of the resources are available to satisfy all the various ways a
society wants to use them.

opportunity cost correct answers what you must give up in order to get it.

trade-off correct answers when you compare the costs with the benefits of doing something.

marginal decisions. correct answers Decisions about whether to do a bit more or a bit less of an
activity

marginal analysis. correct answers The study of Decisions about whether to do a bit more or a bit
less of an activity

incentive correct answers anything that offers rewards to people who change their behavior.

Interaction of choices correct answers my choices affect your choices, and vice versa—is a
feature of most economic situations. The results of this interaction are often quite different from
what the individuals intend.

trade correct answers Providing goods and services to others and receive goods and services in
return.

gains from trade correct answers people can get more of what they want through trade than they
could if they tried to be self-sufficient.

specialization correct answers each person specializes in the task that he or she is good at
performing.

equilibrium correct answers when no individual would be better off doing something different.

efficient correct answers When an economy takes all opportunities to make some people better
off without making other people worse off.

Equity correct answers everyone gets his or her fair share.

A model correct answers a simplified representation of a real situation that is used to better
understand real-life situations.

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