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ECON 111 study guide || QUESTIONS & ANSWERS 100% CORRECT!!!
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  • ECON 111

Scarcity correct answers Limited quantities of resources to meet unlimited wants Resources as inputs to production correct answers Labor - wages Capital equipment - interest Natural Resources - rent Entrepreneurial Ability - profit circular flow model correct answers A model that shows the...

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  • August 20, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ECON 111
  • ECON 111

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ECON 111 study guide || QUESTIONS & ANSWERS
100% CORRECT!!!
Scarcity correct answers Limited quantities of resources to meet unlimited wants

Resources as inputs to production correct answers Labor - wages
Capital equipment - interest
Natural Resources - rent
Entrepreneurial Ability - profit

circular flow model correct answers A model that shows the flow of goods and services and
the interaction among households, businesses, and banks

Rational Self-interest correct answers each individual tries to maximize the expected benefit
achieved with a given cost or to minimize the expected cost of achieving a given benefit

On the average correct answers What would the typical firm owner or investor do?

Marginal Analysis correct answers comparison of expected marginal benefits and expected
marginal costs

Microeconomics correct answers the study of how households and firms make decisions and
how they interact in markets

Macroeconomics correct answers the study of the economy as a whole

positive economics correct answers laws and facts

normative economics correct answers opinions and beliefs

opportunity cost correct answers the most desirable alternative given up as the result of a
decision

transaction costs correct answers the costs that parties incur in the process of agreeing to and
following through on a bargain
ex. gas, time

Sunk cost correct answers a cost that has already been committed and cannot be recovered no
matter what future decision is made

law of comparative advantage correct answers the individual, firm, region, or country with
the lowest opportunity cost of producing a particular good should specialize in that good

production possibilities frontier correct answers a graph that shows the combinations of
output that the economy can possibly produce given the available factors of production and
the available production technology

law of increasing opportunity cost correct answers to produce more of one good, a
successively larger amount of the other good must be sacrificed

, Questions the PPF can answer correct answers what o produce, how to produce, and how to
distribute

Capitalism Economies correct answers let market forces prevail
laissez faire economics

Command Economies correct answers planned economies
communism

Mixed Economies correct answers best and worst of both worlds

law of demand correct answers consumers buy more of a good when its price decreases and
less when its price increases

substitution effect correct answers relates to opportunity costs
ones willingness to pay

income effect correct answers change in purchasing power
ones ability to pay

Demand correct answers the desire to own something and the ability to pay for it

Quantity Demanded correct answers the amount of a good that buyers are willing and able to
purchase

Factors that cause demand to change correct answers consumer income
marketing and popularity
time of the year
interest rates
# of consumers
type of consumers
price of other products

Law of Supply correct answers Tendency of suppliers to offer more of a good at a higher
price

Supply vs. Quantity Supplied correct answers Supply is the curve, but quantity supplied is a
point on the curve.

Factors that cause supply to change correct answers acquiring a loan
technology
price of manufacturing
change in price of the alternative goods
# of producers
public interest
$ of HR

market equilibrium correct answers a situation in which quantity demanded equals quantity
supplied

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