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Econ 1010 Final Exam With Complete Solutions Latest Update 2024
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Econ 1010 Final Exam With Complete Solutions Latest Update 2024
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Econ 1010 Final Exam With Complete SolutionsLatest Update 2024
Economics - ANS The social science concerned with how individuals, institutes, and
society make optimal (best) choices under conditions of scarcity
Economic Perspective - ANS a viewpoint that envisions individuals and institutions
making rational decisions by comparing the marginal benefits and marginal costs
associated with their actions
Scarcity - ANS The limits placed on the amounts and types of goods and services
available for consumption because there are limited economic resources from
which to produce output
Opportunity Cost - ANS Sacrifices made in goods and services that are produced
Utility - ANS The pleasure, happiness, or satisfaction obtained from consuming a
good or service
Purposeful behaviour - ANS people make decisions with some desired outcome in
mind
Self-interested behaviour - ANS behaviour designed to increase personal
satisfaciton, however it may be derived
,Marginal Analysis - ANS Comparisons of marginal costs and marginal benefits
Marginal - ANS Extra, additional, or a change in
Scientific Method - ANS The systematic pursuit of knowledge through formulating
a problem, collecting data, and formulating and testing hypotheses to obtain
theories, principles, and laws
Economic Principle - ANS a statement about economic behaviour or the economy
that enables prediction of the probably effects of certain actions
Price-quantity principles - ANS some consumers increase their purchases by a large
amount, others by a small amount, and a few not at all
Ceteris parabus - ANS Other name for other-things-equal assumption
Other-things-equal assumption - ANS The assumption that factors other than
those being considered do not change
Microeconomics - ANS the part of economics concerned with decision making by
individual consumers
,Macroeconomics - ANS examines the performance and behaviour of the economy
as a whole
Aggregate - ANS collection of specific economic units treated as one unit
Positive Economics - ANS the analysis of facts to establish cause-and-effect
relationships; what is
Normative economics - ANS Incorporates value judgments about what the
economy should be like; what ought to be
Economic Problem - ANS The need to make choices because society's material
wants for goods and services are unlimited, but the resources available to satisfy
these wants are limited (scarce)
Budget Line - ANS a schedule or curve that shows various combinations of two
products a consumer can purchase with a specific money income
How does income affect the budget line - ANS increase in income shifts the budget
line to the right, decrease shifts line to the left
Economic resources - ANS all natural, human, and manufactured resources that go
into production of goods and services
Name the factors of production - ANS Land, labour, capital, entrepreneurial ability
, Investment - ANS the purchase of capital goods
Roles of entrepreneur in entrepreneurial ability - ANS -takes initiative in combining
the resources of land, labour, and capital
-make strategic business decisions that set the course of an entreprise
-commercializes new products, production techniques, and new forms of business
organization
-bears risk as new products can fail
Land: factor of production - ANS all natural resources used in used in the
production process
Labour: factor of production - ANS physical actions and mental activities that
people contribute to the production of goods and services
Capital: factor of production - ANS all manufacturing aids used in production
Entrepreneurs - ANS individuals who provide entrepreneurial ability to firms by
setting strategy, advancing innovations, and bearing the financial risk if their firms
do poorly
What do we assume when making production possibilities tables - ANS full
employment
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