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ECON 211 - Final Exam Study Guide with Complete Solutions
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ECON 211 - Final Exam Study Guide with Complete Solutions Economics - Answer️️ -the study of how society manages its scarce resources efficiency and equity - Answer️️ -There is often a trade-off between ______________ ; society tries to get the most it can from its scarce resources an...

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  • August 29, 2024
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  • 2024/2025
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©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM




ECON 211 - Final Exam Study Guide with
Complete Solutions

Economics - Answer✔️✔️-the study of how society manages its scarce
resources

efficiency and equity - Answer✔️✔️-There is often a trade-off between
______________ ; society tries to get the most it can from its scarce
resources and attempts to distribute the benefits of those resources to the
members of society in a fair manner

opportunity cost of going to college - Answer✔️✔️-the value of the best
opportunity a student gives up to attend college

rational decision making - Answer✔️✔️-marginal benefit greater than
marginal cost

incentive - Answer✔️✔️-economists understand that people respond to
________

invisible hand - Answer✔️✔️-A phrase coined by Adam Smith to describe
the process that turns self-directed gain into desirable market outcomes

Property rights - Answer✔️✔️-for markets to work well, there must be _____

market failure - Answer✔️✔️-a situation in which a market left on its own
fails to allocate resources efficiently



1

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



Microeconomics - Answer✔️✔️-the study of how households and firms
make decisions and how they interact in markets

Macroeconomics - Answer✔️✔️-the study of the economy as a whole,
including topics such as inflation, unemployment, and economic growth

example of microeconomics - Answer✔️✔️-impact of minimum wage laws
on employment in the fast-food industry

example of macroeconomics - Answer✔️✔️-impact of faster money growth
on the rate of inflation

Benefits of Trade - Answer✔️✔️-1. for a more efficient use of resources
therefore allows a country to consume at a point outside its production
possibility frontier

2.for goods to be obtained at a lower opportunity cost

3. people to specialize in activities in which they have a comparative
advantage

4. for a greater variety of goods and services

comparative advantage - Answer✔️✔️-the ability to produce a good at a
lower opportunity cost than another producer

absolute advantage - Answer✔️✔️-the ability to produce a good using fewer
inputs than another producer




2

, ©SOPHIABENNETT@2024-2025 Monday, August 26, 2024 6:09 AM



opportunity cost - Answer✔️✔️-whatever must be given up to obtain some
item

In market economies, prices... - Answer✔️✔️-1. guide economic decisions
and thereby allocate scarce resources

2. ensure that quantity supplied and quantity demanded move towards
balance

3. influence how much a good buyers will choose to purchase and how
much sellers will choose to produce

Which points represent efficient production? - Answer✔️✔️-A, B, C - these
are along the PPC (production possibility curve)

Which points represent inefficient production? - Answer✔️✔️-C - this is
below the PPC (production possibility curve)

shifts in the demand curve - Answer✔️✔️-changes in income, prices of
related goods, tastes, expectations, number of buyers

shifts in supply curve - Answer✔️✔️-changes in input prices, technology,
expectations, number of sellers

Why does the supply curve slope upward? - Answer✔️✔️-Suppliers are
generally willing to offer more goods and services at a higher price and
fewer at a lower price (law of supply)




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