ECON-211: Exam #1 Study Guide with Complete Solutions
4 views 0 purchase
Course
ECON 211
Institution
ECON 211
ECON-211: Exam #1 Study Guide with
Complete Solutions
Economics - Answer️️ -social science concerned with using scarce
resources to obtain the
maximum satisfaction of the unlimited material wants of society
3 features of economics - Answer️️ -#1 Scarcity and Choice
#2 Purposeful Behav...
ECON-211: Exam #1 Study Guide with
Complete Solutions
Economics - Answer✔️✔️-social science concerned with using scarce
resources to obtain the
maximum satisfaction of the unlimited material wants of society
3 features of economics - Answer✔️✔️-#1 Scarcity and Choice
#2 Purposeful Behavior
#3 Marginal benefits & costs
Scarcity is the conflict between - Answer✔️✔️-relatively unlimited wants vs
relatively limited resources
Scarcity - Answer✔️✔️-restricts options and demands choices (forces people
to make a choice)
Opportunity cost - Answer✔️✔️-to obtain more of one thing, society forgoes
the opportunity of getting the next best thing (cost is the value of the next
best alternative that was not chosen)
Utility - Answer✔️✔️-the pleasure, happiness, or satisfaction obtained from
consuming a good or service
Purposeful behavior - Answer✔️✔️-people make designs with some desired
outcome in mind
-Develop an economic theory based on favorable results
Economic Theory - Answer✔️✔️-Generalizations about how people behave
or economy works
Aggregate - Answer✔️✔️-collection of a specific economic units treated as
they were one
Economic Policy - Answer✔️✔️--Course of action based on economic
theories
-Policies to help achieve economic goal(s).
Macroeconomic Goals - Answer✔️✔️--Economic growth
-Full employment
-Control inflation
Positive Economics - Answer✔️✔️--Use the scientific method to
explain what is or why it is
-Study cause and effect
Normative Economics - Answer✔️✔️--Is an opinion or value judgment
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SophiaBennett. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
