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ECN 211 - EXAM 1 Questions and Answers 100% Correct |
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ECN 211 - EXAM 1 Questions and Answers 100% Correct |
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ECN 211 - EXAM 1 Questions and Answers100% Correct | 2024-2025
Utility - ANSWER Pleasure or satisfaction obtained from consuming a good or
service
Economizing Problem - ANSWER Wants exceed means
Economizing Problem - ANSWER Limited resources vs. unlimited wants
Individuals Economizing Problem - ANSWER Budget Line
Society's Economizing Problem - ANSWER Production Possibilities Frontier
(PPF):
Factors of production - ANSWER the resources the economy uses to produce
goods & services, including labor, land, capital
Inverse Relationship (negative) - ANSWER Variables move in opposite
directions (negative)
Direct Relationship (positive) - ANSWER Both variables move in the same
direction (positive)
Equation of a Line - ANSWER y = a + bx
, y - ANSWER Equation of a Line:
the variable on the vertical axis
a - ANSWER Equation of a Line:
the vertical intercept
b - ANSWER Equation of a Line:
the slope of the line
x - ANSWER Equation of a Line:
the variable on the horizontal axis
Infinite Slop - ANSWER Straight Up
Slope - ANSWER rise/run (△x/△y)
Vertical Intercept - ANSWER when x=0, point where line crosses/touches
vertical axis
Centeris Paribus - ANSWER Assumption that all other variables are constant
Opportunity Cost - ANSWER whatever must be given up to obtain it
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