Exam (elaborations)
ECN 211 Exam 1 Questions and Answers 100% Correct
- Course
- Institution
ECN 211 Exam 1 Questions and Answers 100% Correct
[Show more]
Content preview
ECN 211 Exam 1 Questions and Answers100% Correct
Economics - ANSWER the study of how society manages its scarce resources
Macroeconomics - ANSWER the study of economy-wide phenomena (ex. the
federal deficit, the rate of unemployment and policies to improve our standard of
living)
Microeconomics - ANSWER the study of how households and firms make
decisions and how they interact in markets
Mixed Economies - ANSWER a system with free markets, but with some
government intervention (ex. U.S.)
Scarcity - ANSWER there is not enough of something to go around for
everyone to have as much as they want of it at a zero price
Resources - ANSWER are scarce for economies and households
Property Rights - ANSWER the ability of an individual to own and exercise
control over scarce resources
Efficiency - ANSWER society is getting the maximum benefits from its scarce
resources or the size of the economic pie
, Equality - ANSWER that benefits are distributed uniformly among society's
members or how the pie is divided into individual slices
Productivity - ANSWER the amount of goods and services produced from each
unit of labor input
Incentives - ANSWER something that induces a person to act or change a
behavior
Cost - ANSWER money, time, activities, etc. you give up
Opportunity Cost - ANSWER whatever you give up to get something else
Marginal Benefit - ANSWER the benefit/revenue of producing an item or of a
choice
Marginal Thinking - ANSWER if the benefits of your choice outway the cost of it
Marginal Cost - ANSWER the cost of producing an item or of a choice
Trade-offs - ANSWER -"There ain't no such thing as a free lunch."
-To get more of one thing we have to give up something else
-Guns and butter (defense or social programs)
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 StudySet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now