Exam (elaborations)
ECN 211 Quiz #1 Review Questions and Answers 100% Correct
- Course
- Institution
ECN 211 Quiz #1 Review Questions and Answers 100% Correct
[Show more]
Content preview
ECN 211 Quiz #1 Review Questions andAnswers 100% Correct
Scarcity - ANSWER The condition that arises because wants exceed the ability
of resources to satisfy them.
Economics - ANSWER The social science that studies the choices that
individuals, businesses, governments, and entire societies make as they cope with
scarcity, the incentives that influence those choices, and the arrangements that
coordinate them.
Microeconmics - ANSWER The study of the choices that individuals and
businesses make and the way these choices interact and are influenced by
governments.
Macroeconomics - ANSWER The study of the aggregate (or total) effects on the
national economy and the global economy of the choices that individuals,
businesses, and governments make.
3 fundamental economic questions - ANSWER What determined the quantities
of corn we grow, home we build, and health-care services we produce? How are
goods and services produced? For whom are goods and services produced?
Self-interest - ANSWER The choices that are best for the individual who makes
them.
Social interest - ANSWER The choices that are best for society as a whole.
, Decision making and the economic way of thinking - ANSWER Trade offs: An
exchange-giving up one thing to get something else.
Opportunity cost: The opportunity cost of something is the best thing you must
give up to get it.
Marginal analysis: A choice on the margin is a choice that is make by comparing all
the relevant alternatives systematically and incrementally.
Incentives: A reward or a penalty that encourages or discourages an action.
Opportunity cost - ANSWER the opportunity cost of something is the best
thing you must give up to get it.
Economic model - ANSWER A description of some feature of the economic
world that includes only those features assumed necessary to explain the
observed facts.
Normative statement - ANSWER disagreements that can't be settled by fact.
Positive statements - ANSWER disagreement that can be settled by facts.
Economics as Policy Tool - ANSWER The subjects provides a way of
approcaching problems in all aspects of out lives:
-Personal
-Business
-Government
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 $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now