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ECN 211 Midterm 1 Questions and Answers 100% Correct
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ECN 211 Midterm 1 Questions and Answers 100% Correct
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ECN 211 Midterm 1 Questions and Answers100% Correct
market failure - ANSWER a situation in which a market left on its own fails to
allocate resources efficiently
economics - ANSWER the study of how society manages its scarce resources
incentive - ANSWER something that induces a person to act
productivity - ANSWER the quantity of goods and services produce from each
unit of labor input
opportunity cost - ANSWER whatever must be given up to obtain some item
externality - ANSWER the impact of one person's actions on the well-being of a
bystander
Rational People - ANSWER those who systematically and purposefully do the
best they can to achieve their objectives
Scarcity - ANSWER the limited nature of society's resources
market economy - ANSWER an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in markets
for goods and services
, business cycle - ANSWER fluctuations in economic activity, such as
employment and production
marginal change - ANSWER a small incremental adjustment to a plan of action
efficiency - ANSWER the property of society getting the most it can from its
scarce resources
market power - ANSWER the ability of a single economic actor (or small group
of actors) to have a substantial influence on market press
Equality - ANSWER the property of distributing economic prosperity uniformly
among the members of society
property rights - ANSWER the ability of an individual to own and exercise
control over scarce resources
Your professor's favorite food - ANSWER Cookies
circular-flow diagram - ANSWER a visual model of the economy that shows
how dollars flow through markets among households and firms
production possibilities frontier - ANSWER a graph that shows the
combinations of output that the economy can possibly produce given the
available factors of production and the available production technology
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