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Economics 201 Final Exam With Questions And 100% ALL SURE ANSWERS
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JACKLINEEconomics 201 Final Exam With Questions And 100% ALL SURE ANSWERS
Terms in this set (86)
A social science concerned chiefly with description and analysis of the production and
Definition of Economics
consumption of goods and services
Definition of Scarcity Not abundant or plentiful
4 types of economic resources Land, Labor, Capital, Entrepreneurship
Definition of Opportunity Cost The value of what is sacrificed to get something else
a direct payment made to others in the course of running a business, such as wage, rent and
Explicit cost
materials
Implicit Cost the opportunity cost that a business takes to run the business
Specialization When a business or person does one thing really well
exchange the trading of goods or services between two parties
Comparative advantage When a company produces a good in a better way than when compared to other goods
Absolute advantage When a business produces a good at the lowest cost
Economics 201 Final Exam
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What to produce
How much to produce
What questions does an economy answer for whom to produce
how will it deal with change
how will progress be promoted
Traditional economy an economy based off culture or tradition
An economic system based on private property rights and self interest in which individuals
Market economy
decide how,for whom and what to produce
an economic system based on individuals goodwill towards others and in which society
Command economy
decides how, for whom, and what to produce
A regular gathering of people for the purchase and sale of provisions, livestock, and other
definition of a market
commodities.
Law of Demand As Price goes up, Demand goes down
law of supply price and quantity behave in the same way (as p goes up, Qd goes up)
inferior good as your income goes up, you buy less of the good.
substitute a good that can be easily replaced by another (pens and pencils)
complement a good that goes together with another (peanut butter and jelly)
excise tax a tax placed on a specific good
refers the degree to which individuals (consumers/producers) change their demand/amount
supplied in response to price or income changes.
definition of elasticity
elasticity = change in quantity / change in price
Economics 201 Final Exam
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