100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Econ 101 Final Exam 1 And Guaranteed Pass Solutions. $9.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Econ 101
  4.  
  5. Econ 101

Exam (elaborations)

Econ 101 Final Exam 1 And Guaranteed Pass Solutions.
 0 purchase
  • Course
  • Econ 101
  • Institution
  • Econ 101

scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants opportunity cost - Answer what you had to give up to make that choice or obtain that item marginal analysis - Answer the study of the costs and benefits of doing a little bit m...

[Show more]

Preview 2 out of 7  pages

Document information

  • October 9, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • Econ 101
  • Econ 101

Seller

avatar-seller
TestSolver9

Reviews received

Content preview

Econ 101 Final Exam 1 And Guaranteed
Pass Solutions.

scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill
those wants



opportunity cost - Answer what you had to give up to make that choice or obtain that item



marginal analysis - Answer the study of the costs and benefits of doing a little bit more of an activity
versus a little bit less



incentives - Answer idea that people will take advantage of opportunities to make themselves better off



underlies almost all economic models



gains from trade - Answer people can get more of what they want through trade than they could if they
tried to be self-sufficient



equilibrium - Answer economic outcome is efficient if it full exploits all opportunities to make everyone
better off



does NOT equal equity



market interventions - Answer markets don't always deliver efficient outcomes (market failure)

Government's role is to address market failures



productive efficiency - Answer no more of any good could be produced without reducing production of
another good

, allocative efficiency - Answer goods are allocated to consumers in a way that makes them as well off as
possible (to consumers who want them most)



absolute advantage - Answer an individual, firm, or country, has a __________ if she can do it better
than other individuals, firms, or countries



comparative advantage - Answer an individual, firm, or country, has a _________ if her opportunity cost
of producing a good is lower than that of other individuals, firms, or countries



terms of trade - Answer neither party will accept a trade in which the price of a good is greater than her
opportunity cost



international trade - Answer two countries can benefit from trade even if one of them has an absolute
advantage in producing every good



to achieve gains from trade, countries will specialize in producing the goods or services for which they
have a comparative advantage



positive economics - Answer describes the way the economy actually works



have correct answers



normative economics - Answer makes policy prescriptions about the way the economy should work



involves judgements



buyers make up - Answer demand side



sellers make up - Answer supply side

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 TestSolver9. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Recently viewed by you

Other ·

(0)

NR 500NP Week 7 Reflection On Learning
$9.99
  • (0)
Add to cart
Added