UWEC Econ 103 Exam 1 Questions and Answers New (2025/2026) Solved 100% Correct
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Course
UWEC Econ 103
Institution
UWEC Econ 103
Define the overall system: Communism - ️️Means of production is owned by
EVERYONE
- Motivation: Good of the people
- Examples: China, North Korea
Define macro economics - ️️the study of economy wide phenomena
Define Opportunity Cost (O. C.) - ️️what is given up to get an item
Defi...
UWEC Econ 103 Exam 1
Define the overall system: Communism - ✔️✔️Means of production is owned by
EVERYONE
- Motivation: Good of the people
- Examples: China, North Korea
Define macro economics - ✔️✔️the study of economy wide phenomena
Define Opportunity Cost (O. C.) - ✔️✔️what is given up to get an item
Define the overall system: Socialism - ✔️✔️Means of production is owned by the
GOVERNMENT
Define micro economics - ✔️✔️The study of how households and firms make decisions
and how they interact in markets
Define market force - ✔️✔️the interaction between demand and supply. Suggesting
that there are two major stakeholders in the determination of the price of any good.
Law of Demand
- Define
- Picture - ✔️✔️All else equal, the quantity demanded of a good falls when the price of
a good rises: the quantity of a good increases when the price of the good falls.
Law of Supply
- Define
- Picture - ✔️✔️All else equal, the quantity of a good supplied increases when the price
of a good increases and vice versa.
Factors means that any of these go up or down then the line will change:
-Price of inputs
-Technology
-Expectations
-Numbers of sales
What is the difference between the quantity demanded and the demand supplied? -
✔️✔️demand curve slopes downward, supply curve is upward sloping
Equilibrium:
- define
-provide picture - ✔️✔️the quantity supplied equals the quantity demanded
This DOES NOT mean that it will last.
Qd=Qs (quantity)
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