Exam (elaborations)
ECN101 Exam 1 Correct Answers Latest Update
- Course
- ECN 101
- Institution
- Arizona State University
ECN101 Exam 1 Correct Answers Latest Update
[Show more]
Content preview
Solution 2024/2025Pepper
ECN101 Exam 1 Correct Answers Latest Update
Economics ANS✔✔ the choices we make as we cope with scarcity and the
incentives that influence and reconcile our choices
Scarcity ANS✔✔ Limited quantities of resources to meet unlimited wants
Microeconomics ANS✔✔ choices individuals and businesses make and the
way they interact and are influenced by govts
Macroeconomics ANS✔✔ total effects on the national economy and global
economy
Consumption goods ANS✔✔ Goods bought by households to use up, such as
food and movies.
Capital goods ANS✔✔ Buildings, machines, technology, and tools needed to
produce goods and services.
Govt goods and services ANS✔✔ goods bought by the govt
Export goods ANS✔✔ goods sold between countries
Goods and services are produced through... ANS✔✔ Land, Labor, human
capital (knowledge), capital (machines), and entrepreneurship
, Solution 2024/2025
Pepper
Tradeoff ANS✔✔ giving up one thing for another
rational choices ANS✔✔ comparing costs with benefits
Opprotunity Cost ANS✔✔ the best thing you must give up for something
else (both explicit and implicit costs)
Sunk cost ANS✔✔ a cost that has already been committed and cannot be
recovered
Benefit ANS✔✔ what you gain when you want something (fun, memories)
Margin ANS✔✔ comparing all the relevant alternatives for doing something
over another (studying or hanging with friends)
Incentives ANS✔✔ reward (carrot) or a penalty (stick) that influences others
Positive statement ANS✔✔ what is (can be tested)
normative statement ANS✔✔ ought to be (opinion)
Production Possibility Frontier (PPF) ANS✔✔ Boundary between the
combinations of goods and services (fish or clothes)
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 Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now