EC 211 - Macroeconomics Questions and Answers (100% Pass)
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Course
EC 211
Institution
EC 211
Good
Something we want more of
Rare
Relatively few
Scarce
Have to give up something to get it
Opportunity Cost
Your next best alternative after whatever you give up
Marginal
extra, additional or incremental
Ceteris Paribus
Master01 | October, 2024/2025 | Latest update
1 | P a g e |...
✓ Self-regulating nature of the marketplace - leaving the economy alone
helps peoples' best interest in the long run, moving as such
The circular flow diagram
✓
Labor
✓ Factors of production
The production possibilities frontier
✓ demonstrates opportunity cost - a point laying on the curve is
economically efficient, it means that we are using our resources wisely
A shift in the PPF
✓ A technological advance or shift in production makes a product more
attainable
Microeconomics
✓ the study of how households and firms make decisions and how they
interact in markets
Master01 | October, 2024/2025 | Latest update
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