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ECO 201 Exam 1|409 Questions with Verified Answers,100% CORRECT
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ECO 201 Exam 1|409 Questions with Verified Answers Scarcity - CORRECT ANSWER refers to the inherently limited nature of society's resources, given society's unlimited wants and needs economics - CORRECT ANSWER the study of how individuals and societies allocate their limited resources to sati...

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  • January 7, 2025
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  • 2024/2025
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ECO 201 Exam 1|409 Questions with Verified Answers
Scarcity - CORRECT ANSWER refers to the inherently limited nature of society's
resources, given society's unlimited wants and needs

economics - CORRECT ANSWER the study of how individuals and societies allocate
their limited resources to satisfy their unlimited wants

microeconomics - CORRECT ANSWER the study of the individual units that make
up the economy

macroeconomics - CORRECT ANSWER the study of the overall aspects and
workings of an economy

incentives - CORRECT ANSWER factors that motivate a person to act or exert
effort

opportunity cost - CORRECT ANSWER the highest-valued alternative that must be
sacrificed to get something else

economic thinking - CORRECT ANSWER a purposeful evaluation of the available
opportunities to make the best decision possible

marginal thinking - CORRECT ANSWER the evaluation of whether the benefit of
one more unit of something is greater than its cost

markets - CORRECT ANSWER systems that bring buyers and sellers together to
exchange goods and services

circular flow diagram - CORRECT ANSWER a diagram that shows how goods,
services, and resources flow through the economy

trade - CORRECT ANSWER the voluntary exchange of goods and services between
two or more parties

,comparative advantage - CORRECT ANSWER the situation where an individual,
business, or country can produce at a lower opportunity cost than a competitor
can

positive statement - CORRECT ANSWER an assertion that can be tested and
validated; it describes "what is"

normative statement - CORRECT ANSWER an opinion that cannot be tested or
validated; it describes "what ought to be"

ceteris peribus - CORRECT ANSWER meaning "other things being equal," the
concept under which economists examine a change in one variable while holding
everything else constant

indigenous factors - CORRECT ANSWER the variables that are inside a model

exogenous factors - CORRECT ANSWER the variables that are outside a model

production possibilities frontier - CORRECT ANSWER a model that illustrates the
combinations of outputs a society can produce if all of its resources are being
used efficiently

law of increasing opportunity cost - CORRECT ANSWER law stating that the
opportunity cost of producing a good rises as a society produces more of it

specialization - CORRECT ANSWER the limiting of one's work to a particular area

absolute advantage - CORRECT ANSWER one producer's ability to make more
than another producer with the same quantity of resources

short run - CORRECT ANSWER in microeconomics, the period of time when
consumers make decisions that reflect their short-term wants, needs, or
limitations and can partially adjust their behavior

,long run - CORRECT ANSWER in microeconomics, the period of time when
consumers make decisions that reflect their long-term wants, needs, or
limitations and have time to fully adjust to market conditions

consumer goods - CORRECT ANSWER goods produced for present consumption

capital goods - CORRECT ANSWER goods that help produce other valuable goods
and services in the future

investment - CORRECT ANSWER the process of using resources to create or buy
new capital

variable - CORRECT ANSWER a quantity that can take on more than one value

scatterplot - CORRECT ANSWER a graph that shows individual (x, y) points

positive correlation - CORRECT ANSWER condition occurring when two variables
move in the same direction

negative correlation - CORRECT ANSWER condition occurring when two variables
move in opposite directions

slope - CORRECT ANSWER the change in the rise along the y axis (vertical) divided
by the change in the run along the x axis (horizontal)

causality - CORRECT ANSWER condition existing when one variable influences
another

common cause - CORRECT ANSWER a single cause responsible for two
phenomena observed to correlate with each other

reverse causation - CORRECT ANSWER condition occurring when causation is
incorrectly assigned among associated events

market economy - CORRECT ANSWER an economy in which resources are
allocated among households and firms with little or no government interference

, invisible hand - CORRECT ANSWER a phrase coined by Adam Smith to refer to the
unobservable market forces that guide resources to their highest-valued use

competitive market - CORRECT ANSWER a market in which there are so many
buyers and sellers that each has only a small (negligible) impact on the market
price and output

imperfect market - CORRECT ANSWER a market in which either the buyer or the
seller can influence the market price

market power - CORRECT ANSWER a firm's ability to influence the price of a good
or service by exercising control over its demand, supply, or both

monopoly - CORRECT ANSWER condition existing when a single company supplies
the entire market for a particular good or service

quantity demanded - CORRECT ANSWER the amount of a good or service that
buyers are willing and able to purchase at the current price

law of demand - CORRECT ANSWER the law that, all other things being equal,
quantity demanded falls when the price rises, and rises when the price falls

demand schedule - CORRECT ANSWER a table that shows the relationship
between the price of a good and the quantity demanded

demand curve - CORRECT ANSWER a graph of the relationship between the prices
in the demand schedule and the quantity demanded at those prices `

market demand - CORRECT ANSWER the sum of all the individual quantities
demanded by each buyer in the market at each price

purchasing power - CORRECT ANSWER the value of your income expressed in
terms of how much you can afford

normal good - CORRECT ANSWER a good consumers buy more of as income rises,
holding all other factors constant

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