Ecn 211 midterm 1 Study guides, Class notes & Summaries

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ECN 211 Midterm #1 exam 2024 with 100% correct answers
  • ECN 211 Midterm #1 exam 2024 with 100% correct answers

  • Exam (elaborations) • 9 pages • 2024
  • market failure - correct answer a situation in which a market left on its own fails to allocate resources efficiently economics - correct answer the study of how society manages its scarce resources incentive - correct answer something that induces a person to act productivity - correct answer the quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answer the impact of one perso...
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