Econ 103 exam - Study guides, Class notes & Summaries

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 m...

Econ 103 Exam 1 Questions and Answers 1 Economics - ANSWER-The study of mankind in the ordinary business of life (Alfred Marshall) What is scarcity caused by? - ANSWER-Human wants being unlimited but resources being limited Opportunity Cost - ANSWER-The value of what we give up when we make a choice (Explicit Cost + Implicit Costs) (money + another cost of something like time) marginal benefit - ANSWER-the extra benefit of adding one unit marginal cost - ANSWER-Extra cost of produci...

GMU ECON 103 Exam 1 Boudreaux Questions and Answers Why did living expenses and expectancy increase over time? - Correct Answer️️ - Industrial revolution Economic Theory - Correct Answer️️ -Answers the question as to why people are richer now and richer in certain areas "No one knows how to make a pencil" - Correct Answer️️ -Millions of people worked to create the pencil; Everything is the product of millions of peoples' cooperation Factorials - Correct Answer️️ -Shows...

GMU ECON 103 Exam 1 Boudreaux With Complete Solution...

ECON 103 Exam 1 Prep ECON 103 Exam 1 Prep ECON 103 Exam 1 Prep

UNLV Econ 103 Exam III Questions with Correct Answers 100% Solved Classical economics was discredited by The Great Depression John Maynard Keynes outlined his theory in his book The General Theory of Employment, Money, and Interest (1936) Keynes argued that ________ was the most important part of the circular flow Investment According to Keynes, recessions are typically caused by insufficient investment Autonomous consumption Consumption that is independent of current income. induced c...

Economics is a - ANSWER-science difficult to make predictions a search for understanding normative statements - ANSWER-opinion, expression of opinions not right or wrong positive analysis - ANSWER-pertaining to verifiable reality/facts/not opinions econonomis has what kind of statments? - ANSWER-positive! ceteris paribus - ANSWER-all things equal, all else unchanged what are the logical fallacies for economics? - ANSWER-ad hominem, post hoc, naturalistic, composition, fallacy o...

ECON 103 Final Exam Questions and Answers (Graded A) ECON 103 Final Exam Questions and Answers (Graded A) ECON 103 Final Exam Questions and Answers (Graded A) The overriding reason why households and societies face many decision is that - ANSWER-resources are scarce Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have rece...

Econ 103 Exam 1 Questions and AnsweEconomics - ANSWER-The study of peoples choices; how agents choose to allocate scarce resources and how those choices affect society First Principle of Economics - ANSWER-People try to optimize; they try to choose the best available option Second Principle of Economics - ANSWER-Economic systems tend to be in equilibrium, a situation in which nobody would benefit by changing his or her behavior Third Principle of Economics - ANSWER-Empiricism-analysis t...