Ecn 211 midterm 1 2025 - Study guides, Class notes & Summaries

ECN 211 Midterm #1 | Questions and Correct Answers | Latest Update 2024/2025 market failure - Answer -a situation in which a market left on its own fails to allocate resources efficiently economics - Answer -the study of how society manages its scarce resources incentive - Answer -something that induces a person to act productivity - Answer -the quantity of goods and services produce from each unit of labor input opportunity cost - Answer -whatever must be given up to obtain some ite...