Exam (elaborations)
ECON Chapter 1 The Core Principles Of Economics With Complete Solutions Latest Update
- Course
- Institution
ECON Chapter 1 The Core Principles Of Economics With Complete Solutions Latest Update
[Show more]
Seller
Follow
Schoolflix
Reviews received
Content preview
ECON Chapter 1 The Core Principles Of EconomicsWith Complete Solutions Latest Update
Economics= - correct answers the study of people in the ordinary business of life
microeconomics= - correct answers the study of individual decisions
macroeconomics= - correct answers the study of decision making across the whole economy
the four core principles - correct answers 1. cost-benefit principle
2. opportunity cost principle
3. marginal principle
4. interdependence principle
2 incentives that shape decisions - correct answers 1. cost
2. benefit
for you to pursue it, the benefit needs to be - correct answers at least as large as their costs
willingness to pay= - correct answers how much you value the good
can the benefits you get from something be unrelated to the price you pay? - correct answers yes
- ex: google is free, yet you benefit from using it
economic surplus= - correct answers total benefits minus the total costs flowing from a decision
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R271,47. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now