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ECON 201 EXAM 1 STUDY GUIDE WITH QUESTIONS AND 100% SURE ANSWERS
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JACKLINEECON 201 EXAM 1 STUDY GUIDE WITH QUESTIONS AND 100% SURE ANSWERS
Terms in this set (33)
Opportunity cost The real cost of an item: what you must give up in order to get it
Marginal decisions A decision made at the "margin" of an activity to do a bit more or a bit less of that activity.
Equilibrium An economic situation in which no individual would be better off doing something different
The difference between efficiency and equity is people or governments being able to make
Efficiency and equity themselves better off without making someone else worse off (efficiently) and when everyone
is getting equal amount or their fair share (equity).
In the development of a model, the assumption that all relevant factors except the one under
"Other things equal"
study remain unchanged
The advantage conferred on an individual or country in producing a food or service if the
Comparative advantage opportunity cost of producing the good or service is lower for that individual or country than
for other producers
Normal- The branch of economic analysis that makes prescriptions about the way the
Normative versus positive economics economy should work.
ECON 201 EXAM 1 STUDY GUIDE
Positive- The branch of economics that describes the way the economy actually works.
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