AECN 141 - Exam 1 (Ch. 1-3) With 100% Errorless Answers.

economics is the study of what? correct answers Scarcity what are the 4 components of economics? correct answers land, labor, capitol, entrep. skill land and natural resources are equivalent to what? is this infinite correct answers supply, no it is finite skill to innovate profit maxing situations and scenarios correct answers entreprenurial 18th century moral philosopher who was "father of economics" correct answers Adam Smith what was Adam Smith's concept in his greatest work (book)? correct answers The Invisible Hand what century saw explosion of famous economists correct answers 19th who is the main influencer of macroecon. a relatively new concept correct answers John Keynes examines relationship of overall economy with specific focus on output, unemployment, inflation, and growth correct answers macroeconomics decribe framework correct answers setting and purpose determine each unique framework what term should you use instead of money in econmics correct answers med. of exchange (MOE) what is the driving force behind all actions correct answers max. profit everyone faces scarcity bc of what? correct answers opportuinty cost what is the backbone of econ. analysis correct answers supply, demand, and markets is money the general focus of economics? correct answers no is anybody immune to scarcity correct answers no (time is liimited) what major event did macroecon come after correct answers Great Depression what types does microecon. deal with correct answers firms (businesses) and consumers what is the focus of consumers in econ. correct answers look for profit and how to max.