Aecn 141 - Study guides, Class notes & Summaries

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 wor...

Scarcity correct answers there are just too few desired things to fully satisfy all our desires Rationing correct answers means of allocating our scarce resources Types of Criteria used to Ration correct answers 1. discrim crit 2. admin crit The Competitive Mrkt correct answers driving force behind comp is desire to fulfill our own set of prefs, all w/in bounds of relative sacrifices of things that'll fulfill those perfs Mrkt correct answers framework which price works Mrkt-orie...

Economic agents correct answers Any individual or group making a choice/decision Scarcity correct answers When the quantity of a good desired by people exceeds the availability Economics correct answers The study of how agents choose to allocate scarce resources and how those choices affect society Behavioral Economics correct answers A field of economics that combines insights from psychology and other fields in an attempt to create a more realistic representation of human choice Fi...

Why use the principle of Diminishing Returns - Input Basis in production? correct answers Determines how much of a single variable input to use in the production process when all other inputs are being held constant in order to maximize net returns above the input's cost. Net returns above the cost of a single variable input will always be maximized in what stage of production? correct answers Stage II During Stage II as additional units of a variable input continue to be added to the pro...

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 wor...

Scarcity correct answers there are just too few desired things to fully satisfy all our desires Rationing correct answers means of allocating our scarce resources Types of Criteria used to Ration correct answers 1. discrim crit 2. admin crit The Competitive Mrkt correct answers driving force behind comp is desire to fulfill our own set of prefs, all w/in bounds of relative sacrifices of things that'll fulfill those perfs Mrkt correct answers framework which price works Mrkt-orie...

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 wor...

Production, in reality, takes place_________ correct answers In Stage 2 You are deciding whether you should irrigate your potatoes one more time. Your data indicates production will increase from 165 to 170 cwt/acre. Currently potatoes are selling for $10/cwt. You should irrigate as long as it cost no more than_______$ correct answers 50 If the cost of irrigation (the input) increases, and the price of the output (potatoes) stays the same, and the producer was maximizing profits before the...