Ecn 211 2025 - Study guides, Class notes & Summaries

ECN 211 Exam 3 – Marburger Exam | Questions and Correct Answers | Latest Update 2024/2025 Financial Markets - Answer -People save money that they don't intend to spend anytime soon Businesses need money to finance capital investment The purpose of financial markets is to match up savings with investment Banks are the primary financial institutions that seek to match up savings with investment Capital Investments - Answer -Capital investment allows a country to produce more goods ...

ECN 211 - Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Utility - Answer -Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - Answer -Wants exceed means Economizing Problem - Answer -Limited resources vs. unlimited wants Individuals Economizing Problem - Answer -Budget Line Society's Economizing Problem - Answer -Production Possibilities Frontier (PPF): Factors of production - Answer -the resources the economy uses to produce go...

ECN 211 ASU Final Exam Marburger | Questions and Correct Answers | Latest Update 2024/2025 The Circular Flow Diagram - Answer -Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - Answer -The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - Answer -the economy can produce more of everything Opportunity Cost - An...

ECN 211 Exam 1 | Questions and Correct Answers | Latest Update 2024/2025 Economics - Answer -the study of how society manages its scarce resources Macroeconomics - Answer -the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - Answer -the study of how households and firms make decisions and how they interact in markets Mixed Economies - Answer -a system with free markets, but with some gov...

ECN 211 Final Exam Terms | Questions and Correct Answers | Latest Update 2024/2025 Demand-Pull Inflation - Answer -increases in the price level (inflation) resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand Cost-Push Inflation - Answer -increases in the price level (inflation)resulting from an increase in resource costs (for example, raw material prices) and hence in per unit production costs; inflation caused by reduct...

ECN 211 Exam 3 ASU Hill | Questions and Correct Answers | Latest Update 2024/2025 What is a recession? - Answer -economic contraction; two straight quarters of negative GDP growth What is a boom? - Answer -economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - Answer -lots of job openings, firms are raising wages to attract workers, asset values are rising, consumers borrow and spend money freely What are the characteristics of a...

ECN 211 | Questions and Correct Answers | Latest Update 2024/2025 True or false, because private businesses are unable to profit from them, public goods are often supplied at quantities that are less than desirable in the market. - Answer -True A potential solution to the problem of the tragedy of the commons is assigning __________ to common resource pool goods and then enforcing them. - Answer -Property rights Club goods sold by private firms often result in ______ than efficient pri...

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...

ECN 211 : Final Exam Review | Questions and Correct Answers | Latest Update 2024/2025 Real GDP is commonly used for what? - Answer -Short run changes. When real GDP falls, so does what? - Answer -- Personal income - Corporate profits - Consumer spending - Investment spending - Industrial production When the overall economy declines that is due to what? - Answer -- Reduction in spending in factories - Housing - Inventory When real GDP declines, what happens to the unemployment rate?...