Econ 211 exam 1 - Study guides, Class notes & Summaries

Economists study.... - ANSWER all human behavior Economic agent - ANSWER an individual or a group that makes choices (examples: consumer eating bacon cheeseburger or tofu burger, parent enrolling child in public or private school) scare resources - ANSWER things that people want, where the quantity that people want exceeds the quantity that is available scarcity - ANSWER exists because people have unlimited wants in a world of limited resources economics - ANSWER the study...

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Define economics in terms of scarcity - CORRECT ANSWER economics addresses the problem of having too many wants but too few resources to achieve them all which brings in scarcity (the fact that must make choices given the resource limitations she or he faces) Know the difference between microeconomics and macroeconomics issues - CORRECT ANSWER Macroeconomics: focuses on the broader issues we face as a nation Example: whether people buy Brooks or Sperrys Microeconomics: deals with decision m...

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ECON 211 - Final Exam 1. Economics Definition: - The study of how society manages its scarce resources. --- 2. Efficiency and Equity Trade-off: - There is often a trade-off between efficiency and equity; society seeks to maximize the use of its scarce resources while attempting to distribute the benefits fairly among its members. --- 3. Opportunity Cost of Going to College Definition: - The value of the best opportunity a student forfeits to attend college. --- 4. Rational ...

ECON-211: Exam #1 Study Guide with Complete Solutions Economics - Answer️️ -social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society 3 features of economics - Answer️️ -#1 Scarcity and Choice #2 Purposeful Behavior #3 Marginal benefits & costs Scarcity is the conflict between - Answer️️ -relatively unlimited wants vs relatively limited resources Scarcity - Answer️️ -restricts options and demands c...

Econ 211 UTK Exam 1 Complete Answers Economics - Definition: - ️ The study of how people make decisions given the scarcity of resources. Key Concepts - Incentives: - ️ A positive or negative environmental stimulus that motivates behavior. - Ceteris Paribus: - ️ Meaning everything else stays the same. - Three Things You Can Never Have Enough Of: - ️ Time, money, and resources. - Microeconomics: - ️ The study of how households and firms make decisions and how they interact in ma...

Econ 211 Unit 1 Exam Study Guide with Complete Solutions What is a social science concerned with making optimal choices under conditions of scarcity - Answer️️ -Economics Economic _______ exceed society's productive capacity - Answer️️ -wants Resources are _____ - Answer️️ -scarce "There is no such thing as a free lunch" is the phrase from - Answer️️ - opportunity cost Decisions that will make customers better off, the goal is to maximize utility or satisfaction - Ans...