Econ 103 - Study guides, Class notes & Summaries
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ECON 103 Exam 1 Prep
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ECON 103 Exam 1 Prep 
ECON 103 Exam 1 Prep 
ECON 103 Exam 1 Prep
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GMU ECON 103 Exam 1 Boudreaux With Complete Solution
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GMU ECON 103 Exam 1 Boudreaux With Complete Solution...
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UNLV Econ 103 Exam III Questions with Correct Answers 100% Solved
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UNLV Econ 103 Exam III Questions 
with Correct Answers 100% Solved 
Classical economics was discredited by The Great Depression 
John Maynard Keynes outlined his theory in his book The General Theory of Employment, 
Money, and Interest (1936) 
Keynes argued that ________ was the most important part of the circular flow Investment 
According to Keynes, recessions are typically caused by insufficient investment 
Autonomous consumption Consumption that is independent of current income. 
induced c...
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Econ 103 Exam 1 Questions and Answers 100% accurate!
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Econ 103 Exam 1 Questions and Answers 1 
Economics - ANSWER-The study of mankind in the ordinary business of life (Alfred Marshall) 
 
What is scarcity caused by? - ANSWER-Human wants being unlimited but resources being limited 
 
Opportunity Cost - ANSWER-The value of what we give up when we make a choice (Explicit Cost + Implicit Costs) (money + another cost of something like time) 
 
marginal benefit - ANSWER-the extra benefit of adding one unit 
 
marginal cost - ANSWER-Extra cost of produci...
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Econ 103 Final Exam Study Guide with Complete Solutions!!
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Econ 103 Final Exam Study Guide with Complete Solutions!! 
 
 
Economics - ANSWER-the social science which seeks to understand how humans make decisions in the face of scarcity given unlimited wants 
 
Scarcity - ANSWER-human wants for goods, services and resources exceed what is available 
 
Factors of Production - ANSWER-land, labor, capital 
 
Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year 
 
Microeconomics - ANS...
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ECON 103 UPDATED Test Questions and CORRECT Answers
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EconomicsStudy of allocation of scarce resourse 
Factors of productionLand 
Labor 
Capital 
Human capital 
Production PossibilityAll possible combination of the maximum amounts of two goods 
that can be produced by an economy, given fixed and unchanging resources and technology. 
Choices of points on PPC•Custom(tradition) 
•Plan(government decides) 
•Market 
Growth of curve•Division of labor
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ECON 103 Final Exam 2023-2024 Questions and Answers 100% accurate!
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ECON 103 Final Exam Questions and Answers 100% accurate! 
 
economic systems differ according to which two main characteristics - ANSWER-who owns the factors of production and the methods used to coordinate economic activity 
 
private property: - ANSWER-encourages owners to maintain or improve their property so as to preserve or enhance value 
 
the regulatory mechanism of the market system is: - ANSWER-competition 
 
which of the following characteristics is least unique to a market system? -...
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ECON 103 FINAL EXAM QUESTIONS AND ANSWERS 100% correct!
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ECON 103 FINAL EXAM QUESTIONS AND A 
Limited goods and services - ANSWER-Scarcity 
 
This type of economics deals with judgments about what the economy should be like. - ANSWER-Normative Economics 
 
"To obtain more of one thing, we have to forgo the next best option" - ANSWER-Opportunity Cost 
 
This type of economics deals with facts and cause-and-effects - ANSWER-Positive Economics 
 
Characteristics of a market economy - ANSWER-- Self-interest 
- Capitalism 
- Private Property 
 
Competiti...
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Econ 103- Exam 1 (Chapters 1-4) with Complete Solutions!!
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Econ 103- Exam 1 (Chapters 1-4) with Complete Solutions!! 
 
 
what percent of the worlds economics experience scarcity - ANSWER-100% 
 
economics is the study of - ANSWER-how society manages its scarce resources 
 
the principle that "people face tradeoffs" applies to - ANSWER-individuals, families, societies 
 
the opportunity cost of an item is - ANSWER-what you give up to get that item 
 
ellie decides to spend two hours taking a nap rather than attending her classes. her opportunity cost ...
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ECON 103 Exam 1 Questions and Answers 100% accurate!
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ECON 103 Exam 1 Questions and Answers 100% accurate! 
 
 
What is economics? - ANSWER-the science of purposeful human actions and the unintended consequences of that action 
 
What are some spontaneous orders? (6) - ANSWER-The Price System, Money, Banks, Stock and Bonds, Future Markets, and Accounting Systems 
 
What is the difference of Normative and Positive questions? - ANSWER-N: "what should be..?" P: "What is..?" (Science cannot answer normative questions) 
 
What are the four assumptio...
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