Aec 3133 exam 1 - Study guides, Class notes & Summaries

what economists do all day Ans: Forecast economics upswings and downturns, Forecast prices in markets, Help firms manage risk, Help estimate values for environmental goods Economists are interested in Ans: Understanding human behavior: how and why people make decisions, And using this knowledge to help inform policy decisions and understand how markets work and why some markets don't work Economists have found that Ans: Seat belt laws lead to more wrecks, Each execution in the US pre...

AEC 3133 EXAM 1 - 2024...

Scarcity Ans: A situation in which unlimited wants exceed the limited resources available to fulfill those wants Cost-Benefit Principle Ans: take an action if and only if the additional benefits from doing it or at least as great as the extra cost of doing it incentives Ans: a positive or negative environmental stimulus that motivates behavior indifference curve Ans: a curve that shows consumption bundles that give the consumer the same level of satisfaction Transaction price + Tra...

AEC 3133 EXAM 1 WITH QUESTIONS AND ANSWERS...