Econ 211 exam 1 Study guides, Class notes & Summaries

Econ 211 Exam 1 Already Verified A+ 1. Because of scarcity: Why do we face trade-offs in almost every decision we make? - A. Choices are unlimited - B. We face trade-offs in nearly every choice we make ️ - C. Wants are limited - D. Resources are limitless --- 2. What is the primary issue related to scarcity? What is the main concern when addressing the imbalance between unlimited wants and limited resources? - A. Ensuring critical resources like oil and forests are not depleted - B. ...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...

ECON-211 Exam #1 Economics - Definition: - ️ Social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society. Three Features of Economics 1. ️ Scarcity and Choice 2. ️ Purposeful Behavior 3. ️ Marginal Benefits & Costs Definitions and Concepts - Scarcity: - ️ The conflict between relatively unlimited wants vs. relatively limited resources. - Impact of Scarcity: - ️ Restricts options and demands choices...

Econ 211 Unit 1 Exam Study All Answers Correct Key Economic Concepts 1. Definition of Economics: - ️ Economics is the social science concerned with making optimal choices under conditions of scarcity. 2. Economic Wants: - ️ Economic wants exceed society's productive capacity. 3. Scarcity of Resources: - ️ Resources are scarce. 4. Opportunity Cost: - ️ "There is no such thing as a free lunch" refers to opportunity cost. 5. Rational Self-Interest: - ️ Decisions that will...

ECON 211 FINAL asu, ASU Econ 211 Final Exam, ECN 211 : Final Exam Review, ECN 211 Final (Exams 1, 2, 3) ASU Douglas The Opportunity Cost of an item is - ANS What you give up to get that item Total Output in an economy increases when each person specializes because - ANS Each person spends more time producing that product in which he or she has a comparative advantage The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantiti...

Which concept would be addressed by microeconomics? A) the national unemployment rate B) the reasons for a decline in a country's total output C) the price of college tuition that an individual student pays D) the inflation rate in Brazil - Correct Answer C Consider the following statements. Which, if any, are positive statements? I. Main Street needs more coffee shops. II. A new parking garage on campus will reduce parking congestion. III. Last winter, the state should have spent m...

What are the 5 foundations of Economics? - ANS >> 1. Incentives - change how people behave 2. trade-offs - With limited resources, people have to make choices 3. opportunity cost- Every time a decision is made something has to be given up 4. marginal thinking- how does the additional benefit compare to the additional cost? 5. trade creates value What is the 2 divisions of economics? - ANS >> macroeconomics and microeconomics What is Economics? - ANS >> the s...

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