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Microeconomics Exam 1 Kent State University
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Microeconomics Exam 1 Kent State University
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Microeconomics Exam 1 Kent State University Scarcity NN- NNThe NNlimited NNnature NNof NNsocieties NNresources Economics NN- NNThe NNstudy NNof NNhow NNsociety NNmanages NNits NNscarce NNresources Principle NN#1 NN- NNPeople NNface NNtrade NNoffs NN Efficiency NNvs NNEquality Efficiency NN- NNWhen NNsociety NNgets NNthe NNmost NNfrom NNits NNresources Equality NN- NNWhen NNprosperity NNis NNdistributed NNuniformly NNamong NNmembers Principle NN#2 NN- NNThe NNcost NNof NNsomething NNis NNwhat NNyou NNgive NNup NNto NNget NNit Opportunity NNCost NN- NNWhatever NNmust NNbe NNgiven NNup NNto NNgain NNit Principle NN#3 NN- NNRational NNpeople NNthink NNon NNthe NNmargin Principle NN#4 NN- NNPeople NNrespond NNto NNincentives Incentive NN- NNSomething NNthat NNinduces NNa NNperson NNto NNact Principle NN#5 NN- NNTrade NNcan NNmake NNeveryone NNbetter NNoff Principle NN#6 NN- NNMarkets NNare NNusually NNa NNgood NNway NNto NNorganize NNeconomic NNactivity Market NNEconomy NN- NNLetting NNbuyers NNand NNsellers NNdetermine NNprice Command NNEconomy NN- NNGovernment NNdetermines NNPrice NNand NNQuantity Traditional NNEconomy NN- NNHistory NNaffecting NNPrice NNand NNQuantity Principle NN#7 NN- NNGovernments NNcan NNsometimes NNimprove NNmarket NNoutcomes NN 1) NNCreate NNlaws NNand NNenforce NNthem 2) NNMarkets NNdon't NNmake NNit NNthe NNmost NNefficient NNsometimes 3) NNMarkets NNdon't NNmake NNit NNas NNequitable NNas NNwe NNwould NNlike Market NNFailure NN- NNWhen NNa NNmarket NNfails NNto NNallocate NNsocieties NNresources NNefficiently Types NNof NNMarket NNFailures NN- NNExternalities: NNProduction NNor NNconsumption NNof NNa NNgood NNaffects NNbystanders Market NNPower: NNA NNsingle NNbuyer NNor NNseller NNhas NNsubstantial NNinfluence NNon NNmarket NNprice Monopoly NN- NN1 NNseller Monopsony NN- NN1 NNbuyer Principle NN#8 NN- NNA NNcountry's NNstandard NNof NNliving NNdepends NNon NNits NNability NNto NNproduce NNgoods NNand NNservices Productivity NN- NNAmount NNof NNgoods NNand NNservices NNproduced NNper NNunit NNof NNlabor Principle NN#9 NN- NNPrices NNrise NNwhen NNgovernments NNprint NNtoo NNmuch NNmoney Principle NN#10 NN- NNSociety NNfaces NNa NNtrade NNoff NNbetween NNinflation NNand NNunemployment Production NNPossibility NNFrontier NN(PPF) NN- NNA NNgraph NNthat NNshows NNthe NNcombination NNof NNtwo NNgoods NNthe NNeconomy NNcan NNpossibly NNproduce NNgiven NNavailable NNresources NNand NNtechnologyThe benefits of buying summaries with Stuvia:
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