What are the scarce resources used to produce goods and services? correct answers Land, Labor, Capital, Entrepreneurial Ability, Production and Efficiency
Economic growth determinants: correct answers Expanding resources, and improving technology
Determinants of Demand: correct answers Tast a...
Econ 212 Exam 1 || A+ GRADED
What are the scarce resources used to produce goods and services? correct answers Land,
Labor, Capital, Entrepreneurial Ability, Production and Efficiency
Economic growth determinants: correct answers Expanding resources, and improving
technology
Determinants of Demand: correct answers Tast and preferences, Income, Prices of related
goods, the number of buyers, and expectations regarding future prices income and product
availability.
Determinants of supply: correct answers Production technology, costs of resources, price of
other commodities, expectations, number of sellers, and taxes and subsidies
Determinants of Elasticity: correct answers more substitutes available.
The good represents a larger portion of the household budget.
Longer time period is being reconsidered.
Good is more of a luxury rather than a necessity.
Define: ceteris paribus correct answers Assumption used in economics ( and other disciplines
as well), where other relevant factors or variables are held constant.
Define: Opportunity Cost correct answers The next best alternative what you give up to do
something or purchase something.
Define: Production efficiency correct answers Goods and services are produced at their
lowest resource (opportunity cost)
Define: Allocative efficiency: correct answers The mix of goods and services produced is just
what the society desires.
Define: Comparative advantage correct answers One country has a lower opportunity cost of
producing a good than another country.
Define: Horizontal summation correct answers Market demand and supply curves are found
by adding together how many units of the product will be purchased or supplied at each price.
Define: Normal good correct answers A good for which an increase in income results in
rising demand
Define: Inferior good correct answers A good for which an increase in income results in
declining demand
Define: supply curve correct answers supply schedule information translated to a graph
Define & consequences: surplus: correct answers Occurs when the price is above market
equilibrium, and quantity supplied exceeds quantity demanded. Buyers get items for
attractive price
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ProPerfomer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
