Exam (elaborations)
EC120 Midterm Cramming Detailed Questions And Expert Answers 2024
- Course
- Institution
EC120 Midterm Cramming Detailed Questions And Expert Answers 2024
[Show more]
Content preview
EC120 Midterm Cramming Detailed QuestionsAnd Expert Answers 2024
Business cycle - ANS fluctuations in economic activity, such as employment and
production p. 15
economics - ANS the study of how society manages its scarce resources p. 4
efficiency - ANS the property of a resource allocation of maximizing the total
surplus received by all members of society p. 5, 156
equity - ANS the fairness of the distribution of well-being among the members of
society p. 5, 156
externality - ANS the uncompensated impact of one person's actions on the
wellbeing of a bystander p. 13, 206
incentive - ANS something that induces a person to act p. 9
inflation - ANS an increase in the overall level of prices in the economy p. 14
marginal changes - ANS small incremental adjustments to a plan of action p. 8
, market economy - ANS an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in markets
for goods and services p. 11
market failure - ANS a situation in which a market left on its own fails to allocate
resources efficiently p. 13
market power - ANS the ability of a single economic actor (or small group of
actors) to have a substantial influence on market prices p. 13
opportunity cost - ANS whatever must be given up to obtain some item p. 7, 57
productivity - ANS the quantity of goods and services produced from each hour of
a worker's time p. 14
property rights - ANS the ability of an individual to own and exercise control over
scarce resources p. 12
rational people - ANS people who systematically and purposefully do the best they
can to achieve their objectives p. 8
scarcity - ANS the limited nature of society's resources p. 4
circular-flow diagram - ANS a visual model of the economy that shows how dollars
flow through markets among households and firms p. 24
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 Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82191 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now