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Econ 1010 Exam 1 With Complete Solutions Latest Update 2024
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Econ 1010 Exam 1 With Complete Solutions Latest Update 2024
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Econ 1010 Exam 1 With Complete SolutionsLatest Update 2024
Labor Resources - ANS the physical and mental efforts of an economy's people that
are available to produce goods and services
Capital Resources - ANS All nonhuman ingredients of production. Can be further
divided into natural and man-made categories.
Technology - ANS The know how, and the means and methods of production
available within an economy
Gross Domestic Product - ANS The market value of all final Goods and services
produced within an economy during a specific time period. GDP ignores the issue
of the resources used for the production is domestic or foreign.
Production Possibilities Curve - ANS Graphical representation of the maximum
quantities of two goods that an economy can produce when its resources are used
in the most efficient way possible.
Opportunity Cost Principles - ANS The true cost of producing an additional unit of a
good is the value of other goods that must be given up to obtain it
, Increasing Opportunity Cost - ANS as more of a particular good or service is
produced, the cost in terms of other goods or services given up grows. This gives
the production possibilities curve its bow shape
Marginal Social Cost (MSC) - ANS The true, or opportunity, cost borne by society
when the production of a good or service is increased by one unit.
Marginal Social Benefit (MSB) - ANS The true benefit to society of a one-unit
increase in the production of a good or service.
Cost-Benefit Analysis - ANS A technique for determining the optimal level of an
economic activity. In general, an activity should be expanded so long as the
expansion leads to greater benefits than cost
Real GDP - ANS GDP in current dollars corrected for inflation. The correction
requires dividing each year's GDP in current dollars by thats year's price index, in
decimal form.
Per Capita Real GDP - ANS Real GDP divided by population
Per capita GDP - ANS GDP in current dollars divided by population
Pure Market Economy - ANS an economic system based on private ownership and
control of resources, known as private property rights, and coordination of
resource-use decisions through markets
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