ECON 211: EXAM 1 Questions Completed With A+ Graded Answers
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Course
ECON 211
Institution
ECON 211
Microeconomic s - CORRECT ANSWER the study of the economy at the small-scale level, examining individuals and specific markets
Macroeconomics - CORRECT ANSWER the study of the economy at the large-scale level, examining total output, the price level, and other aggregate measures of the economy
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ECON 211: EXAM 1 Questions Completed With A+
Graded Answers
Microeconomic s - CORRECT ANSWER the study of the economy at the small-scale level, examining
individuals and specific markets
Macroeconomics - CORRECT ANSWER the study of the economy at the large-scale level, examining total
output, the price level, and other aggregate measures of the economy
Resources - CORRECT ANSWER anything that is used to produce a good or service, whether it is provided
by nature or is manufactured
Land - CORRECT ANSWER all natural resources used in production; sometimes referred to as "gifts of
nature"
Labor - CORRECT ANSWER all physical and mental activity devoted to producing goods and services
Capital - CORRECT ANSWER the tools, machinery, infrastructure, and knowledge used to produce goods
and services
Physical Capital - CORRECT ANSWER refers to tangible items that are created to increase productivity
Human Capital - CORRECT ANSWER refers to the knowledge and skills that people acquire in order to
increase productivity
Entrepreneurial Ability - CORRECT ANSWER the talent or ability to combine land, labor, and capital to
produce goods and services; primarily involves assuming risk and organizing resources into a productive
process
Scarcity - CORRECT ANSWER a condition that results from the inability of limited resources to satisfy
unlimited wants
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