NDSU Econ 201 Exam 1 Questions and Answers Graded A+
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NDSU
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NDSU
NDSU Econ 201 Exam 1 Questions and Answers Graded A+
Economics
The study of how a society uses goods and services in the face of economic scarcity
Absolute Scarcity
When a country runs out of usable resources
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NDSU Econ 201 Exam 1 Questions and
Answers Graded A+
Economics - answer The study of how a society uses goods and services in the face
of economic scarcity
Absolute Scarcity - answer When a country runs out of usable resources
Economic Scarcity - answer The concept that people have infinate wants and
desires
Commodities - answer Satisfies people's wants a desires (goods and services)
Efficiency - answer making the best possible use of resources when achiving a goal
Equity - answer Refers to the way society's output of goods is distributed - is it fair?
Stability - answer 1.) Price - measured by the consumer price index
2.) Jobs - measured by the unemployment rate
Economic Growth - answer Refers to the substantial and sustained increase in the
nation's income or output
Technical Efficiency - answer efficent use of resoucreces when producing a good or
service
Allocative Efficiency - answer the efficient distrabution of society's scarce resources
Consumer Price Index (CPI) - answer Measures the change in price of market base
of consumer goods and services purchased by households.
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