ECON 211 Exam 1 (UNL) Study Guide with Complete Solutions
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Course
ECON 211
Institution
ECON 211
ECON 211 Exam 1 (UNL) Study Guide
with Complete Solutions
Economists study.... - Answer️️ -all human behavior
Economic agent - Answer️️ -an individual or a group that makes choices
(examples: consumer eating bacon cheeseburger or tofu burger, parent
enrolling child in public or private...
ECON 211 Exam 1 (UNL) Study Guide
with Complete Solutions
Economists study.... - Answer✔️✔️-all human behavior
Economic agent - Answer✔️✔️-an individual or a group that makes choices
(examples: consumer eating bacon cheeseburger or tofu burger, parent
enrolling child in public or private school)
scare resources - Answer✔️✔️-things that people want, where the quantity
that people want exceeds the quantity that is available
scarcity - Answer✔️✔️-exists because people have unlimited wants in a
world of limited resources
economics - Answer✔️✔️-the study of how agents choose to allocate scarce
resources and how those choices affect society
positive economics - Answer✔️✔️-describes what people actually do
normative economics - Answer✔️✔️-recommends what people ought to do
microeconomics - Answer✔️✔️-the study of how individuals, households,
firms, and governments make choices and how those choices affect prices,
the allocation of resources and the well-being of other agents
macroeconomics - Answer✔️✔️-the study of the economy as a whole
optimization - Answer✔️✔️-people decide what to do by consciously or
unconsciously weighting all of the known pros and cons of the different
available options and trying to pick the best feasible option
equilibrium - Answer✔️✔️-a situation in which no agent would benefit
personally by changing his or her own behavior
empiricism - Answer✔️✔️-analysis that uses data or analysis that is
evidence-based
trade-offs - Answer✔️✔️-they arise when some benefits must be given up in
order to gain others
budget constraints - Answer✔️✔️-the set of things that a person can choose
to do (or buy) without breaking her budget
opportunity costs - Answer✔️✔️-the best alternative activity
cost benefit analysis - Answer✔️✔️-is a calculation that adds up costs and
benefits using a common unit of measurement, like dollars
market - Answer✔️✔️-a group of economic agents who are trading a good or
service, and the rules and arrangements for trading
market price - Answer✔️✔️-if all sellers and all buyers face the same price
perfectly competitive market - Answer✔️✔️-1. sellers all sell an identical
good or service
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