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ECN 211 Exam 1 Questions and Answers 100% Correct
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ECN 211 Exam 1 Questions and Answers 100% Correct
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ECN 211 Exam 1 Questions and Answers100% Correct
Economics - ANSWER the study of how society manages its scarce resources
Macroeconomics - ANSWER the study of economy-wide phenomena (ex. the
federal deficit, the rate of unemployment and policies to improve our standard of
living)
Microeconomics - ANSWER the study of how households and firms make
decisions and how they interact in markets
Mixed Economies - ANSWER a system with free markets, but with some
government intervention (ex. U.S.)
Scarcity - ANSWER there is not enough of something to go around for
everyone to have as much as they want of it at a zero price
Resources - ANSWER are scarce for economies and households
Property Rights - ANSWER the ability of an individual to own and exercise
control over scarce resources
Efficiency - ANSWER society is getting the maximum benefits from its scarce
resources or the size of the economic pie
, Equality - ANSWER that benefits are distributed uniformly among society's
members or how the pie is divided into individual slices
Productivity - ANSWER the amount of goods and services produced from each
unit of labor input
Incentives - ANSWER something that induces a person to act or change a
behavior
Cost - ANSWER money, time, activities, etc. you give up
Opportunity Cost - ANSWER whatever you give up to get something else
Marginal Benefit - ANSWER the benefit/revenue of producing an item or of a
choice
Marginal Thinking - ANSWER if the benefits of your choice outway the cost of it
Marginal Cost - ANSWER the cost of producing an item or of a choice
Trade-offs - ANSWER -"There ain't no such thing as a free lunch."
-To get more of one thing we have to give up something else
-Guns and butter (defense or social programs)
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