Economics 201 Questions and Correct Answers | Latest Update
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Course
Econ 201
Institution
Econ 201
What is economics?
A social science concerned with making optimal choices under conditions of
scarcity.
Scientific Method
observe
make a hypothesis
test the hypothesis
reject, don't reject, or modify the hypothesis
continue to test
Marginal Analysis
means "ext...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Economics 201 Questions and Correct
Answers | Latest Update
What is economics?
A social science concerned with making optimal choices under conditions of
scarcity.
Scientific Method
observe
make a hypothesis
test the hypothesis
reject, don't reject, or modify the hypothesis
continue to test
Marginal Analysis
means "extra"
Is it worth is??
comparison b/w marginal benefit and marginal cost
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Factors of Production
Land - natural resources
Labor - physical & mental talents & efforts of people to produce goods and services
Capital - manmade products to make something else (machinery)
Entrepreneurial Ability - takes initiative, makes decisions, innovates, takes risks
Production Possibility Curve
whats attainable and what isn't attainable.
attainable is inside the curve**
Command Market
known as Socialism & Communism
**Government ownership**
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
decisions are made by a central planning board
Free Market System
known as Capitalism
Private ownership of resources
decisions based on markets
4 Fundamental Questions
1. What goods and services will be produced?
- dollar votes*
- what will survive or fail
2. How will the goods be produced?
- minimize the cost per unit by using the most efficient techniques
- technology & prices of resources
3. Who will get the output?
~ 1 ~ for inquiry mail me @ supergrades12@gmail.com
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