Exam (elaborations)
ECN101 Exam 1 Correct Answers Latest Update
- Course
- ECN 101
- Institution
- Arizona State University
ECN101 Exam 1 Correct Answers Latest Update
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Solution 2024/2025Pepper
ECN101 Exam 1 Correct Answers Latest Update
Economics ANS✔✔ the choices we make as we cope with scarcity and the
incentives that influence and reconcile our choices
Scarcity ANS✔✔ Limited quantities of resources to meet unlimited wants
Microeconomics ANS✔✔ choices individuals and businesses make and the
way they interact and are influenced by govts
Macroeconomics ANS✔✔ total effects on the national economy and global
economy
Consumption goods ANS✔✔ Goods bought by households to use up, such as
food and movies.
Capital goods ANS✔✔ Buildings, machines, technology, and tools needed to
produce goods and services.
Govt goods and services ANS✔✔ goods bought by the govt
Export goods ANS✔✔ goods sold between countries
Goods and services are produced through... ANS✔✔ Land, Labor, human
capital (knowledge), capital (machines), and entrepreneurship
, Solution 2024/2025
Pepper
Tradeoff ANS✔✔ giving up one thing for another
rational choices ANS✔✔ comparing costs with benefits
Opprotunity Cost ANS✔✔ the best thing you must give up for something
else (both explicit and implicit costs)
Sunk cost ANS✔✔ a cost that has already been committed and cannot be
recovered
Benefit ANS✔✔ what you gain when you want something (fun, memories)
Margin ANS✔✔ comparing all the relevant alternatives for doing something
over another (studying or hanging with friends)
Incentives ANS✔✔ reward (carrot) or a penalty (stick) that influences others
Positive statement ANS✔✔ what is (can be tested)
normative statement ANS✔✔ ought to be (opinion)
Production Possibility Frontier (PPF) ANS✔✔ Boundary between the
combinations of goods and services (fish or clothes)
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