ECON 100 Midterm Exam Study Guide with Complete Solutions
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Course
Econ 100
Institution
Econ 100
ECON 100 Midterm Exam Study Guide
with Complete Solutions
microeconomics vs. macroeconomics - Answer️️ -microeconomics: individual choices
and behavior
macroeconomics: large scale economic phenomenon, aggragate
mercantilism and its view of wealth - Answer️️ -wealth = gold or money
a b...
Choices and Opportunity Costs - Answer✔️✔️-Economics is the study of how society or
individuals allocate scarce resources to satisfy their wants.
What to produce?
How to produce?
Who gets production?
the opportunity cost of a good or service is its cost in terms of what you give up - the
forgone opportunity to pursue the best possible alternative activity with the same
amount of time or resources
what else could you have done?
what have you given up?
Assumptions of Homo Economicus - Answer✔️✔️-- Self-interested
- Rational
- Maximizing
- Insatiable
- Have full-information
model building and goal of prediction, not realism - Answer✔️✔️-
2/12
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