Econ 2301 - Study guides, Class notes & Summaries

TJC ECON 2301 FINAL - Vocab Written Exam 2024. Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "choosing is refusing" Utility - correct answer the ...

ECON 2301 - Unit 2Demand is - correct answer the amount of a good or service that consumers are willing to buy at all prices in a given period Quantity demand refers to - correct answer the specific amount that a consumer will buy at a specific price The Law of Demand refers to the fact that, other things remaining constant, - correct answer price and quantity demanded move in opposite directions According to the law of demand, if the price of hamburgers increases then - correct answer ...

GDP is: - ANSWER the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. Final goods or services used to compute GDP refer to: - ANSWER goods and services purchased by the ultimate users. Intermediate products - ANSWER produced domestically are not directly reflected in a nation's GDP.

ECON 2301 Milestone 1 Questions With Answers | Latest Update 2023/2024 | Graded A+. Richard worked at a software company, and he learned many youth in the local community did not have access to technology to help them succeed in school. Richard told his supervisor he thought this might be a good way to give back to the community. Which step to creating a social responsibility program below does this illustrate?  Ongoing leadership  Action  Need recognition  Follow throug...

TJC ECON 2301 FINAL - Vocab Question and answers already passed 2023/2024Economics - correct answer social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity Scarcity - correct answer limited supply of economic resources needed to make goods and services...demands choices; resources are scarce Opportunity cost - correct answer a sacrifice one makes makes choosing between two things... "choosing is refusing" Utilit...

ECON 2301 - Unit 2 Question and answers correctly solved 2023/2024

All economic questions are about - ANSWER how to cope with scarcity Fundamental economic problems basically arise from - ANSWER our wants exceeding our scarce resources When producing at a production efficient point, - ANSWER we face a tradeoff and incur an opportunity cost

econ 2301 Exam 2| Questions with 100% Solutions/Verified Answers

Which of the following equations represents the unemployment rate? - ANSWER (number of unemployed / labor force) × 100 Individuals who are working part-time but would prefer to be working full-time are defined as - ANSWER underemployed workers Inflation is defined as - ANSWER an increase in the overall level of prices The consumer price index (CPI) in the base year will always have the value of - ANSWER 100