Econ 101 umich exam 1 - Study guides, Class notes & Summaries

Econ 101 Umich Exam 1 Questions & Answers 2023/2024 Economics - ANSWER-the study of the allocation of limited resources across unlimited wants cost-benefit analysis - ANSWER-the method of trying to make the best possible choice Markets - ANSWER-a forum for exchanges utility maximization - ANSWER-people making themselves as well off as possible profit maximization - ANSWER-firms making their owners as well off as possible Models - ANSWER-simplifications to understand complex s...

Econ 101 umich Exam 1 Questions & Answers 2023/2024 Positive Economics - ANSWER-What is Normative Economics - ANSWER-What ought to be 4 Keys of Good Decision-Making - ANSWER-1) Cost-benefit 2) Opportunity cost 3) Marginal principle 4) Connectedness principle Cost-benefit - ANSWER-evaluate full set of cost and benefits, then pursue benefit that is at least as large as the cost Consumer Surplus - ANSWER-difference between willingness to pay and the price Producer Surplus - A...

Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer -reason for specialization absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time specilaizatio...

Econ 101 Umich Exam 2 Caldwell Questions & Answers 2023/2024 comparative advantage - ANSWER-when one producer can produce a good at a lower opportunity cost than another producer -reason for specialization absolute advantage - ANSWER-when one producer can produce more of a good than another producer in a certain period of time Production Possibility Frontier - ANSWER-represents the possible combinations of goods that an economy can produce in a certain period of time specilaizatio...