Econ 211 exam 1 - Study guides, Class notes & Summaries

Econ 211 Exam 1 Already Verified A+ 1. Because of scarcity: Why do we face trade-offs in almost every decision we make? - A. Choices are unlimited - B. We face trade-offs in nearly every choice we make ️ - C. Wants are limited - D. Resources are limitless --- 2. What is the primary issue related to scarcity? What is the main concern when addressing the imbalance between unlimited wants and limited resources? - A. Ensuring critical resources like oil and forests are not depleted - B. ...

ECON 211 Exam 1 (UNL) Complete Guide Fundamental Economic Concepts 1. Study of Economists: - ️ Economists study all human behavior. 2. Economic Agent: - ️ An economic agent is an individual or a group that makes choices (examples include consumers choosing between a bacon cheeseburger or tofu burger, and a parent deciding between public or private school for their child). 3. Scarce Resources: - ️ Scarce resources are things that people want, where the quantity that people want ...

Econ 211 Exam 1 Practice Questions and Answers (100% Pass) B - Answer️️ -Because of scarcity: A. choices are unlimited B. we face tradeoffs in nearly every choice we make C. wants are limited D. resources are limitless B - Answer️️ -What is the main problem addressed with scarcity? A. making sure that critical resources such as oil and forests are not depleted B. determining how to address unlimited wants with limited resources C. trying to satisfy the basic needs of everyone ...

ECON 211 Exam 1 (UNL) Study Guide with Complete Solutions Economists study.... - Answer️️ -all human behavior Economic agent - Answer️️ -an individual or a group that makes choices (examples: consumer eating bacon cheeseburger or tofu burger, parent enrolling child in public or private school) scare resources - Answer️️ -things that people want, where the quantity that people want exceeds the quantity that is available scarcity - Answer️️ -exists because people have unlim...

Which concept would be addressed by microeconomics? A) the national unemployment rate B) the reasons for a decline in a country's total output C) the price of college tuition that an individual student pays D) the inflation rate in Brazil - Correct Answer C Consider the following statements. Which, if any, are positive statements? I. Main Street needs more coffee shops. II. A new parking garage on campus will reduce parking congestion. III. Last winter, the state should have spent m...

What are the 5 foundations of Economics? - ANS >> 1. Incentives - change how people behave 2. trade-offs - With limited resources, people have to make choices 3. opportunity cost- Every time a decision is made something has to be given up 4. marginal thinking- how does the additional benefit compare to the additional cost? 5. trade creates value What is the 2 divisions of economics? - ANS >> macroeconomics and microeconomics What is Economics? - ANS >> the s...

ECON-211 Exam #1 Economics - Definition: - ️ Social science concerned with using scarce resources to obtain the maximum satisfaction of the unlimited material wants of society. Three Features of Economics 1. ️ Scarcity and Choice 2. ️ Purposeful Behavior 3. ️ Marginal Benefits & Costs Definitions and Concepts - Scarcity: - ️ The conflict between relatively unlimited wants vs. relatively limited resources. - Impact of Scarcity: - ️ Restricts options and demands choices...

Econ 211 Unit 1 Exam Study All Answers Correct Key Economic Concepts 1. Definition of Economics: - ️ Economics is the social science concerned with making optimal choices under conditions of scarcity. 2. Economic Wants: - ️ Economic wants exceed society's productive capacity. 3. Scarcity of Resources: - ️ Resources are scarce. 4. Opportunity Cost: - ️ "There is no such thing as a free lunch" refers to opportunity cost. 5. Rational Self-Interest: - ️ Decisions that will...

ECON 211 FINAL asu, ASU Econ 211 Final Exam, ECN 211 : Final Exam Review, ECN 211 Final (Exams 1, 2, 3) ASU Douglas The Opportunity Cost of an item is - ANS What you give up to get that item Total Output in an economy increases when each person specializes because - ANS Each person spends more time producing that product in which he or she has a comparative advantage The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantiti...