Econ 211 exam 1 Study guides, Class notes & Summaries

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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 ...

Economists study.... - ANSWER all human behavior Economic agent - ANSWER 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 - ANSWER things that people want, where the quantity that people want exceeds the quantity that is available scarcity - ANSWER exists because people have unlimited wants in a world of limited resources economics - ANSWER the study...

ECON 211 - Final Exam 1. Economics Definition: - The study of how society manages its scarce resources. --- 2. Efficiency and Equity Trade-off: - There is often a trade-off between efficiency and equity; society seeks to maximize the use of its scarce resources while attempting to distribute the benefits fairly among its members. --- 3. Opportunity Cost of Going to College Definition: - The value of the best opportunity a student forfeits to attend college. --- 4. Rational ...

Econ 211 UTK Exam 1 Complete Answers Economics - Definition: - ️ The study of how people make decisions given the scarcity of resources. Key Concepts - Incentives: - ️ A positive or negative environmental stimulus that motivates behavior. - Ceteris Paribus: - ️ Meaning everything else stays the same. - Three Things You Can Never Have Enough Of: - ️ Time, money, and resources. - Microeconomics: - ️ The study of how households and firms make decisions and how they interact in ma...

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...

Define economics in terms of scarcity - CORRECT ANSWER economics addresses the problem of having too many wants but too few resources to achieve them all which brings in scarcity (the fact that must make choices given the resource limitations she or he faces) Know the difference between microeconomics and macroeconomics issues - CORRECT ANSWER Macroeconomics: focuses on the broader issues we face as a nation Example: whether people buy Brooks or Sperrys Microeconomics: deals with decision m...

Econ 211 Exam 2 – UNL Rated A+ 2 ways economic growth is measured ️Nominal and real GDP Nominal GDP ️often appear higher than real GDP, not adjusted for inflation (GDP17=P17 x Q17) Real GDP ️adjusted for inflation (GDP17=P09 X Q17) GDP is reported.. ️Quarterly (Advanced, Premlim and final) Economic growth is measured as ️a % change in real GDP on an annual basis (real GDP2 - real GDP 1 / real GDP 1) x 100 another way to measure economic growth ️change in real GDP per ...