Ceteris peribus - Study guides, Class notes & Summaries

econ 100 ( macroeconomics) • Scarcity - correct answer Have a limited number of resources ( 3 main: land, labor, capital) • Economics - correct answer - study of how society manages in scarce resources • Opportunity cost- - correct answer what you give up to get something, next best choice, highest valued foregone alternative • Production Possibilities Frontier (PPF) - - correct answer a graph that shows the combinations of two goods the economy can produce w/ its given resource...

Economics Study Guide (2023/2024) 100% Correct Economics social science dealing with study of how people satisfy unlimited/ competing wants with careful use of scarce resources. Scarcity fundamental economic problem facing all societies that result from a combination of scarce resources and peoples unlimited wants. Opportunity Costs cost of next best alternative use of money, time, or resources when one choice is made rather than another. Trade off alternatives that must be given up when one ...

Law of Demand - Answer- The inverse relationship between the price of a product and the quantity of the product Law of Supply - Answer- when holding everything else constant. an increase in price causes an increase in the quantity supplied. And vise versa Ceteris Peribus - Answer- "all else equal" ; Hold everything else constant What causes a shift in Demand Curve - Answer- -Income (Table 3.1) -Consumer Expectations of the future (will it go on sale later?) -population and demograph...