Isu eco 103 - Study guides, Class notes & Summaries

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ISU ECO 103 Exam- 1 Questions & Answers Solved 100% Correct!!

ISU ECO 103 Exam- 1 Questions & Answers Solved 100% Correct!!
Exam (elaborations) • 6 pages • 2024
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Adam Smith () - Father of economics Capital - Tools, equipment, tools, machinery, etc., that help produce another product Ceteris Paribus - - Latin phrase meaning "other things being equal" - Because we want to simplify the model and look at the relationship between variables Circular Flow Diagram - Shows the relationship between households and firms Command Economy - The government chooses everything Consumer Surplus - The amount an individual would have been willing to pay minus what t...