ECON 2020 EXAM 1 WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
implicit/opprotunity cost - ANSWERS-most valuable option
foregone: What you gave up
economic cost - ANSWERS-explicit+implicit cost
resources - ANSWERS-inputs used in the production of
goods and services. AKA factors of production
natural resources - ANSWERS-oil, land, lumber, etc.
labor rescources - ANSWERS-physical and mental talent
used in production
capital - ANSWERS-all manufacturers goods used in
production
, utility - ANSWERS-satisfaction a consumer obtains from the
consumption of a good or service
marginal - ANSWERS-additional; the change that results
from an additional unit
economic principles - ANSWERS-statements about economic
behavior or the economy that enable predictions of the
probable effects of certain actions
model - ANSWERS-simplified representation of how
something works
market - ANSWERS-any institution that brings together
buyers and sellers of a particular good or service
product markets - ANSWERS-households demand goods and
services which are supplied by firms in exchange for money
resource markets - ANSWERS-firms demand resources which
are supplied by households in exchange for money
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
implicit/opprotunity cost - ANSWERS-most valuable option
foregone: What you gave up
economic cost - ANSWERS-explicit+implicit cost
resources - ANSWERS-inputs used in the production of
goods and services. AKA factors of production
natural resources - ANSWERS-oil, land, lumber, etc.
labor rescources - ANSWERS-physical and mental talent
used in production
capital - ANSWERS-all manufacturers goods used in
production
, utility - ANSWERS-satisfaction a consumer obtains from the
consumption of a good or service
marginal - ANSWERS-additional; the change that results
from an additional unit
economic principles - ANSWERS-statements about economic
behavior or the economy that enable predictions of the
probable effects of certain actions
model - ANSWERS-simplified representation of how
something works
market - ANSWERS-any institution that brings together
buyers and sellers of a particular good or service
product markets - ANSWERS-households demand goods and
services which are supplied by firms in exchange for money
resource markets - ANSWERS-firms demand resources which
are supplied by households in exchange for money
