Econ 300 Final Exam Questions and Answers
with Complete Solution | New Update 2026
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Input costs; technology; taxes/subsidies; number of firms; expectations
Choose an answer
1 Supply Shifters 2 Economics
3 Comparative Advantage 4 Negative Incentive
Don't know?
Terms in this set (95)
Economics The study of how people allocate limited
resources to satisfy unlimited wants
, Five Principles of Economic Incentives matter; trade-offs exist; opportunity
Thinking cost; marginal thinking; trade creates value
Incentive A factor that motivates a person to act or exert
effort
Positive Incentive A reward that encourages behavior
Negative Incentive A penalty that discourages behavior
Direct Incentive An incentive with an immediate impact
Indirect Incentive An incentive with a delayed or less obvious
impact
Trade-off Giving up one thing to gain another because
resources are limited
Opportunity Cost The value of the next best alternative given up
Scarcity Limited resources compared to unlimited wants
Marginal Thinking Evaluating whether one more unit of something is
worth the added cost
Trade The voluntary exchange of goods and services
with Complete Solution | New Update 2026
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Input costs; technology; taxes/subsidies; number of firms; expectations
Choose an answer
1 Supply Shifters 2 Economics
3 Comparative Advantage 4 Negative Incentive
Don't know?
Terms in this set (95)
Economics The study of how people allocate limited
resources to satisfy unlimited wants
, Five Principles of Economic Incentives matter; trade-offs exist; opportunity
Thinking cost; marginal thinking; trade creates value
Incentive A factor that motivates a person to act or exert
effort
Positive Incentive A reward that encourages behavior
Negative Incentive A penalty that discourages behavior
Direct Incentive An incentive with an immediate impact
Indirect Incentive An incentive with a delayed or less obvious
impact
Trade-off Giving up one thing to gain another because
resources are limited
Opportunity Cost The value of the next best alternative given up
Scarcity Limited resources compared to unlimited wants
Marginal Thinking Evaluating whether one more unit of something is
worth the added cost
Trade The voluntary exchange of goods and services
