ECON 100 Final Exam – Questions & Accurate
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Practice questions for this set
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Technology, factor costs, number of sellers, expectations, related goods, taxes
and subsidies
Choose an answer
1 Determinants of Supply 2 Economics
3 Demand 4 Operating with the PPC
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Terms in this set (48)
, Economics The study of how best to allocate scarce resources
among competing uses
Opportunity cost The most desired goods and services that are forgone in
order to obtain something else
Three Economic Questions WHAT to produce (PPC), HOW to produce, FOR
WHOM to produce
Production Possibilities Curve The alternative combination of goods and services that
could be produced in a given time period with all
available resources and technology (2 goods max)
Operating with the PPC On the PPC: Efficient
Outside: Unreasonable
Inside: Inefficient
Market Failure Market mechanism generates suboptimal economic
outcomes
Government Failure Occurs when a government intervention fails to improve
or worsen economic outcomes
Macroeconomics The study of the economy as a whole and the behavior
of the entire economy
Microeconomics The study of individual behavior in the economy, of the
components of the larger economy
Factor Market Any place where factors of production are bought and
sold
Product Market Any place where finished goods and services are
bought and sold
Supply The quantities of a good or service that producers are
willing and able to sell at all possible prices during a
given time period, ceteris paribus
Answers
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Practice questions for this set
Learn 1/7 Study with Learn
Technology, factor costs, number of sellers, expectations, related goods, taxes
and subsidies
Choose an answer
1 Determinants of Supply 2 Economics
3 Demand 4 Operating with the PPC
Don't know?
Terms in this set (48)
, Economics The study of how best to allocate scarce resources
among competing uses
Opportunity cost The most desired goods and services that are forgone in
order to obtain something else
Three Economic Questions WHAT to produce (PPC), HOW to produce, FOR
WHOM to produce
Production Possibilities Curve The alternative combination of goods and services that
could be produced in a given time period with all
available resources and technology (2 goods max)
Operating with the PPC On the PPC: Efficient
Outside: Unreasonable
Inside: Inefficient
Market Failure Market mechanism generates suboptimal economic
outcomes
Government Failure Occurs when a government intervention fails to improve
or worsen economic outcomes
Macroeconomics The study of the economy as a whole and the behavior
of the entire economy
Microeconomics The study of individual behavior in the economy, of the
components of the larger economy
Factor Market Any place where factors of production are bought and
sold
Product Market Any place where finished goods and services are
bought and sold
Supply The quantities of a good or service that producers are
willing and able to sell at all possible prices during a
given time period, ceteris paribus
