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ECON 103 - Exam #1 Questions and Answers 100% accurate

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Microeconomics - ANSWER. Macroeconomics - ANSWER-The study of economy world wide phenomena. Opportunity Cost - ANSWER-What is given up to get an item; what is given up to gain/do something. Capitalism - ANSWER-Market system where means of production can be owned privately. Socialism - ANSWER-Market system where means of production are controlled by the government. Communism - ANSWER-Market system where means of production are owned by everyone. Religious System - ANSWER-System were political and economy and interrelated with a religion. Market Forces - ANSWER-The interaction between demand and supply. Suggesting that there are two major stakeholders in the determination of the price of any good Law of Demand - ANSWER-All else equal, the quantity of demanded of a good falls when the price of that good rises, and vice versa, the quantity demanded of a good rises when the price of that good falls. Law of Supply - ANSWER-All else equal, the quantity of a good supplied increase when the price of that good increases, and vice versa, the quantity of a good supplied decreases when the price of that good decreases. Adam Smith - ANSWER-Founder of economic intellectual discipline Equilibrium - ANSWER-The quantity supplied equals the quantity demanded.

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