TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Econ 100 Chapter 1 Study guide with
verified solutions
Microeconomics - Answer✔️✔️-study of choices made by consumers and the role of
government in influencing the outcomes of markets
Macroeconomics - Answer✔️✔️-study of the economy as a whole; unemployment,
inflation, economic growth, and related economic policies are central topics
Capital - Answer✔️✔️-factories, machines, inventories, and tools in an economy; physical
capital, used in producing other goods and services
Economic Resources - Answer✔️✔️-labor, capital, and our natural resources used to
produce goods and services
Scarcity - Answer✔️✔️-when our wants are greater than our ability to satisfy them (wants
> resources)
Choices - Answer✔️✔️-what to produce, how to produce, and for whom to produce
Opportunity cost - Answer✔️✔️-What one gives up when they make a choice (best one
option)
Sunk cost - Answer✔️✔️-value of what has already been paid and can't be recovered
Fixed cost - Answer✔️✔️-costs that don't change depending on your decision (cost of
food if you go to college/stay home)
1/2
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Econ 100 Chapter 1 Study guide with
verified solutions
Microeconomics - Answer✔️✔️-study of choices made by consumers and the role of
government in influencing the outcomes of markets
Macroeconomics - Answer✔️✔️-study of the economy as a whole; unemployment,
inflation, economic growth, and related economic policies are central topics
Capital - Answer✔️✔️-factories, machines, inventories, and tools in an economy; physical
capital, used in producing other goods and services
Economic Resources - Answer✔️✔️-labor, capital, and our natural resources used to
produce goods and services
Scarcity - Answer✔️✔️-when our wants are greater than our ability to satisfy them (wants
> resources)
Choices - Answer✔️✔️-what to produce, how to produce, and for whom to produce
Opportunity cost - Answer✔️✔️-What one gives up when they make a choice (best one
option)
Sunk cost - Answer✔️✔️-value of what has already been paid and can't be recovered
Fixed cost - Answer✔️✔️-costs that don't change depending on your decision (cost of
food if you go to college/stay home)
1/2
