ECN 211 ASU Final Exam Marburger | Questions and Correct Answers | Latest Update 2024/2025

ECN 211 ASU Final Exam Marburger | Questions and Correct Answers | Latest Update 2024/2025 The Circular Flow Diagram - Answer -Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - Answer -The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - Answer -the economy can produce more of everything Opportunity Cost - Answer -the cost of what you give up to get something else in terms of time, money, or other goods Absolute Advantage - Answer -Who can make most of that good Comparative Advantage - Answer -The lowest opportunity cost for that goodWhat would allow Panama and Canada to trade? - Answer -They want to trade within their opportunity cost Demand - Answer -The amount consumers are willing and able to purchase Supply - Answer -The amount that producers are willing and able to produce Law of demand - Answer -Demand alway