ECN 211 Exam 1 / Questions &
Expertly Verified Answers, 2025 /
2026.
Economics -
Answer:
Qs: the study of how society manages its scarce resources
Qs: Macroeconomics -
Answer:
the study of economy-wide phenomena (ex. the federal deficit, the rate of
unemployment and policies to improve our standard of living)
Qs: Microeconomics -
Answer:
the study of how households and firms make decisions and how they interact
in markets
Qs: Mixed Economies -
Answer:
a system with free markets, but with some government intervention (ex.
U.S.)
Qs: Scarcity -
Answer:
there is not enough of something to go around for everyone to have as much
as they want of it at a zero price
1 | Page
, Qs: Resources -
Answer:
are scarce for economies and households
Qs: Property Rights -
Answer:
the ability of an individual to own and exercise control over scarce resources
Qs: Efficiency -
Answer:
society is getting the maximum benefits from its scarce resources or the size
of the economic pie
Qs: Equality -
Answer:
that benefits are distributed uniformly among society's members or how the
pie is divided into individual slices
Qs: Productivity -
Answer:
the amount of goods and services produced from each unit of labor input
Qs: Incentives -
Answer:
something that induces a person to act or change a behavior
2 | Page
Expertly Verified Answers, 2025 /
2026.
Economics -
Answer:
Qs: the study of how society manages its scarce resources
Qs: Macroeconomics -
Answer:
the study of economy-wide phenomena (ex. the federal deficit, the rate of
unemployment and policies to improve our standard of living)
Qs: Microeconomics -
Answer:
the study of how households and firms make decisions and how they interact
in markets
Qs: Mixed Economies -
Answer:
a system with free markets, but with some government intervention (ex.
U.S.)
Qs: Scarcity -
Answer:
there is not enough of something to go around for everyone to have as much
as they want of it at a zero price
1 | Page
, Qs: Resources -
Answer:
are scarce for economies and households
Qs: Property Rights -
Answer:
the ability of an individual to own and exercise control over scarce resources
Qs: Efficiency -
Answer:
society is getting the maximum benefits from its scarce resources or the size
of the economic pie
Qs: Equality -
Answer:
that benefits are distributed uniformly among society's members or how the
pie is divided into individual slices
Qs: Productivity -
Answer:
the amount of goods and services produced from each unit of labor input
Qs: Incentives -
Answer:
something that induces a person to act or change a behavior
2 | Page
