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Econ 100 Chapter 1 Study guide with verified solutions

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Econ 100 Chapter 1 Study guide with verified solutions

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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)
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