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ECON 104 Exam #1questions and answers Graded A+
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ECON 104 Exam #1questions and answers Graded A+ Scarcity - Not enough resources to freely provide for all of our desires Economics - Study of how people and society make choices to deal with scarcity Rationality - We assume people consider costs and benefits with decision making, and assume people never intentionally do an action that will leave them worse off Incentives - Reward or punishment meant to change the behavior of a person Models - Simplification of reality, meant to explain and ultimately make predictions Ceteris Paribus - All other things equal - assumption used to isolate variables in economic analysi
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Econ 104 - Exam 1 Review questions and answers Graded A+
