ECON 2020 EXAM 1 EXAM WITH
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
supply curve - ANSWERS-line that shows minimum
producers are willing to accept as payment for any quantity
supply - ANSWERS-relationship between P's and Q's for all
possible prices
factors that shift the S curve - ANSWERS-input/ resource
prices, technology, taxes, expectation of future prices
factors that shift D curve - ANSWERS-income, price of
related good, expectation of future prices, number of buyers
in market, tastes and preferences
, economics - ANSWERS-social science concerned with how
individuals, institutions, and society make optimal choices
under conditions of scarcity.
scarcity - ANSWERS-the condition wherby theresources we
useto produce goods and services are limited relative to our
wants for them.
scarce good - ANSWERS-economic good=good for which you
cannot get all you want at zero cost
free good - ANSWERS-you can get all you want at zero cost
price - ANSWERS-signal that tells producers what and how
much to produce; standard market: paid by consumer
cost - ANSWERS-sacrafice associated with making a choice;
standard market: paid by producer
explicit cost - ANSWERS-out of pocket, monetary payment
implicit/opprotunity cost - ANSWERS-most valuable option
foregone: What you gave up
CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
supply curve - ANSWERS-line that shows minimum
producers are willing to accept as payment for any quantity
supply - ANSWERS-relationship between P's and Q's for all
possible prices
factors that shift the S curve - ANSWERS-input/ resource
prices, technology, taxes, expectation of future prices
factors that shift D curve - ANSWERS-income, price of
related good, expectation of future prices, number of buyers
in market, tastes and preferences
, economics - ANSWERS-social science concerned with how
individuals, institutions, and society make optimal choices
under conditions of scarcity.
scarcity - ANSWERS-the condition wherby theresources we
useto produce goods and services are limited relative to our
wants for them.
scarce good - ANSWERS-economic good=good for which you
cannot get all you want at zero cost
free good - ANSWERS-you can get all you want at zero cost
price - ANSWERS-signal that tells producers what and how
much to produce; standard market: paid by consumer
cost - ANSWERS-sacrafice associated with making a choice;
standard market: paid by producer
explicit cost - ANSWERS-out of pocket, monetary payment
implicit/opprotunity cost - ANSWERS-most valuable option
foregone: What you gave up
