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Econ 101 Exam 1 Questions With Correct Answers

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Econ 101 Exam 1 Questions With Correct Answers

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Econ 101 Exam 1 Questions With Correct
Answers


what is economics? - CORRECT ANSWER✔✔-study of how a society
| | | | | | | | | |



manages its scarce resourses
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resources - CORRECT ANSWER✔✔-input, factors of production
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economy's resources - CORRECT ANSWER✔✔-1. labor
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2. capital
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3. natural resources
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4. entrepreneurial ability
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labor - CORRECT ANSWER✔✔-physical capital (machines, buildings,
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roads)


capital - CORRECT ANSWER✔✔-human capital (education, knowledge)
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scarcity - CORRECT ANSWER✔✔-nobody can have everything they want
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, macroeconomics - CORRECT ANSWER✔✔-how to utilize these | | | | | | |



resources to better the nation as a whole
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the Decision Makers - CORRECT ANSWER✔✔-1. households
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2. government
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3. firms
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4. rest of the world
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households - CORRECT ANSWER✔✔-the consumers.they demand
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goods/services, supply resources | |




firms & goverment - CORRECT ANSWER✔✔-demand resources, supply
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goods/services


market - CORRECT ANSWER✔✔-any place where supply and demand
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come together |




Production Possibility Curve/Frontier - CORRECT ANSWER✔✔-graph
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showing various combos of output that economy can produce given its
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resources & tech | |




opportunity cost - CORRECT ANSWER✔✔-what you give up to get a
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specific item |

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