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Econ 101 Umich Exam 1 Questions & Answers 2023/2024

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Econ 101 Umich Exam 1 Questions & Answers 2023/2024 Economics - ANSWER-the study of the allocation of limited resources across unlimited wants cost-benefit analysis - ANSWER-the method of trying to make the best possible choice Markets - ANSWER-a forum for exchanges utility maximization - ANSWER-people making themselves as well off as possible profit maximization - ANSWER-firms making their owners as well off as possible Models - ANSWER-simplifications to understand complex situations and draw conclusions of cause and effect Cetris Paribus - ANSWER-the assumption that nothing else is changing "all else equal" circular flow model - ANSWER-A model that shows the flow of goods and services and the interaction among households, businesses, and banks agents in circular flow model - ANSWER-households and firms markets in circular flow model - ANSWER-goods & services and factors of production positive statements - ANSWER-claims that attempt to describe the world as it is normative statements - ANSWER-claims that attempt to prescribe how the world should be

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