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ECO201 Final Exam - Miami University - Professor Elliot Questions And Answers

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ECO201 Final Exam - Miami University - Professor Elliot Questions And Answers The definition of supply assumes there is always a positive relationship between price and quantity supplied - ANS False Land - ANS inputs that exist around us - "natural resources" Labor - ANS Human input/capital - any input from people Capital - ANS stuff that makes stuff - things we produce that we then use to produce things Money is capital - ANS false Entrepreneurship - ANS the process of bringing together land, labor, and capital to create a good Technology is capital - ANS true positive economics - ANS the branch of economic analysis that describes the way the economy actually works - what does the world look like normative economics - ANS how SHOULD the world work and how SHOULD things be allocated Free Markets - ANS influenced by market participants without government influence in markets Economic tradeoff - ANS Resources are limited so we must receive something for giving them up Land earns - ANS rent Labor earns - ANS wages capital earns - ANS interest Entrepreneurship earns - ANS profit opportunity cost - ANS the most desirable alternative given up as the result of a decision

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