ECON 1001 Fall Midterm (Chap.
1) - Carleton University with
complete verified solutions
Scarcity - answer the limited nature of society's resources
Economics - answer the study of how society manages its scarce resources
Efficiency - answer the property of society getting the most it can from its
scarce resources
Equity - answer the property of distributing economic prosperity fairly among
the members of society
Opportunity Cost - answer whatever must be given up to obtain some item
Rational People - answer those who systematically and purposefully do the
best they can to achieve their objectives
Marginal Changes - answer small incremental adjustments to a plan of action
Incentive - answer something that induces a person to act
Market Economy - answer an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in
markets for goods and services
1) - Carleton University with
complete verified solutions
Scarcity - answer the limited nature of society's resources
Economics - answer the study of how society manages its scarce resources
Efficiency - answer the property of society getting the most it can from its
scarce resources
Equity - answer the property of distributing economic prosperity fairly among
the members of society
Opportunity Cost - answer whatever must be given up to obtain some item
Rational People - answer those who systematically and purposefully do the
best they can to achieve their objectives
Marginal Changes - answer small incremental adjustments to a plan of action
Incentive - answer something that induces a person to act
Market Economy - answer an economy that allocates resources through the
decentralized decisions of many firms and households as they interact in
markets for goods and services
