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Econ 2100 exam 1 Questions and Correct Answers

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Institution ECON 2100
Course ECON 2100
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Econ 2100 exam 1 Questions and Correct Answers

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Econ 2100 exam 1 Questions and Correct
Answers

What do economists study Ans: How people, firms and society
make decisions


Scarcity Ans: the limited nature of society's resources


Economics Ans: the study of how society manages its scarce
resources


Trade-off Ans: the act of giving up one benefit in order to gain
another


oppurtunity cost Ans: whatever must be given up to obtain some
item


Incentive Ans: something that induces a person to act



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How can people benefit from trade? Ans: People can buy a greater
variety of goods and services at lower cost


market Ans: A group of buyers and sellers


How do markets organize economic activity? Ans: A market
economy redistributes decisions of many firms and households as
they interact in markets


Prices in a market economy Ans: - determines by the interaction of
buyers and sellers


- reflect the goods value to buyers


- reflect the cost of producing the good


invisible hand Ans: prices guide self-interested households and
firms to make decisions that maximize society's economic well-
being




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