Py 205 Study guides, Class notes & Summaries

ECON 205 FINAL EXAM STUDY GUIDE Exam #1 1. A resource is anything that: A) can be used in production. B) you pay for. C) is in scarce supply. D) can be consumed. 2. Scarcity in economics means: A) not having sufficient resources to produce all the goods and service we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economics are clearly not doing their jobs. 3. Opportunity cost is: A) about half of the monetary cost of a product. B) the doll...