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ECN 211 Midterm #1 exam 2024 with 100% correct answers

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market failure - correct answer a situation in which a market left on its own fails to allocate resources efficiently economics - correct answer the study of how society manages its scarce resources incentive - correct answer something that induces a person to act productivity - correct answer the quantity of goods and services produce from each unit of labor input opportunity cost - correct answer whatever must be given up to obtain some item externality - correct answer the impact of one person's actions on the well-being of a bystander Rational People - correct answer those who systematically and purposefully do the best they can to achieve their objectives Scarcity - correct answer the limited nature of society's resources market economy - correct answer an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services business cycle - correct answer fluctuations in economic activity, such as employment and production marginal change - correct answer a small incremental adjustment to a plan of action efficiency - correct answer the property of society getting the most it can from its scarce resources market power - correct answer the ability of a single economic actor (or small group of actors) to have a substantial influence on market press Equality -

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ASU ECN 211

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Uploaded on: September 18, 2024
Number of pages: 9
Written in: 2024/2025
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ecn 211 midterm 1 exam 2024 with 100 correct ans

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ECN 211 Midterm #1 exam 2024 with 100% correct
answers

market vfailure v- vANS-a vsituation vin vwhich va vmarket vleft von vits vown vfails vto vallocate

vresources vefficiently

economics v- vANS-the vstudy vof vhow vsociety vmanages vits vscarce vresources

incentive v- vANS-something vthat vinduces va vperson vto vact

productivity v- vANS-the vquantity vof vgoods vand vservices vproduce vfrom veach vunit vof

vlabor vinput

opportunity vcost v- vANS-whatever vmust vbe vgiven vup vto vobtain vsome vitem

externality v- vANS-the vimpact vof vone vperson's vactions von vthe vwell-being vof va

vbystander

, Rational vPeople v- vANS-those vwho vsystematically vand vpurposefully vdo vthe vbest vthey

vcan vto vachieve vtheir vobjectives

Scarcity v- vANS-the vlimited vnature vof vsociety's vresources

market veconomy v- vANS-an veconomy vthat vallocates vresources vthrough vthe

vdecentralized vdecisions vof vmany vfirms vand vhouseholds vas vthey vinteract vin vmarkets

vfor vgoods vand vservices

business vcycle v- vANS-fluctuations vin veconomic vactivity, vsuch vas vemployment vand

vproduction

marginal vchange v- vANS-a vsmall vincremental vadjustment vto va vplan vof vaction

efficiency v- vANS-the vproperty vof vsociety vgetting vthe vmost vit vcan vfrom vits vscarce

vresources

market vpower v- vANS-the vability vof va vsingle veconomic vactor v(or vsmall vgroup vof

vactors) vto vhave va vsubstantial vinfluence von vmarket vpress

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ECN 211 Midterm #1 exam 2024 with 100% correct answers

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