Exam (elaborations) ECN 211 ASU

8/8/25, 12:38 PM ECN 211 ASU Final Exam (2025) QUESTIONS AND ALL CORRECT ANSWERS 100% SOLVED AND GUARANTEED SUCCESS!!…




ECN 211 ASU Final Exam (2025) QUESTIONS AND
ALL CORRECT ANSWERS 100% SOLVED AND
GUARANTEED SUCCESS!!




2




3 4




Terms in this set (82)




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, 8/8/25, 12:38 PM ECN 211 ASU Final Exam (2025) QUESTIONS AND ALL CORRECT ANSWERS 100% SOLVED AND GUARANTEED SUCCESS!!…



Green arrows represent the flow
of money and red represents to
The Circular Flow Diagram
flow of goods/services



The curve shows what is
possible within an economy
Production possibilities
D- impossible
Frontier/ Curve PPF: PPC
A&B - feasible efficient
C - feasible & inefficient

PPF shifts out when... the economy can produce more of everything

the cost of what you give up to get something else in
Opportunity Cost
terms of time, money, or other goods

Absolute Advantage Who can make most of that good

Comparative Advantage The lowest opportunity cost for that good

What would allow Panama They want to trade within their opportunity cost
and Canada to trade?

The amount consumers are willing and able to
Demand
purchase

The amount that producers are willing and able to
Supply
produce

Law of demand Demand always slopes down

Law of supply Supply always slopes up

Equilibrium Where the two curves meet

- Price of substitute or complement
- Consumer preference
Demand shifters
- population growth
- Income and expectation of future income




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