ECN 211 - EXAM 1 2024 WITH 100% CORRECT ANSWERS

Utility - correct answer Pleasure or satisfaction obtained from consuming a good or service Economizing Problem - correct answer Wants exceed means Economizing Problem - correct answer Limited resources vs. unlimited wants Individuals Economizing Problem - correct answer Budget Line Society's Economizing Problem - correct answer Production Possibilities Frontier (PPF): Factors of production - correct answer the resources the economy uses to produce goods & services, including labor, land, capital Inverse Relationship (negative) - correct answer Variables move in opposite directions (negative) Direct Relationship (positive) - correct answer Both variables move in the same direction (positive) Equation of a Line - correct answer y = a + bx y - correct answer Equation of a Line: the variable on the vertical axis a - correct answer Equation of a Line: the vertical intercept b - correct answer Equation of a Line: the slope of the line x - co