ECN 211 Exam 1 EXAM 2024 WITH 100% CORRECT ANSWERS

Economics - correct answer the study of how society manages its scarce resources Macroeconomics - correct answer the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - correct answer the study of how households and firms make decisions and how they interact in markets Mixed Economies - correct answer a system with free markets, but with some government intervention (ex. U.S.) Scarcity - correct answer there is not enough of something to go around for everyone to have as much as they want of it at a zero price Resources - correct answer are scarce for economies and households Property Rights - correct answer the ability of an individual to own and exercise control over scarce resources Efficiency - correct answer society is getting the maximum benefits from its scarce resources or the size of the economic pie Equality - correct answer that benefits are distributed uniformly among society's members or how the pie is divided into individual slices Productivity - correct answer the amount of goods and services produced from each unit of labor input I