MIE 201 Exam 1 question n answers graded A+ 2023/2024

MIE 201 Exam 1economy - correct answer sum total of all the economic activity within a given region economics - correct answer study of how a society used its scarce resources to produce and distribute goods and services microeconomics - correct answer study of how consumers, businesses and industries collectively determine the quantity of goods and services demanded and supplied at different prices macroeconomics - correct answer study of "big-picture" issues in an economy, including competitive behavior among firms, the effect of government policies, and overall resource allocation issues factors of production and list 5 - correct answer how society decide to use its economic resources natural, human, capital, entrepreneurship, knowledge scarcity and its effect on economies - correct answer scarcity is a condition of any productive resource that has a finite supply 2 effects: creates competition for resources and forces trade-offs on the part of every participant in the economy opportunity cost - correct answer the value of the most appealing alternative from all those that weren't chosen free-market - correct answer individuals and companies are largely free to decide what products to produce, how to produce them, whom to sell them, and at what price