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
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
