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
https://quizlet.com/1064579190/ecn-211-asu-final-exam-2025-questions-and-all-correct-answers-100-solved-and-guaranteed-success-flash-cards/?fun… 2/9
ECN 211 ASU Final Exam (2025) QUESTIONS AND
ALL CORRECT ANSWERS 100% SOLVED AND
GUARANTEED SUCCESS!!
2
3 4
Terms in this set (82)
https://quizlet.com/1064579190/ecn-211-asu-final-exam-2025-questions-and-all-correct-answers-100-solved-and-guaranteed-success-flash-cards/?fun… 1/9
, 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
https://quizlet.com/1064579190/ecn-211-asu-final-exam-2025-questions-and-all-correct-answers-100-solved-and-guaranteed-success-flash-cards/?fun… 2/9
