Econ Exam 1 - BRCC Buckner Questions
With Complete Solutions
the study of how people use their scarce resources to satisfy their unlimited wants
economics
the study of the economic behavior in particular markets such as that for computers or unskilled
labor that examines individual economic choices and how markets coordinate the choices of
various decision makers, explains how price and quantity are determined in individual markets
(how much to borrow and save, how much to party and study, etc.) microeconomics
the study of the economic behavior of entire economies, as measure, for example, by total
production and employment which puts all the pieces of microeconomics together to focus on the
big picture (how your choices link up with those made by millions of others in the US economy
to determine economy-wide measures such as total production, employment, and economic
growth) macroeconomics
occurs when the amount people desire exceeds the amount available at a zero price
scarcity
giving up something else if you buy saints tix (giving up going out to eat) tradeoff
, Econ Exam 1 - BRCC Buckner Questions
With Complete Solutions
all gifts of nature used to produce goods and services such as bodies of water, trees, oil reserves,
minerals, and even animals nature resources (land)
can be drawn on indefinitely if used conservatively
Example: timber is a renewable resource if felled trees are replaced to regrow a steady supply, air
and rivers are renewable if they are allowed sufficient time to cleanse themselves of any
pollutants, biological resources (such as fish, livestock, forests, etc.) are renewable is managed
properly renewable resources
does not renew itself and so is available in a limited amount
Example: once each barrel of oil and or ton of coal is burned, it is gone forever
exhaustible resources
the physical and mental effort used to produce goods and services
Example: effort of a cab driver or effort of a brain surgeon labor
With Complete Solutions
the study of how people use their scarce resources to satisfy their unlimited wants
economics
the study of the economic behavior in particular markets such as that for computers or unskilled
labor that examines individual economic choices and how markets coordinate the choices of
various decision makers, explains how price and quantity are determined in individual markets
(how much to borrow and save, how much to party and study, etc.) microeconomics
the study of the economic behavior of entire economies, as measure, for example, by total
production and employment which puts all the pieces of microeconomics together to focus on the
big picture (how your choices link up with those made by millions of others in the US economy
to determine economy-wide measures such as total production, employment, and economic
growth) macroeconomics
occurs when the amount people desire exceeds the amount available at a zero price
scarcity
giving up something else if you buy saints tix (giving up going out to eat) tradeoff
, Econ Exam 1 - BRCC Buckner Questions
With Complete Solutions
all gifts of nature used to produce goods and services such as bodies of water, trees, oil reserves,
minerals, and even animals nature resources (land)
can be drawn on indefinitely if used conservatively
Example: timber is a renewable resource if felled trees are replaced to regrow a steady supply, air
and rivers are renewable if they are allowed sufficient time to cleanse themselves of any
pollutants, biological resources (such as fish, livestock, forests, etc.) are renewable is managed
properly renewable resources
does not renew itself and so is available in a limited amount
Example: once each barrel of oil and or ton of coal is burned, it is gone forever
exhaustible resources
the physical and mental effort used to produce goods and services
Example: effort of a cab driver or effort of a brain surgeon labor
