ECON SUPPLY & DEMAND (ECON)

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UNIVERSITY OF ARIZONA ECONOMICS SUPPLY & DEMAND FINAL EXAM STUDY GUIDE 2020 VERIFIED WITH 100% CORRECT ANSWERS.

UNIVERSITY OF ARIZONA ECONOMICS SUPPLY & DEMAND FINAL EXAM STUDY GUIDE 2020 VERIFIED WITH 100% CORRECT ANSWERS.
Study guide • 11 pages • 2020

1. Define economics. 2. Explain how scarcity relates to economics. Limited resources to meet unlimited needs and wants. This situation requires people to make decisions about how to allocate resources efficiently in order to satisfy needs and wants. 3. Differentiate between opportunity costs and trade offs. Opportunity Costs: The second best alternative to a choice that is made. Trade Offs: Giving up some of one thing in order to gain more of something else. 4. Define factors of produ...