University of Iowa
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ECON 101- ECON Principles of Microeconomics Exam 1 study guide new Solution University of Iowa 
 
 
 
scarcity - --a situation in which unlimited wants exceed the limited resources available to fulfill those wants 
 
shortage - --a situation in which the quantity demanded is greater than the quantity supplied 
 
microeconomics - --the study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices 
 
macroeconomics - --the...
ECON 101/ ECON Principles of Microeconomics Exam 1 study guide new Solution University of Iowa 
 
 
 
 
 
Microeconomics - >>>>the study of how 
households and firms 
make decisions and how 
they interact in markets 
 
Macroeconomics - >>>>the study of economywide 
phenomena, including 
inflation, unemployment, 
and economic growth 
 
Scarcity - >>>>the limited nature of society's 
resources
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BLS INSTRUCTOR STUDY GUIDE 
QUESTIONS AND ANSWER 
What is a prerequisite to becoming an AHA Instructor? - ANS Be aligned with a Training 
Center 
As an instructor, you would use the Program Administration Manual for which of the 
following? - ANS Policy, ethics, and Training Center organization 
Which provides AHA Instructors with access to the Program Administration Manual? - 
ANS The AHA Instructor Network 
You are a BLS Instructor and want to add the AHA logo to a flyer advertising a BLS 
co...