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ECON 201 The Miniature Economics Final Exam Questions and Answers
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ECON 201 The Miniature Economics Final Exam Questions and Answers Marginal choice A small, incremental adjustment to a play of action. Ex) "Should I leave the party now or wait another 10 mins to se... e if cool people show up? Economy Consists of all the choices made by a group of people Positive statements Descriptive and attempt to describe the world as it is Normative statements Prescriptive and attempt to prescribe how the world should be Scarcity Is the limited nature of society's resources Efficiency The property of society getting the most it can from its scarce resources Equality The property of distributing economic prosperity uniformly among the members of society opportunity cost What you give up to get an item Marginal change A small incremental adjustment to a plan of action Incentive Something that induces a person to act Market economy an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services [Show More]
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