Content Preview

ECN 211 Exam 1 2025 Questions and Answers Economics - ....ANSWER ...-the study of how society manages its scarce resources Macroeconomics - ....ANSWER ...-the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living) Microeconomics - ....ANSWER ...-the study of how households and firms make decisions and how they interact in markets Mixed Economies - ....ANSWER ...-a system with free markets, but with some government intervention (ex. U.S.) Scarcity - ....ANSWER ...-there is not enough of something to go around for everyone to have as much as they want of it at a zero price Resources - ....ANSWER ...-are scarce for economies and households Property Rights - ....ANSWER ...-the ability of an individual to own and exercise control over scarce resources Efficiency - ....ANSWER ...-society is getting the maximum benefits from its scarce resources or the size of the economic pie Equality - ....ANSWER ...-that benefits are distributed uniformly among society's members or how the pie is divided into individual slices …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1