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ECN 211 Exam 1 2025 Questions and Answers Ceteris Paribus - ....ANSWER ...-with other conditions remaining the same opportunity cost - ....ANSWER ...-whatever must be given up to obtain some item Utility - ....ANSWER ...-usefulness a customer obtains from a good Micro - ....ANSWER ...-the study of how households and firms make decisions and how they interact in markets Macro - ....ANSWER ...-the study of economy wide phenomena, including inflation, unemployment, and economic growth Normative Economics - ....ANSWER ...-Normative- what the status SHOULD be Postitive Economics - ....ANSWER ...-what things ARE (quantifiable, measurable) production possibilities curve (PPC) - ....ANSWER ...-a curve depicting all maximum output possibilities for two goods Unemployment on PPC - ....ANSWER ...-Massive unemployment is a situation of wastage of human resources which means there is an under utilization of resources Demand - ....ANSWER ...-consumer's desire and willingness to pay a price for a specific good or service …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1