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ECO 336 Exam 1 - Part 1 2025 Questions and Answers economics? - ....ANSWER scarcity? - ....ANSWER ...-study of how society manages scarce resources ...-limited nature of society resources (labor) opportunity cost? - ....ANSWER ...-cost of having more of 1 good is foregoing the opportunity of having more of another What is the opportunity cost of going to college? - ....ANSWER ...-tuition and making more money utility? - ....ANSWER ...-total satisfaction received from consuming a good or service rationality? - ....ANSWER ...-the decision-making process that is based on making choices that result in the optimal level of benefit, or utility, for an individual One of the most fundamental assumptions in economics is... - ....ANSWER ...- people behave rationally economic models? - ....ANSWER theories? - ....ANSWER ...-frameworks that explain human behavior ...-explanations for why an event might have occurred. Ceteris Paribus? - ....ANSWER ...-with other conditions remaining the same …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1