ECN 211 Exam 1 / Questions & Expertly Verified Answers, 2025 / 2026.Economics -
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Qs: the study of how society manages its scarce resources
Qs: Macroeconomics -
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the study of economy-wide phenomena (ex. the federal deficit, the rate of unemployment and policies to improve our standard of living)
Qs: Microeconomics -
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the study of how households and firms make decisions and how they interact in markets
Qs: Mixed Economies -
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a system with free markets, but with some government intervention (ex.U.S.)
Qs: Scarcity -
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there is not enough of something to go around for everyone to have as much as they want of it at a zero price
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Qs: Resources -
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are scarce for economies and households
Qs: Property Rights -
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the ability of an individual to own and exercise control over scarce resources
Qs: Efficiency -
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society is getting the maximum benefits from its scarce resources or the size of the economic pie
Qs: Equality -
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that benefits are distributed uniformly among society's members or how the pie is divided into individual slices
Qs: Productivity -
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the amount of goods and services produced from each unit of labor input
Qs: Incentives -
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something that induces a person to act or change a behavior
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