ECN 1-2 QUESTIONS AND VERIFIED ANSWERS |100%
CORRECT | ALREADY GRADED A
1.1.1 Explain how an econosystem resembles an ecosystem. Correct
Answers An Econosystem is intertwined with many other elements
other than economics like in ecosystem. There are many components.
The different webs of the system connect and effect each other.
1.1.2 Expand on the following assertion: Economics is one tool in a
social science tool kit. Identify the other tools and describe how one
hones one's skills with these tools. Correct Answers There are other
social sciences that can help augment an understanding of Economics
such as Political and social analysis. Analyze historical and cultural
events.
1.1.3 Comment on the following statement: Economics is truth. Correct
Answers Our economic model isn't an absolute truth. It is a set of tools
that help us look analytically at the world.
1.2.1 Identify the fact of the human condition from which the study of
economic life begins. Explain. Correct Answers Choice. We have to
make choices, and making choices is a challenge. Economics is about
how humans function as individuals and as a whole, and how they seek
to "better their condition" by choices.
1.2.3 Identify the one resource that is inevitably scarce for all
individuals. Illustrate how its scarcity confronts each individual with a
quandary of choice by giving an example. Correct Answers Time. All of
us, as humans, face time. For example, even if you had all the means in
, the world, you can't meet every person on Earth, there simply isn't
enough time to travel that long.
1.2.2 Define opportunity cost. Give an Example. Correct Answers the
best forgone option.
1.2.4 Critique the following assertion: Money is the great escape from
scarcity. Correct Answers That is wrong. To enjoy all that you've ever
wanted, you must not only have unlimited money, but unlimited time.
1.2.5 Contrast the challenge of choice faced by individuals and that
faced by society as a whole. Correct Answers Both individuals AND
society face the problem of choice. As an individual, I don't have to,
personally worry about using up Earth's resources. As an individual,
time is very scarce, but for humankind, time goes on seemingly
indefinitely.
1.2.6 Explain the relationship between scarcity and opportunity cost.
Correct Answers Opportunity cost is the consequence of scarcity. The
opportunity cost of a choice (choices are made because there is scarcity)
is the best forgone option, or the second best choice you could have
made. Every choice you make in a world of limited resources has an
opportunity cost, a price of that choice measured by the best forgone
option. When there is no scarcity, there is no cost to choosing.
1.3.1 Describe the subject of microeconomics. Identify the root word on
which the term microeconomics is built. Correct Answers Micro comes
from the greek word meaning "small." The first step in micro, is to
CORRECT | ALREADY GRADED A
1.1.1 Explain how an econosystem resembles an ecosystem. Correct
Answers An Econosystem is intertwined with many other elements
other than economics like in ecosystem. There are many components.
The different webs of the system connect and effect each other.
1.1.2 Expand on the following assertion: Economics is one tool in a
social science tool kit. Identify the other tools and describe how one
hones one's skills with these tools. Correct Answers There are other
social sciences that can help augment an understanding of Economics
such as Political and social analysis. Analyze historical and cultural
events.
1.1.3 Comment on the following statement: Economics is truth. Correct
Answers Our economic model isn't an absolute truth. It is a set of tools
that help us look analytically at the world.
1.2.1 Identify the fact of the human condition from which the study of
economic life begins. Explain. Correct Answers Choice. We have to
make choices, and making choices is a challenge. Economics is about
how humans function as individuals and as a whole, and how they seek
to "better their condition" by choices.
1.2.3 Identify the one resource that is inevitably scarce for all
individuals. Illustrate how its scarcity confronts each individual with a
quandary of choice by giving an example. Correct Answers Time. All of
us, as humans, face time. For example, even if you had all the means in
, the world, you can't meet every person on Earth, there simply isn't
enough time to travel that long.
1.2.2 Define opportunity cost. Give an Example. Correct Answers the
best forgone option.
1.2.4 Critique the following assertion: Money is the great escape from
scarcity. Correct Answers That is wrong. To enjoy all that you've ever
wanted, you must not only have unlimited money, but unlimited time.
1.2.5 Contrast the challenge of choice faced by individuals and that
faced by society as a whole. Correct Answers Both individuals AND
society face the problem of choice. As an individual, I don't have to,
personally worry about using up Earth's resources. As an individual,
time is very scarce, but for humankind, time goes on seemingly
indefinitely.
1.2.6 Explain the relationship between scarcity and opportunity cost.
Correct Answers Opportunity cost is the consequence of scarcity. The
opportunity cost of a choice (choices are made because there is scarcity)
is the best forgone option, or the second best choice you could have
made. Every choice you make in a world of limited resources has an
opportunity cost, a price of that choice measured by the best forgone
option. When there is no scarcity, there is no cost to choosing.
1.3.1 Describe the subject of microeconomics. Identify the root word on
which the term microeconomics is built. Correct Answers Micro comes
from the greek word meaning "small." The first step in micro, is to
