ECO 211 CHAPTER 1 GORDON SMITH ANDERSON
UNIVERSITY QUESTIONS AND VERIFIED ANSWERS |100%
CORRECT | ALREADY GRADED A
Economics Correct Answers the study of how society manages scarce
resources (SMSR)
Society Correct Answers firms, households, government
Manages Correct Answers makes decisions
Economic decisions Correct Answers trade offs (what you gave up to be
in class), rational decision makers (what is in my best interest), and
incentives (something that induces you to act, ex: Obamacare)
Efficency Correct Answers markets want to maximize your outcome
Equity Correct Answers equality of an outcome (everyone gets the
same, what government is concerned with)
Adam Smith Correct Answers British economist, wrote the Wealth of
Nations, prices are an invisible hand
Direct economic activity Correct Answers motivated by prices
Interactions Correct Answers markets that means trade
UNIVERSITY QUESTIONS AND VERIFIED ANSWERS |100%
CORRECT | ALREADY GRADED A
Economics Correct Answers the study of how society manages scarce
resources (SMSR)
Society Correct Answers firms, households, government
Manages Correct Answers makes decisions
Economic decisions Correct Answers trade offs (what you gave up to be
in class), rational decision makers (what is in my best interest), and
incentives (something that induces you to act, ex: Obamacare)
Efficency Correct Answers markets want to maximize your outcome
Equity Correct Answers equality of an outcome (everyone gets the
same, what government is concerned with)
Adam Smith Correct Answers British economist, wrote the Wealth of
Nations, prices are an invisible hand
Direct economic activity Correct Answers motivated by prices
Interactions Correct Answers markets that means trade
