Assignment 1 - Econ 202 - Nelson Unit 1 Assignment...

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Econ 202 - Nelson Unit 1 Assignment Name___Ryan Ingalls _________ A. Write a definition of the following concepts. 1. equilibrium The balance between (for example, supply and demand) so there is no tendency to change 2. opportunity cost The cost of choosing to do one option over the other 3. resources The objects used when producing goods and services, such as land, labor, and capital B. Give an example of: 1. a direct relationship between two variables The relationship between amount of studying and grades on exams. In almost all cases, the longer you study, the higher you grade on the exam will be. 2. an inverse relationship between two variables The relationship between stress level and happiness. As your stress level increases, your happiness will almost always decrease. C. Identify the following as positive or normative . __ positive __1. In 2008, total spending by consumers in the U.S. totaled $4 trillion. __ normative
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Assignment 1 - Econ 202 - Nelson Unit 1 Assignment...

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