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Macroeconomics ECO 202 Exam Questions And Answers 100% Pass

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©BRIGHTSTARS EXAM SOLUTIONS 11/15/2024 11:57 AM 1 | P a g e Macroeconomics ECO 202 Exam Questions And Answers 100% Pass Economy - answerEconomic value of all activities within the society. 2 types of economics - answermicroeconomics and macroeconomics Microeconomics - answerAbout businesses...

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  • November 18, 2024
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  • Exam (elaborations)
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  • ECO 202
  • ECO 202
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©BRIGHTSTARS EXAM SOLUTIONS

11/15/2024 11:57 AM


Macroeconomics ECO 202 Exam Questions
And Answers 100% Pass


Economy - answer✔Economic value of all activities within the society.

2 types of economics - answer✔microeconomics and macroeconomics

Microeconomics - answer✔About businesses and individuals in a particular society and
working together to produce goods and services.

Macroeconomics - answer✔Includes not only businesses and individuals involvement but
also government involvement in producing goods and services globally.

5 resources needed to produce goods and services - answer✔Natural, Human, Capital,
Entrepreneurship, and Knowledge

Two types of Economic Systems - answer✔Free Market (Capitalism) , and Planned
(Socialism, and Communism)

Communism (planned) - answer✔Uses all resources

Socialism (planned) - answer✔"a little give and take", give a little to get a little.

What defines a rich country vs, a poor country? - answer✔- Gross Domestic Product, and
how the country determines how to their resources are used.
-Economic Freedom/ Ownership- gives countries incentives to work and improve their
private properties ( if you own something take care of it).

Gross Domestic Product - answer✔puts a dollar amount on all economic activities within
country.

Per Capita - answer✔Take the "GDP" of the country and divide it by the population

Private property rights - answer✔- do whatever you want with what you own so long as
you don't harm others.
- gives you the incentive to increase the value of what you own

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