PSU - Econ 102 Final Exam Questions and Correct Answers the Latest Update and Recommended Version
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Course
PSU Econ 102
Institution
PSU Econ 102
Economics
→ study of how people and societies use limited resources to satisfy unlimited wants; the
management of scarcity and choice
Resources
→ 1. Land: anything provided by nature
→ 2. Labor: Mental and physical efforts of humans
→ 3. Capitol: anything that is provided which in tu...
PSU - Econ 102 Final Exam Questions
and Correct Answers the Latest Update
and Recommended Version
Economics
→ study of how people and societies use limited resources to satisfy unlimited wants; the
management of scarcity and choice
Resources
→ 1. Land: anything provided by nature
→ 2. Labor: Mental and physical efforts of humans
→ 3. Capitol: anything that is provided which in turn is used to produce other goods and
services
Microeconomics
→ The study of decision making undertaken by individual economic agents (households,
firms)
Macroeconomics
→ The study of the economy as a whole
3 main economic questions
→ What will we produce? how will we produce? who gets it?
How to answer 3 basic economic questions
→ 1. Command Economy: control authority ex. Queen
→ 2. Market Economy: buyers and sellers come together
→ 3. Mixed Economy: has elements of both 1 and 2
→ Arguing, without additional support, that what is true of the part is automatically true
of the whole
Positive economics
→ The study of "what is" in economics.
Normative economics
→ makes prescriptions about the way the economy should work
Opportunity Cost
→ The value of the next best alternative that must be forgone as a result of a decision
Production Possibility Curve
→ representation of the possible ways an economy could use resources
→ -downward sloping
→ -bowed out
Law of Increasing marginal opportunity cost
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