Psu econ 102 - Study guides, Class notes & Summaries

Econ-102-PSU-Exam-1 Correct Answers Latest Update

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 e...

ECON 102 (PSU) FINAL EXAM STUDY GUIDE (with diagrams) RATED A

ECON-102-PSU-EXAM-1REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100% Production - <<ANSWER>>Any activity that results in the conversion of resources into products that can be used in consumption

Econ-102-PSU-Exam

Econ-102-PSU-Exam

ECON 102 EXAM #3 PSU REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%

PSU - ECON 102 FINAL EXAM REVIEW NEWEST ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT VERIFIED ANSWERS (DETAILED ANSWERS) ALREADY GRADED A+ 100%

Incentives → rewards or penalties for engaging in a particular activity Economics → The study of how people allocate their limited resources to satisfy their unlimited wants Resources → things used to produce goods and services to satisfy people's wants Wants → what people would buy if their incomes were unlimited Microeconomics → the study of decision making undertaken by individuals and by firms Macroeconomics → the study of the behavior of the economy as a whole, inc...