Econ 202 Final Exam
2026-2027
Expert-Verified Questions and Answers
(With A+ Grades Guarantee)
, What is economics? The study of how people make choices.
Macroeconomics Looks at the economy as a whole, focusing on issues such as growth,
unemployment, inflation, and business cycles
Microeconomics the branch of economics that studies the economy of consumers or households or
individual firms
Scarcity limited quantities of resources to meet unlimited wants
Opportunity Cost the thing you give up when you decide to do or have something else
Positive Economics the part of economics involving what are established facts; the analysis of facts or
data to establish scientific generalizations about economic behavior
Normative Economics Judgments about "what ought to be" in economic matters.
Specialization Workers concentrate on producing those goods and services for which they have a
competitive advantage
The Factors of Production Land, labor, and capital-- the 3 things required for any kind of economic
production. Entrepreneurs (risk-takers)
The Role of Money in Production Helps speed up transactions in the economy. Instead of trading someone for
another product they might not necessaryily need. Keeps economy running.
The Supply of Factors of Production How much land, labor and capital one owns or is able to use to produce
Assumptions Underlying the Production Possibilities Curve Economic Efficiency (Whether all resources are being used to their fullest
advantage for the demand of the economy), Fully Employed Resources (Whether or
not all the resources are being used without and waste), A finite amount of factors of
production (You only have so much land, labor and capital to use and can't produce
outside of that range)
Technology and the Production Possibilities Curve Advances in technology mean the production possibilities curve shifts outward and
more units of one or more resources can now be made
Production and Economic Growth More things are produced and therefore more things are bought.
2026-2027
Expert-Verified Questions and Answers
(With A+ Grades Guarantee)
, What is economics? The study of how people make choices.
Macroeconomics Looks at the economy as a whole, focusing on issues such as growth,
unemployment, inflation, and business cycles
Microeconomics the branch of economics that studies the economy of consumers or households or
individual firms
Scarcity limited quantities of resources to meet unlimited wants
Opportunity Cost the thing you give up when you decide to do or have something else
Positive Economics the part of economics involving what are established facts; the analysis of facts or
data to establish scientific generalizations about economic behavior
Normative Economics Judgments about "what ought to be" in economic matters.
Specialization Workers concentrate on producing those goods and services for which they have a
competitive advantage
The Factors of Production Land, labor, and capital-- the 3 things required for any kind of economic
production. Entrepreneurs (risk-takers)
The Role of Money in Production Helps speed up transactions in the economy. Instead of trading someone for
another product they might not necessaryily need. Keeps economy running.
The Supply of Factors of Production How much land, labor and capital one owns or is able to use to produce
Assumptions Underlying the Production Possibilities Curve Economic Efficiency (Whether all resources are being used to their fullest
advantage for the demand of the economy), Fully Employed Resources (Whether or
not all the resources are being used without and waste), A finite amount of factors of
production (You only have so much land, labor and capital to use and can't produce
outside of that range)
Technology and the Production Possibilities Curve Advances in technology mean the production possibilities curve shifts outward and
more units of one or more resources can now be made
Production and Economic Growth More things are produced and therefore more things are bought.
