Econ 103 Final Exam Study Guide with Complete Solutions!!

Econ 103 Final Exam Study Guide with Complete Solutions!! Economics - ANSWER-the social science which seeks to understand how humans make decisions in the face of scarcity given unlimited wants Scarcity - ANSWER-human wants for goods, services and resources exceed what is available Factors of Production - ANSWER-land, labor, capital Gross Domestic Product (GDP) - ANSWER-the total dollar amount of all final goods and services produced in a country in one year Microeconomics - ANSWER-the branch of economics that studies the economy of consumers or households or individual firms Macroeconomics - ANSWER-the branch of economics that studies the overall working of a national economy - growth, unemployment, inflation Monetary Policy - ANSWER-economic policies conducted by the countries' central bank, which manipulates the money supply, interest rates, or banking regulation Fiscal Policy - ANSWER-economic policies that involve government spending and taxes Command Economy - ANSWER-where economic decisions are passed down from government authority and where the government owns the resources Market Economy - ANSWER-economic decisions are decentralized, private individuals own resources ad businesses supply goods and services based on demand Public Policy - ANSWER-the process by which a society makes and enforces decisions on what behavior is acceptable and what is not Private - ANSWER-the individual citizens Public - ANSWER-government Nominal figures - ANSWER-current year data and statistics (has not been adjusted for i