ECON 102 FINAL EXAM ISU ECONOMICS COURSE 2026/2027 |
COMPLETE MASTER REVIEW | GRADED A+ | 100% CORRECT |
VERIFIED STUDY SET FOR GUARANTEED SUCCESS | HIGH-YIELD
CONCEPTS, MICROECONOMICS PRINCIPLES & PROBLEM-SOLVING
INSIGHTS FOR EXCELLENCE
Macroeconomics - CORRECT ANSWER - Looks at economy as a whole,
broad perspective/ large picture
Fiscal Policy - CORRECT ANSWER - Government spending and taxes.
Federal, state, and city. Conducted by Congress, executive branch, and the
nation's legislative body
Monetary Policy - CORRECT ANSWER - manipulating money supply,
manipulating interest rates, changing bank regulations. Conducted by Central
Bank
Economics - CORRECT ANSWER - a social science that seeks to understand
how humans make decisions in the face of scarcity
Scarcity - CORRECT ANSWER - One word- Limits
factors of production - CORRECT ANSWER - land, labor, capital
Division and specialization of labor - CORRECT ANSWER - the process in
which workers select specialized tasks to make a product
Specialization - CORRECT ANSWER - when workers or firms focus on
particular tasks for which they are well-suited within the overall production
process
Adam Smith, The Wealth of Nations - CORRECT ANSWER - people work
for money not kindness of their heart
,Economies of Scale - CORRECT ANSWER - As the level of production
increases, the average cost of producing each individual unit declines
Example - CORRECT ANSWER -
Microeconomics - CORRECT ANSWER - The individual units that make up
the whole of the economy
circular flow diagram - CORRECT ANSWER - a diagram that views the
economy as consisting of households and firms interacting in a goods and
services market and a labor market. Businesses send wages, salaries, benefits,
and goods and services to households. Households send Labor services and
payment for goods and services to businesses.
Command Economy (Communism) - CORRECT ANSWER - an economic
system where economic decisions are passed down (through hierarchy) from
government planners where factors of production are owned by the government
Market Economy (Capitalism) - CORRECT ANSWER - decentralized and by
the people not the govt. Free market
Market - CORRECT ANSWER - interaction between potential buyers and
sellers; a combination of demand and supply
underground economy - CORRECT ANSWER - buyers and sellers make
transactions without the govt's approval. Drugs, weapons, not reporting cash
Globalization - CORRECT ANSWER - the expanding cultural, political, and
economic connections between people around the world.
, Imports - CORRECT ANSWER - Produced abroad and sold domestically. An
American consumer who buys a Ferrari that was produced in Italy is an
example of a US
Exports - CORRECT ANSWER - produced domestically and sold abroad
GDP - CORRECT ANSWER - The total dollar amount of all final goods and
services produce within a country's borders in one year
budget constraint - CORRECT ANSWER - shows the maximum quantity of
two products that a person can purchase based on the price of the products and
the person's budget.
opportunity cost - CORRECT ANSWER - The next best alternative. All
around us and is part of daily decision making. A true cost that economists
incorporate into cost models.
marginal - CORRECT ANSWER - Incremental changes. A little more or a
little less of something. An increase or decrease in one unit
marginal analysis - CORRECT ANSWER - Used to examine the decisions of
incremental change. Examining the benefits and costs of choosing a little more
or a little less of a good.
Utility - CORRECT ANSWER - the term that economists use to describe the
satisfaction or happiness gained from consuming a product
law of diminishing marginal utility - CORRECT ANSWER - Shows the
general pattern of higher levels of happiness for the first few units consumed
compared to the last few units consumed
COMPLETE MASTER REVIEW | GRADED A+ | 100% CORRECT |
VERIFIED STUDY SET FOR GUARANTEED SUCCESS | HIGH-YIELD
CONCEPTS, MICROECONOMICS PRINCIPLES & PROBLEM-SOLVING
INSIGHTS FOR EXCELLENCE
Macroeconomics - CORRECT ANSWER - Looks at economy as a whole,
broad perspective/ large picture
Fiscal Policy - CORRECT ANSWER - Government spending and taxes.
Federal, state, and city. Conducted by Congress, executive branch, and the
nation's legislative body
Monetary Policy - CORRECT ANSWER - manipulating money supply,
manipulating interest rates, changing bank regulations. Conducted by Central
Bank
Economics - CORRECT ANSWER - a social science that seeks to understand
how humans make decisions in the face of scarcity
Scarcity - CORRECT ANSWER - One word- Limits
factors of production - CORRECT ANSWER - land, labor, capital
Division and specialization of labor - CORRECT ANSWER - the process in
which workers select specialized tasks to make a product
Specialization - CORRECT ANSWER - when workers or firms focus on
particular tasks for which they are well-suited within the overall production
process
Adam Smith, The Wealth of Nations - CORRECT ANSWER - people work
for money not kindness of their heart
,Economies of Scale - CORRECT ANSWER - As the level of production
increases, the average cost of producing each individual unit declines
Example - CORRECT ANSWER -
Microeconomics - CORRECT ANSWER - The individual units that make up
the whole of the economy
circular flow diagram - CORRECT ANSWER - a diagram that views the
economy as consisting of households and firms interacting in a goods and
services market and a labor market. Businesses send wages, salaries, benefits,
and goods and services to households. Households send Labor services and
payment for goods and services to businesses.
Command Economy (Communism) - CORRECT ANSWER - an economic
system where economic decisions are passed down (through hierarchy) from
government planners where factors of production are owned by the government
Market Economy (Capitalism) - CORRECT ANSWER - decentralized and by
the people not the govt. Free market
Market - CORRECT ANSWER - interaction between potential buyers and
sellers; a combination of demand and supply
underground economy - CORRECT ANSWER - buyers and sellers make
transactions without the govt's approval. Drugs, weapons, not reporting cash
Globalization - CORRECT ANSWER - the expanding cultural, political, and
economic connections between people around the world.
, Imports - CORRECT ANSWER - Produced abroad and sold domestically. An
American consumer who buys a Ferrari that was produced in Italy is an
example of a US
Exports - CORRECT ANSWER - produced domestically and sold abroad
GDP - CORRECT ANSWER - The total dollar amount of all final goods and
services produce within a country's borders in one year
budget constraint - CORRECT ANSWER - shows the maximum quantity of
two products that a person can purchase based on the price of the products and
the person's budget.
opportunity cost - CORRECT ANSWER - The next best alternative. All
around us and is part of daily decision making. A true cost that economists
incorporate into cost models.
marginal - CORRECT ANSWER - Incremental changes. A little more or a
little less of something. An increase or decrease in one unit
marginal analysis - CORRECT ANSWER - Used to examine the decisions of
incremental change. Examining the benefits and costs of choosing a little more
or a little less of a good.
Utility - CORRECT ANSWER - the term that economists use to describe the
satisfaction or happiness gained from consuming a product
law of diminishing marginal utility - CORRECT ANSWER - Shows the
general pattern of higher levels of happiness for the first few units consumed
compared to the last few units consumed
