ECON 101 EXAM QUESTIONS AND ANSWERS LATEST UPDATE.

ECON 101 EXAM QUESTIONS AND




1. what is economics? ANS >>> study of how a society manages its scarce
resourses



2. resources ANS >>> input, factors of production



3. economy's resources ANS >>> 1. labor



2. capital


https://www.stuvia.com/user/CULTIVATED 1/7

, 3. natural resources



4. entrepreneurial ability



4. labor ANS >>> physical capital (machines, buildings, roads)



5. capital ANS >>> human capital (education, knowledge)



6. scarcity ANS >>> nobody can have everything they want



7. macroeconomics ANS >>> how to utilize these resources to better the nation as a
whole



8. the Decision Makers ANS >>> 1. households



2. government



3. firms




https://www.stuvia.com/user/CULTIVATED 2/7