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Macroeconomics ECO 202 Questions, Answers, Rationales | Latest Updates
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Macroeconomics ECO 202 Questions, Answers, Rationales | Latest Updates
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Macroeconomics ECO 202Study online at https://quizlet.com/_g1jwy0
1. Economy Economic value of all activities within the society.
2. 2 types of eco- microeconomics and macroeconomics
nomics
3. Microeconomics About businesses and individuals in a particular society
and working together to produce goods and services.
4. Macroeconomics Includes not only businesses and individuals involvement
but also government involvement in producing goods and
services globally.
5. 5 resources Natural, Human, Capital, Entrepreneurship, and Knowl-
needed to pro- edge
duce goods and
services
6. Two types of Eco- Free Market (Capitalism) , and Planned (Socialism, and
nomic Systems Communism)
7. Communism Uses all resources
(planned)
8. Socialism "a little give and take", give a little to get a little.
(planned)
9. What defines a - Gross Domestic Product, and how the country deter-
rich country vs, a mines how to their resources are used.
poor country? -Economic Freedom/ Ownership- gives countries incen-
tives to work and improve their private properties ( if you
own something take care of it).
10. Gross Domestic puts a dollar amount on all economic activities within
Product country.
11. Per Capita Take the "GDP" of the country and divide it by the popula-
tion
12. Private property - do whatever you want with what you own so long as you
rights don't harm others.
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