econ Flashcards Preview

From Flashcardlet > econ > Flashcards

Flashcards in econ Deck (29)
Loading flashcards...
0
Q

there is no such thing as a free lunch

A

TINSTAFL

1
Q

what is the fundamental economic problem?

A

scarcity

2
Q

What are the 3 basic questions on how limited resources be used?

A

WHAT to produce?
HOW to produce it?
WHO to produce it to?

3
Q

what are the factors of production?

A

land, capital, labor, entrepreneurs, [production

4
Q

capital

A

the tools, equipment, machinary, and focatories used in the production of goods and services.

5
Q

labor

A

people with all their efforts, abilities, and skills

6
Q

the scope of economics the 4 main key elements to its study?

A

description (GDP), analysis, explanation, prediction

7
Q

goods, services and consumers

A

.

8
Q

consumer goods

A

is intended by final use by individuals

9
Q

capital goods

A

when manufactured goods are used to produce other goods and services

10
Q

value, utility, and wealth

A

.

11
Q

paradox of value

A

the situation were some necessities, such as water, have little monetary value, whereas some non-necessities, such as diamonds, have a much higher value

12
Q

utility

A

the capacity to be useful and provide satisfaction

13
Q

wealth

A

.

14
Q

factor markets

A

the markets were productive resources are bought and sold

15
Q

product markets

A

where producers sell their goods and services to consumers

16
Q

the circluar flow of economic activity

A

factor markets > product markets

17
Q

productivity and economic growth

A

productivity

18
Q

division of labor

A

it can improve productivity

-takes place when work is arranged so that individual wokers do fewer tasks than before

19
Q

specailization

A

improve work of productivity

-takes place when factors of production preform tasks that they can do relatively more efficiently than others

20
Q

human capital

A

the sum of skills, abilities, health, and motivation of people

21
Q

investing in the future

A

investments in human and physical capital can increase production and promote economic growth

22
Q

economic interdependence

A

that we rely on others and others rely on us to provide goods and services that we consume

23
Q

trade offs

A

alternate choices when making an economic decision

24
Q

opportunity costs

A

the cost of the next best alternative use of money ,time, or resources when one choice is made rather than another

25
Q

ideitfying possible alternatives, fully employed resources, opportunity costs, the cost of idle resources, economic growth

A

.

26
Q

thinking like a economist

A

build simple models, employ cost benefit analysis, take small,incremental steps

27
Q

free enterprise system

A

one in which the consumers and privately owned businesses,rather than the government make the majority of the who, what, how decisions

28
Q

making rational choic and economics for citizenship and a better standard of living

A

.