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From Flashcardlet > Economic Quiz 1 > Flashcards

Economic Quiz 1 Flashcards

0
Q

Factor of production

A

Land, labour, capital, enterprise

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1
Q

Definition of Economics

A

Study of how people allocate their limited resources to satisfy their unlimited wants

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2
Q

Factor of income

A

Rent, wages, interest, revenue

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3
Q

Technology means?

A

A method of production

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4
Q

What things are produced

A

Goods and services

Capital goods

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5
Q

Major theme of economics?

A

Scarcity - make a choice - involves a cost

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6
Q

Opportunity cost

A

Best alternative foregone.

Ex. Taking this class, has a cost= work, sleeping, exercise

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7
Q

3 fundamental questions of economics

A

What to produce
How to produce- capital or labour intensive?
For whom? How to distribute?

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8
Q

The 4 C’s? What do each mean?

A

Cooperation- economics decided through consensus
Command- economics which are controlled by a single individual (king, emperor, dictator)
Custom- economics where decisions are determined on customs, which are reinforced by religion
Competitive- economics where decisions are made by individuals and the market determines price and allocation of the product.

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9
Q

Two efficiencies a market economy produces?

A

Allocative efficiency- the production of output that best satisfies the consumers demand
Productive efficiency- the production of output at the lowest average cost

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10
Q

Normative

A

Belief or opinion, cannot be verified

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11
Q

Positive

A

Facts, verifiable

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12
Q

Foraging society

A

Economic needs are satisfied by hunting and gathering

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13
Q

Nomadic means?

A

No fixed residence

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14
Q

3 consequences of nomadic life?

A

Carrying capacity- size of group is limited
Few possessions- common ownership, liability during travel
No surplus- no storage, wagons, preservation

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15
Q

Abraham Maslow’s Hierarchy of needs?

A 
Physiological
Safety
Belonging and Love
Esteem
Self-actualization
16
Q

Foragers were not maximizes they were?

A

Satisfizers

17
Q

Gross Domestic Product

A

Market value of final goods and services newly produced in a country in a given period.

18
Q

Why did foragers mostly die out?

A

Civilizations pushed foragers out
Forced to change
Population growth
Food shortage

19
Q

Failure of foraging society?

A 
Lack of choice:
Food
Education
Live
Work
Retire
20
Q

Examples of communes

A 
Shakers
Hutterites
Rappites
Doukhobours
Essenes
21
Q

Universal Unity

A

12 passions-
5 senses- sight, taste, hear, touch, smell
4 group passions- friendship, love, family feelings, ambition
3 distributive passions- planning, change, unity

22
Q

Phalanx

A

Self sufficient independent community

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