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Social 9 > Economics > Flashcards

Economics Flashcards

1
Q

Economics definition

A

study or process of the exchange, production and consumption of wealth

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2
Q

What is an economic theory

A

Attempt to explain the exchange, production and consumption of wealth

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3
Q

What is the school of though?

A

A way of thinking of something

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4
Q

True or false: Economists from the same school of thought will think about economics a similar way

A

True

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5
Q

What are potenial problems with economic theories

A
  • we are not 100% sure, and they could not be accurate
  • HArd to model
  • ## Unclear
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6
Q

What are neoclassical economics

A

economic chool of thought that connects supply and demand of a good to an individuals rationality and their ability to maximize utility

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7
Q

What is supply

A

How much of something

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8
Q

what is demand

A

how much people want an item

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9
Q

What happens to an item when the supply goes up?

A

THe price goes down

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10
Q

What happens to an item when the supply goes down

A

THe price goes up

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11
Q

What happens when the demand of an item goes down

A

The price goes down

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12
Q

What happens when the demand of an item goes up?

A

The price goes up

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13
Q

What are the assumptions of neoclassical economics

A
  1. People are driven by self interest
  2. people act rationally, independently and in a fully informed manner
  3. individuals maximize utility(getting the most out of something)
  4. companies maximize profit
  5. everything is the right price
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14
Q

What is equilibrium

A

Everything is the right price, the price your willing to pay

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15
Q

Statistic definition

A

Collect data, summerize and predict.

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16
Q

When do we use statistics

A

when making economic decisions

17
Q

ARe we able to interperet statistics well?

A

not neccisarily

18
Q

What are the two aspects of ideologies

A

Political and economic

19
Q

What is the political part of ideologies

A

Deals with how much political freedom individuals have

20
Q

What is the economic part of ideologies?

A

Deals with how much economic freedom individuals have

21
Q

What is capitilism based on

A

neoclassocal economics

22
Q

What are some believes of capitalism

A
  • the only 2 things that operate in the market is supply and demand
  • The governments only job is to enforce the rules of the game, everything else should be “free market”
  • Competitions is a self regulating force in the market
23
Q

What do high interest rates encourage poeple to do

A

save their money

24
Q

What do low interest rates encourage people to do

A

take their money out of the bank and spend it

25
Q

Who sets the base interest rat for a country

A

The government

26
Q

What is the base interest rate of a country called

A

Preime interest rate

27
Q

How do stocks work

A

People buying and selling tiny pieces of business based on how much they think these pieces will be worth in the future.

28
Q

What are dividends

A

giving some of the profit back to the investors

29
Q

Do tocks accureatly reflect on how the overall economy is doing

A

No

30
Q

True or False: Supply and demand do not affect stocks

A

false

31
Q

What do people get in return when they deposit money in a bank

A

The bank pays them interest

32
Q

WHat is interest

A

a percent of the original amount

33
Q

What do people get in return when they get a loan from the bank

A

People have to pay interest

34
Q

PEople give colladeral for a loan true or false

A

True

35
Q

What is a loan for a house called?

A

A mortgage(the collateral is the house)

36
Q

What are the main things a bank do

A

Let people deposit money into a savings account, loan money or houses out to people

Social 9 (3 decks)

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