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Flashcards in Economics Deck (26):
1

A true free market system would also be known as

capitalism

2

Resources like food and shelter which it is easy to assign a dollar value are

tangible resources

3

Resources like aesthetic value to which it is more difficult to assign a dollar value are

intangible resources

4

The point in a economic system where supply and demand are equal is called

market equilibrium

5

where there is more supply than there is demand, a _______ occurs.

surplus

6

When there is more demand then there is supply, a ________ occurs.

shortage

7

The amount of a product that is desired in an economy is

demand

8

Estimates and totals of the monetary value of the strengths and weaknesses of a particular project are done in a

cost benefit analysis

9

The annual economic value of all goods and services produced in a country in a given year is

Gross Domestic Product

10

A tax on pollution or resource use is called

green tax

11

An estimate resources future value compared to current value is

discount rate

12

In a sustainable economy, ______ concerns are used to determine which projects are optimal

Social, Economic, Enviornmental

13

The annual economic value of all goods and services produced in a country in a given year minus the costs that lead to a lower quality of life or deplete/ degrade natural resources is

Genuine Progress Indicator

14

The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area is

standard of living

15

The World Bank is

a United Nations international financial institution that provides loans to developing countries for capital programs

16

cost of producing one more unit of a good which helps to explain the idea of economies of scale or the idea that production costs per unit decrease as the number of units that are produced

marginal cost

17

the selling price that is determined by adding overheads profit margin resource cost environmental cost and the cost to human health is

full cost

18

how much it takes to offset any environmental damage of a project is

mitigation cost

19

a form of financial or in kind support extended to an economic sector generally with the aim of promoting economic and social policy is

government subsidy

20

changing financial support from environmentally harmful sectors to more environmentally friendly sectors is

subsidy shifting

21

also known as a flat tax in which one tax rate is applied to each unit of resource used or each dollar earned is

straight tax

22

a system in which there is a set limit on emissions, which is lowered over time to reduce the amount of pollutants released into the atmosphere combined with the ability of companies to exchange pollution credits with one another is a

cap and trade system

23

the market price that is paid in the US for electricity and gasoline is generally

underpriced based on the true full cost of the item

24

the market price that is paid in the US for food is generally

underpriced

25

Making renewable energy resources cheaper than fossil fuels thru taxes and incentives is an example of

subsidy shifting

26

which system did california use in an attempy to reduce its greenhouse gas emissions?

cap and trade system