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Eco Final > Final > Flashcards

Final Flashcards

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0
Q

Difference between a need and a want

A

A need is something you have to have to survive. A want is something that you would like to have, but you do not need it to survive

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1
Q

What is economics?

A

The study if peoples needs and wants

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2
Q

Example of good

A

A jacket

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3
Q

Example of a service

A

A haircut

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4
Q

Factors of production

A

Land, labor, capital

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5
Q

Physical and human capital

A

Physical- all human made goods that are used to produce other goods and services.
Human- the skills and knowledge gained by a worker through education and experience

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6
Q

Key economic questions

A

What am I going to make?
How am I going to make it?
Who am I going to sell it to?

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7
Q

Economic system

A

The method used by society to produce and distribute goods and services.

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8
Q

Economy of the Soviet Union

A

Centrally planned. The government controlled everything in the economy.

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9
Q

5,14,16 amendments

A

Private property
Contractural agreements
Over taxation

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10
Q

Macroeconomics v. Microeconomics

A

Macro- the study if the behavior of a huge economy like the economy of a state or nation.
Micro- the study of the behavior of a small economy, like a household or small business.

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11
Q

Standard of living

A

Level of economic prosperity

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12
Q

Public good

A

A shared good or service for which it would be impractical to make consumers pay individually and to exclude no payers

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13
Q

Externalities

A

Negative- when there is a neighbor who has a ghetto lawn and he refuses to fix it. So it lowers the price value of all the nearby homes.
Positive- when there is a neighbor who has a ghetto lawn but he fixes it up and the price value of all the surrounding homes goes up.

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14
Q

Supply and demand

A

Supply- the amount of a good or service available

Demand- the amount wanted

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15
Q

Normal good v inferior good

A

Normal- a good that everyone buys when they can afford it

Inferior- when you but a better, different good because of an increase in income

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16
Q

Elasticity of supply and demand

A

Supply- companies can change the prices of the good

Demand- people can choose to still buy the good when the price changes

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17
Q

Total revenue

A

The total amount of money a firm receives by selling goods or services

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18
Q

Fixed costs v. Variable costs

A

Fixed- the price is always the same

Variable- the price changes

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19
Q

Equilibrium

A

When the demand and supply is equal

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20
Q

How do firms prices respond to shortages and surpluses?

A

Shortages- they make the price go up

Surpluses- they make the price go down so they can sell more

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21
Q

Rationing

A

A system of allocating scarce goods and services using criteria other than price

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22
Q

Perfect competition, monopolies, and monopolistic competition

A

Perfect- when many firms make basically the same product
Monopolies- when one firm controls and makes the only product of that kind
Monopolistic- when a few firms make goods that are almost the same

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23
Q

Commodities

Study These Flashcards
A

A product that is the same no matter who produces it

24
Barriers to entry
Something that can hold you back from entering the market. Ex. Start up costs
25
Oligopoly
A market dominated by a few large, profitable firms
26
Market power
You can control certain things within the market, like prices
27
Price discrimination
Divisions of customers into groups based on how much they will pay for a good
28
Business organization
When people come together and open up a business that provides something that other people need or want
29
Sole proprietorship
A business that is owned and managed by a single individual
30
Types of partnerships
General- partnership in which partners share equally in both responsibility and liability Limited- partnership in which only one partner is required to be a general partner
31
Corporate characters and articles of partnership
Articles of partnership- a partnership agreement
32
Bureau of labor statistics
Responsible for labor statistics
33
Contingent employment
A temporary employment/job
34
Different job categories
Professional Skilled Unskilled
35
Blue collar v white collar
Blue- industrial jobs, janitors, etc | White- professional jobs, doctors
36
Mediation v arbitration
Mediation- where two parties are negotiating for something and a third party comes in and offers advise for both sides Arbitration- where two parties are negotiating for something and a third party comes in and make the decision for both parties and they can't do anything about it
37
Tyler of mergers
Horizontal- the combination of two or more firms competing in the same market with the same good or service Vertical- the combination of two or more firms involved in different stages of producing the same good or service Conglomerate- business combination merging more than three businesses that make unrelated products
38
Glass ceiling
An unofficial, invisible barrier that prevents women and minorities from advancing in business dominated by white men
39
Money and characteristics of money
``` Anything that serves as a medium of exchange, a unit of account, and a store of value Durability Portability Divisibility Uniformity Limited supply Acceptability ```
40
Federal reserve banking
Our national banking system; all our money in the economy
41
Fractional reserve banking
A banking system that keeps only a fraction of funds on hand and lends out the remainder
42
Financial assets
Claim on the property or income of a borrower
43
Financial intermediaries
Institution that helps channels funds from savers to borrowers
44
Types of bonds
Savings Municipal Corporate
45
New York Stick exchange
Is not an OTC exchange
46
The Dow and s and p 500
Dow- only shows the stats of the top 30 companies | S and p 500- shows the stats of 500 companies
47
Stockholders
Someone who holds stock
48
Types of employment
Frictional Seasonal Structural Cyclical
49
Unemployment rate
The percentage of the nations labor force that is unemployed
50
Underemployment
Working at a job for which one is over qualified or working part time when full time is desired
51
Inflation
A general increase in prices
52
Market basket
A representative collection of goods and services
53
Family v. Household
Family- two or more people living together under the same roof where they are related by birth, marriage, or adoption. Household- two or more people living in the same housing unit, regardless of affiliation
54
Wage price spiral
The process by which rising wages cause higher prices and higher prices cause higher wages
55
Poverty threshold
The income level below which income is insufficient to support a family or household
56
Causes of poverty
``` Lack of education Location Racial or gender discrimination Economic shifts Shifts in family structure ```
57
Discouraged worker
A person who wants a job but has stopped looking

Eco Final (1 decks)

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