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Economics > H - Econ. Chaps 1-4 > Flashcards

H - Econ. Chaps 1-4 Flashcards

1
Q

The creation / addition of utility

A

Production

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2
Q

Ability of the good / service to satisfy a want

A

Utility

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3
Q

The sum of all goods and services produced by an economy over a given time

A

Total product

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4
Q

The allocation of the total product among the productive resources

A

Distribution

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5
Q

All natural, synthetic, and human inputs that are used in creating goods and services

A

Productive Resources

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6
Q

Study of how people and institutions within a society make choices and how these choices in turn determine the use of society’s scarce resources

A

Economics

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7
Q

The time and effort expended by human being
______

All the resources of the land, sea, and air
being
______

Goods used to produce other goods and services
______

The act of organizing and suing the risks of a business venture
______

A

Labor, land, capital, and enterprise

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8
Q

A person who organizes and assumes the risks of a business venture .
Combines the oath productive resources (LLC) to produce a final product

A

Entrepreneur

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9
Q

What are the problems of distribution?

A

Market Economy comprised of:
Wages, rent, interest profits.

It’s a barter economy

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10
Q

The use of a good or service.

May be the most important functions economics because it’s the ultimate end result of economic activity

A

Consumption

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11
Q

Economic goods and services are what 3 things?

A

Useful, scarce, and transferable

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12
Q

Difference between a service and a good?

A

Services are intangible

Goods have a utility and satisfy a want to be economic goods

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13
Q

Type of good:

Lacks the element of scarcity and therefore has no price

A

Free good

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14
Q

Type of good:

An economic good to the supplier but a fee good to the user

A

Public good

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15
Q

Type of good:

Goods directly used by individual,s households, and businesses

A

Consumer goods

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16
Q

Things of value owned at a particular time

A

Wealth and Income (Stock and Flow)

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17
Q

The stock of labor talents and skill use to increase productivity

A

Human Capital

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18
Q

The total value of the goods and services produced over a period of time

A

Total Income

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19
Q

An organized boy of knowledge that is coordinated, arr., and systemic ex according to general laws or principles

A

Science

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20
Q

A study of behavior and interaction of human beings, individually and in groups

A

Economics

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21
Q

Difference between economic theory vs. economic policy

A

E. Theory - Develops rules and principles of economics and is a guide for action under a given set of circumstances
E. Policy - Action actually taken under a given set of circumstances

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22
Q

Difference between Positive and Normative Economics

A

Positive - Scientific study of “what is” among economic relationships
Normative - Area dealing w/ “what ought to be”

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23
Q

The value of 1+ or 1- unit, opportunity cost

A

Marginal Analysis

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24
Q

A supposition that something is true without proof

A

Assumption

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25
Q

Action consistent with a given goal

A

Rational Behavior

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26
Q

A position of stability or rest where the qty. supplied equals the qty. demanded

A

Equilibrium

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27
Q

An action that is beneficial to an individual may not be beneficial if done by a group

A

Fallacy of Composition

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28
Q

Saving by individuals or families is desirable for it increases capital formation, but if a large no. of people

A

Paradox Shift

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29
Q

When government compensates for individuals and firms for large-scale losses it creates a climate of greater risk and losses in future

A

Moral Hazard

30
Q

What lies at the heart of economics and is the driving force for business choices?

A

Scarcity

31
Q

Most of us must make decisions as to how to spend our money to

A

Maximize our satisfaction due to our limited resources

32
Q

Choices of businesses are restricted by…

A

Competition
Government Regulations
Production Costs
Tech

33
Q

On a national level policy makers must also make important economic decisions that reflect

A

Costly alternative

34
Q

The total output and standard of living of any nation depend on the extent of the nations

A

Labor
Land
Capital
Enterprise

35
Q

Shows the alternative combinations of different goods and services that a society can produce given its available resources and tech

A

Production Possibilities Curve

36
Q

The value of the next best alternative that must be sacrificed when a choice is made

A

Opportunity Cost

37
Q

True or False

The production possibilities curve can be curved inward or outward

A

False

It is ALWAYS curved Outward

38
Q

If you are inside the curve of the production possibilities could mean

A

That you are inefficient, experiencing natural disasters, or etc.

39
Q

Increasing total output and profits would be a way to cultivate

A

Economic Growth

40
Q

True or False

The U.S. has an excellent combination of the resources

A

True
Labor - Skill, versatile mobile
Land - Plentiful supply of land and natural resources
Capital - Greats amount of capital in the world
Enterprise - Entrepreneurial skills

41
Q

Some areas of the world lack proper ____ of land, labor, and capital required to high level production

A

Ratio

42
Q

Process of limiting the scope of an economic units productive efforts instead of trying to produce everything it needs

A

Specialization

43
Q

The process of trading surplus

A

L

44
Q

Ability to produce a good or service using fewer resources than other producers use

A

Absolute advantage

45
Q

The ability to produce a good or service at a lower opportunity cost than other producers face

A

Comparative advantage

46
Q

Main questions of macroeconomics

A
  1. What goods and services to produce, and what quantities?
  2. How are goods/services produced?
  3. Who gets what is produced?
47
Q
  • The incentive for obtaining and using resources to produce goods and services that consumers will buy
  • The excess of revenue over all costs of production
A

Profit

48
Q

In a ____ situation the producer by using resources to make a profit increases the well-being of other people

A

Model

49
Q

In an economic system the ultimate use of ____ and other resources and the ______ of goods/services are determined primarily by consumer demand

A

Labor, allocation

50
Q

Individuals express their through what for Goods/Services

A

Prices

51
Q

The opportunity to make profits is a(n) ____ for business to produce goods/services

A

Incentive

52
Q

For payments business obtain the revenue they need to purchase the ___,____,____ necessary for producing more goods/services

A

Labor, land, capital

53
Q

Rivalry among individuals and firms for sales to consumers
The natural regulator that makes the free market system
It protects customers from shoddy products
If it is effective the economy functions efficiently without overseer

A

Competition

54
Q

Chap. 3.

The role of prices

A

Allocate resources

Prices ration consumer demand

55
Q

4 Major forms of business organization

A

Sole Proprietorship -Business owned by 1 person

Partnership - Business owned by 2+ people

Corporation -Separate legal entity apart from its owners or shareholder which functions as a business

Cooperatives -Business owned by the people who use it or buy from it

56
Q

Producers in a market economy seek the business of individual buyers by…

A

Underprice firms
Putting out a better product
Giving better service

57
Q

Government-Regulate Markets

A 
Public Utilities 
Airlines
Agricultural markets
Banking Industry
Number of taxicabs in. Cities
Number of establishments that can serve alcoholic beverages
58
Q

Economy that contains a mixture of perfect and imperfect competition no of regulated and unregulated industries

A

Mixed Economy

The U.S. is a primary example

59
Q

The removal of government regulations to better help competition

A

Deregulation

60
Q

The quantity purchased of a g/s is inversely related to the price all other things being equal

A

Law of supply and demand

61
Q

Quantities of a g/s at a specific price over a give period of time

A

Quantity of demand

62
Q

A schedule of the total quantities of a g/s that purchasers will buy

A

Demand ?? Check chap 4

63
Q

The quantity of a good or service that an individual or firm stands ready to buy at various prices at a given time

A

Individual demand

64
Q

The sum of the individual demands in the marketplace

A

Market demand

65
Q

A table showing the various quantities of a g/s

A

Demand schedule

66
Q

Check chap 4

A

Demand Curve

67
Q

Movement along the demand curve which occurs

A

Cha

68
Q

Determinates of Demand

A 
Changes in Income
Changes in tastes and preferences
Changes in the prices of elated goods and services 
-substitutes 
-compliments
69
Q

Total qty. of g/s that sellers stand ready to sell at a different prices in a give time

A

Supply

70
Q

The specific amount that a seller would be willing to offer for sale at a particular price

A

Qty. Supplied

71
Q

Determinants of Supply

A

Changes in the cost of resources
Changes in Tech/(efficiency)
Expectations of future prices
Prices of related products

72
Q

The price at which quantity demand and quantity of supplied

A

Equilibrium

Economics (6 decks)

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