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Flashcards in Quiz # 1 Deck (92):
1

Cost

What you give up in order to get something

2

New Economy

Information Revolution between the 80's and 90's

3

Laissez Faire

Government intervention in minimal quantities

4

How?

Services

5

1,930 - 1,960 

  • Great Depression in the US
  • Gold standard reaches an end

6

Paper is used by the chinese

AD 806

7

The study of the choises that individuals and bussinesses make and the way these choices interact and are influenced by governments

Microeconomics

8

500 BC

Coins are first used by the Romans

9

Limited Resources

  • Time 
  • Income
  • Natural Resources 
  • Labor, tools, and equipment

10

Economics

Social science that studies the choices we kame coping with scarcity and incentives that influence and reconcile our choices

11

Globalization

Global integration arising from the exchange of world views, products, ideas, and other cultural aspects

12

Rational Choice

A choice that uses the available resources to best achieve the objective of the person making the choice

13

What's best for an individual

Self-Interest

14

  • What?
  • How?
  • Whom?

Bacis Economic Questions

15

Issues that Affect the Economy

  • Disappearing Tropical Rainforests
  • Global Warming
  • Water Shortages
  • Natural Disasters

16

Self-Interest

What's best for an individual

17

  • Time 
  • Income
  • Natural Resources 
  • Labor, tools, and equipment

Limited Resources

18

Economic Liberalism

  • Born from Adam Smith's book "The Wealth of Nations"
  • Free trade
  • Started around Industrial Revolution
  • Pursues self-interest
  • Government should intervene as little as posible
  • Evolved to Western Capitalism

19

  • Early export and import
  • Travels with camel and horse
  • India, Egypt, China used boats 

5,000 BC

20

Feudalism

  • Ownsership of land
  • 9th to 15th century
  • Land in exchange of services
  • Strict division from nobles to peasants
  • Power assumed by landowners

21

Scarcity

Inability to satisfy wants and needs including limited resources

22

The benefit that arises from a one-unit increase in an activity

Marginal Benefit

23

24

Global integration arising from the exchange of world views, products, ideas, and other cultural aspects

Globalization

25

Statements that depend on values and cannot be tested, they talk about what ought to be

Normative Statement

26

Marginal Analysis

A choice made by comparing all the relevant alternatives systematically and incrementally

27

Government intervention in minimal quantities

Laissez Faire

28

Correlation

Tendency for the values of two variables to move in a predictable and related way

29

Products

What?

30

The objects (goods) and the actions (services) that people valie amd produce to satisfy human wants

Goods and Services

31

Positive Statement

Statements that talk about facts that can be proved or tested using statistical investigations and experiments

32

33

Marginal Benefit

The benefit that arises from a one-unit increase in an activity

34

Social science that studies the choices we kame coping with scarcity and incentives that influence and reconcile our choices

Economics

35

1,200 BC

Shells used as currency in India and China

36

Inability to satisfy wants and needs including limited resources

Scarcity

37

A reward or penalty

Incentive

38

The opportunity cost that arises from a one-unit increase in an activity

Marginal Cost

39

Marginal Cost

The opportunity cost that arises from a one-unit increase in an activity

40

Opportunity Cost

The best thing you must give up in order to get something

41

  • System that advocates collective ownership
  • Karl Marx developed it
  • Government manages resources and means of production
  • 18th century
  • No private property

Socialism

42

Microeconomics

The study of the choises that individuals and bussinesses make and the way these choices interact and are influenced by governments

43

Benefit

The gain or pleasure something brings. Subjective and different for all the people

44

1,000 BC

Bronze and copper are used as currency

45

A choice made by comparing all the relevant alternatives systematically and incrementally

Marginal Analysis

46

Keynesian School

  • Developed by english economist John Keynes
  • In the 1900's
  • Government should intervene in the economy during hard times and economic crisis (recession, depression)

47

Services

How?

48

Production of products by firms in other countries

Outsourcing

49

  • Disappearing Tropical Rainforests
  • Global Warming
  • Water Shortages
  • Natural Disasters

Issues that Affect the Economy

50

Other things remaining the same

Ceteris Paribus (Cet. Par.)

51

  • Developed by english economist John Keynes
  • In the 1900's
  • Government should intervene in the economy during hard times and economic crisis (recession, depression)

Keynesian School

52

  • Government controlled trade
  • 16th, 17th, and early 18th century
  • National wealth achieved by more exports
  • Keep imports to themselves and use the own resources
  • Emphasis on collecting metals such as gold and silver 

Mercantilism

53

Normative Statement

Statements that depend on values and cannot be tested, they talk about what ought to be

54

  • Great Depression in the US
  • Gold standard reaches an end

1,930 - 1,960 

55

The gain or pleasure something brings. Subjective and different for all the people

Benefit

56

Tendency for the values of two variables to move in a predictable and related way

Correlation

57

The study of the total effects on the national and global economy of the choices individuals, bussinesses, and governments make 

Macroeconomics

58

Live stock is used as money

9,000 - 6,000 BC

59

Socialism

  • System that advocates collective ownership
  • Karl Marx developed it
  • Government manages resources and means of production
  • 18th century
  • No private property

60

Ceteris Paribus (Cet. Par.)

Other things remaining the same

61

Bronze and copper are used as currency

1,000 BC

62

Goods and Services

The objects (goods) and the actions (services) that people valie amd produce to satisfy human wants

63

1,700 - 1,800 

England made GOLD the standar value of money

64

A choice that uses the available resources to best achieve the objective of the person making the choice

Rational Choice

65

What you give up in order to get something

Cost

66

AD 806

Paper is used by the chinese

67

Bacis Economic Questions

  • What?
  • How?
  • Whom?

68

9,000 - 6,000 BC

Live stock is used as money

69

  • Born from Adam Smith's book "The Wealth of Nations"
  • Free trade
  • Started around Industrial Revolution
  • Pursues self-interest
  • Government should intervene as little as posible
  • Evolved to Western Capitalism

Economic Liberalism

70

What's best for the world and society

Social Interest

71

What?

Products

72

Shells used as currency in India and China

1,200 BC

73

Macroeconomics

The study of the total effects on the national and global economy of the choices individuals, bussinesses, and governments make 

74

Mercantilism

  • Government controlled trade
  • 16th, 17th, and early 18th century
  • National wealth achieved by more exports
  • Keep imports to themselves and use the own resources
  • Emphasis on collecting metals such as gold and silver 

75

Incentive

A reward or penalty

76

Whom?

Market

77

Statements that talk about facts that can be proved or tested using statistical investigations and experiments

Positive Statement

78

England made GOLD the standar value of money

1,700 - 1,800 

79

The best thing you must give up in order to get something

Opportunity Cost

80

Paper and coins are used as money

1,960 - 2,013

81

Coins are first used by the Romans

500 BC

82

Scholastics

  • 12th to 14th century
  • Developed by Thomas Aquinas
  • Great influence of church over economy and society
  • Dark period of church
  • Inquisition

83

Information Revolution between the 80's and 90's

New Economy

84

  • 12th to 14th century
  • Developed by Thomas Aquinas
  • Great influence of church over economy and society
  • Dark period of church
  • Inquisition

Scholastics

85

Adam Smith

  • Founding father of modern economy
  • Wrote "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776
  • Emphasized the role of the division of labor and free markets

86

  • Founding father of modern economy
  • Wrote "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776
  • Emphasized the role of the division of labor and free markets

Adam Smith

87

5,000 BC

  • Early export and import
  • Travels with camel and horse
  • India, Egypt, China used boats 

88

1,960 - 2,013

Paper and coins are used as money

89

Social Interest

What's best for the world and society

90

  • Ownsership of land
  • 9th to 15th century
  • Land in exchange of services
  • Strict division from nobles to peasants
  • Power assumed by landowners

Feudalism

91

Outsourcing

Production of products by firms in other countries

92

Market

Whom?