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ECON QUIZ > QUIZ > Flashcards

QUIZ Flashcards

1
Q

Study of how society manage it’s scarce resources

A

Economics

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2
Q

Studies the behavior of the company as a whole

A

Macroeconomics

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3
Q

Study of decisions that people and businesses make regarding allocation of resources and prices of goods and serviced

A

Microeconomics

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4
Q

Why is economics as a science??

A

Scientific method of inquiry
Correlation-ship between cause and effect
All laws are universally accepted
Scale of measurement

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5
Q

It gives guidance to the solutions of all economic problem

A

Economics As Art

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6
Q

The 3 Resources

A

Natural
Human
Physical

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7
Q

Social mechanism of distributing limited resources to meet human,needs, and wants

A

Allocation

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8
Q

What is the 3 economic questions?

A

What to produce?
How to produce
For whom to produce?

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9
Q

Allocation mechanism

A

Market system

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10
Q

Cost

A

Price

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11
Q

Satisfaction

A

Benefit

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12
Q

State or agency

A

Command system

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13
Q

Application of economic theory

A

Applied economics

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14
Q

2020?2021?

A

19.8 to 18.1

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15
Q

How people make decisions

A

People face tradeoffs
The cost of something, is what you give up to get it
Rational people think at the margin
People responds to incentives

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16
Q

Small incremental adjustment to an existing plan of action

A

Marginal Changes

17
Q

Society get the most that it can from scarce resources

A

Efficiency

18
Q

Benefits of those resources are distributed fairly

A

Equity

19
Q

People gain from their ability to trade with one another

A

Trade can make everyone better off

20
Q

Occurs when the market fails to allocate resources efficiently

A

Market failure

21
Q

Impact of one person or firm’s actions on the well being of bystander

A

Externality

22
Q

Ability of a single person to unduly influence market prices

A

Market power

23
Q

Level of comfort

A

Standard of living

24
Q

Increase in the overall level of prices in the economy

A

Inflation

25
Q

VDC: Greater than 1

A

Elasticity <1

26
Q

VDC: Less than 1

A

Inelastic <1

27
Q

VDC: Elasticity is equal to 1

A

Unit Elasticity

28
Q

Elasticity equals 0

A

Perfectly inelastic

29
Q

Elasticity equals Infinity

A

Perfectly Elastic

30
Q

Amount paid by buyers and received by sellers, computed as the price × Quantity sold

A

Total Revenue

31
Q

Measure of how much the quantity demanded of a good respond to a change in consumer’s INCOME.

A

Income elasticity of Demand

32
Q
  • measure of how much the quantity demanded of one good responds to a change in the price of another good.
A

Cross-Price Elasticity of Demand

ECON QUIZ (1 decks)

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