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Unit I Econ review Flashcards | StudBud
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Unit I Econ review
Unit I Econ review
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1
The condition that results because people have limited resources but unlimited wants
scarcity
incentive
market
labor
2
Work done by someone else for which a consumer, business, or government is willing to pay
goods
factors of production
capital
services
3
Command Economy
state control business
government controls everything
voters control business owners
people control everything
4
What is an economic system?
How a society prioritizes government spending
How a society elects its leaders.
How a society decides to produce and distribute goods.
How a society taxes its people.
5
Law of Diminishing Utility
the more TV's you have, the more you want
each TV you get is less useful to you
scarcity forces consumers to make choices
decreased utility means increased value
6
What is marginal utility?
Extra satisfaction we get from using one more unit decreases
A graph that shows the quanitity demanded at every price
The extra satisfaction we get from using one more unit
7
What book did Adam Smith write?
Advantages of Free Trade
Impact of Globalization
Wealth of Nations
Capitalism Defined
8
What is money?
gold
federal reserve notes
Something generally accepted for the exchange of goods
anything backed by gold
9
What is comparative advantage?
When one state produces goods at a lower opportunity cost
When one country can produce at a lower cost than another
When one firm can produce at a lower cost than another
When one country can produce goods better than another
10
Macroeconomics is the study of:
The relationship between different parts of the economy
The economy as a whole
Household purchase decisions
Individual building blocks in the economy
11
The study of how people choose to use their limited resources to satisfy their unlimted wants
tradeoff
scarcity
economics
costs
12
something that you spend in money, time, and effort, or other sacrifices to get it
benefit
human capital
costs
tradeoff
13
What is specialization?
Concentrating really hard until your achieve something
Concentrating on being really bad at farming
Concentrating on all the jobs within the village
Concentrating on a specific job with your talents
14
What is a market?
A person who buys goods and services
Open place or building where buyers and sellers meet
estimate of expected income for a given period
15
Examples of free enterprise economies
Nicaragua, Cuba
Malaysia, Myanmar
USA, Great Britain, Japan
16
Which of these is an INCENTIVE?
a capital resource
goods and services
a consumer choice
a sale on clothing
17
What is physical capital?
Knowledge and education that helps productivity
Resources and tools that helps productivity
Research and development that helps productivity
The level of sophistication that helps productivity
18
Who wrote
The Communist Manifesto
?
Adam Smith and Frederick Engels
Karl Marx and Frederick Douglas
Adam Smith and Karl Marx
Friedrich Engels and Karl Marx
19
What is a traditional economy?
An economy that is controlled by the market.
An economy that the government maintains.
An economy that is based on what your ancestors did.
There is no such thing as a traditional economy.
20
Example of Human Capital
Technology
Education
Property
Buildings
21
What is a tradeoff?
Giving something up to have another thing
Having tacos instead of pizza
Bubba is a slacker
Ohtani leaving the Angels
22
Law of unintended consequences
Markets are always influenced by emotional factors.
Economic booms are always followed by downturns.
Attempts to intervene always backfire
Actions often have unforeseen effects.
23
What is absolute advantage
A person is able to produce less of a good than another
A person is able to produce more of a good than another
A person has lower opportunity cost to produce than another
A person has higher opportunity cost to produce than another
24
Mass production means ____________.
Mass chaos
All products have mass and are made from atoms.
Making things by hand.
More products made more quickly.
25
Food, clothing, and cars are examples of
things we can easily purchase
goods
wants
needs
26
In a market economy all of the wants and needs are provided by the market.
True
False
27
What is financial capital?
Investment of volunteer time in local charities
Report of sales, expenses, and profits
Funds that pay health benefits for employees
Money needed to start and operate a business
28
An example of public works is
clean, running water
family farms
cars
village
29
Microeconomics involves...
Individuals, households, and businesses.
Inflation, growth, employment, interest rates.
Only households selling resources.
The broader economy.
30
What is Division of Labor?
Working for an accountant.
Different people doing the same job at the same time.
Teaching others how to do math.
different people doing different jobs to create one product.
31
Which clause of the Constitution gives Congress the power to control commerce "among the several States"?
the Necessary and Proper Clause
the Commerce Clause
the Contracts Clause
the Elastic Clause
32
What is labor?
The stress on the financial market
charity work
straining to carry a heavy object
The effort someone devotes to a task for which they are paid
33
What do entrepreneurs do?
Bring goods/services to the consumer
Keep the economic environments strong
Control middle management
Commercialize new ideas/concepts
34
factors of production
land, labor, capital, entrepreneurship
land, management, capital, entrepreneurship
assets, labor, capital, liabilities
land, labor, capital
