Midterm Review 1

1. With Fair distribution of Income, you need to ask, who ____________ fair?

Mathematically, a straight line is a curve with a

1. II Thessalonians 3:10 says that if you don’t work, you shouldn’t?

Who is considered the father of economics?

What are rent, wages, interest and profit?

On a demand curve, a rightward shift represents an increase in demand.

When the government takes in more taxes that what they purchase it is called a stimulas check.

Capital goods are those goods used to produce ___________ goods

PPC stands for Production Possibility Curve.

A good can definitely be labeled a normal or inferior good.

On a supply curve, a leftward shift represents a decrease in supply.

Who was an example in the Bible of the poor taking care of themselves?

You need to make choices because of the conflict between limited resources and unlimited wants.

Whether a person does or can accumulate wealth is solely their personal?

What type of economic growth when you are able to increase production due to more land, labor & capital being available?

What is land, labor, capital and entrepreneurship?

Market Equilibrium Price is the price which the meeting of the minds between businesses and buyers agrees upon.

There is no such thing as a free lunch.

The Economic Model that gives you the least amount of data is a PPC.

What type of economic growth when you are able to increase production w/o more land, labor & capital being available?

Every transaction you compare your value of the good or service you are considering with the price tag of that item.

What is another reason Economics is considered a science.

What is one of the reasons Economics is considered a Science.

To understand the consequences of your choices, you need to understand:

What is the last reason Economics is considered a science.