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Econ Unit 2 Review Flashcards | StudBud
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Econ Unit 2 Review
Invisible hand
What are"Productive Resources"?
Econ Unit 2 Review
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Econ Unit 1 Review
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Answers
1
What are"Productive Resources"?
Cost of decision-making
Inputs required to produce a product
Money
Resources that run out
2
Invisible hand
Pros and Cons of decision making
Nothing is every truly free
The guiding hand or force the leads us to economic decisions
Inputs required to produce a product
3
What is "capital"?
Cost or decision-making
Money
Study of a national economy as a whole
Tractors, tools, computer, etc.
4
What is "Division of Labor"
Different people do a specific, specialized job
People do things for themselves which benefits society
Value based or opinionated theories
Labor organization that supports workers rights
5
What is Capitalism
Economic system where all capital is public
Economic system where the means of production is is regulated by the govt.
Peasants and vassals serve a powerful lord
Economic system based on a free market as it relates to consumer needs
6
Sunk Cost
The condition of high demand and limited supply
A cost you have already paid and can't recover
Study of the national economy
Intangible things that people want
7
What is Socialism
Economic system where the means of production is is regulated by the govt.
Peasants and vassals serve a powerful lord
Economic system based on a free market as it relates to consumer needs
Economic system where all capital is public
8
What are "Renewable resources"?
Taking things away
Resources that can not be replenished
Resources that can be replenished
Intangible things that people want
9
Cause and Effect theory
The theory that causal relationships can be established
People do things for themelves, which benifits society
Discounts other factors besides the ones being examined
Used to make predictions about the real world
10
Rational self-interest theory
People do things for themselves which benefit society
Study of scarcity and rationing systems
Tangible objects that people want
Causal relationships can be established
11
What does "no free lunch" mean?
Different people do a specific job and nothing else.
Everything is scarce so everything has a cost.
12
What is Communism
Economic system where all capital is public
Economic system based on a free market as it relates to consumer needs
Economic system where the means of production is is regulated by the govt.
Peasants and vassals serve a powerful lord
13
What is an "Entrepreneur"?
The cost of decision-making
Someone who tries to make a profit by producing something
A study of scarcity and rationing systems
Objective or fact-based statement
14
What is "economics"?
Tangible objects
Adding something to a decision
Study of scarcity and rationing systems.
Objective or fact-based statement
15
What is "Scarcity"?
Intangible things that people want.
Resources in short supply
The study of a national economy as a whole.
The cost of decision-making.
16
What is a "marginal cost".
Intangible things that people want.
Study of scarcity and rationing systems.
Inputs required to produce a product.
Cons of a situation.
17
All things constant theory
Discounts other factors besides the ones being examined
The theory that causal relationships can be established
Pepole do things for themelves, which benifits society
Used to make predictions about the real world
18
What are "Services"?
People doing things for themselves then benefiting society
Tangible objects that people want
Intangible things that people want
means by which buyers and sellers carry out exchanges
19
What is a "Marginal analysis"?
How individuals, business, and governments make decisions
Study of economics at an individual group level
Objective or fact-based statement
Different people doing one specific job
20
What are Markets?
A place to buy fruit
The guiding hand or force that mentally leads us
Means by which buyers and sellers carry out exchanges
Objective or face based
21
What is Fuedalism
Economic system based on a free market as it relates to consumer needs
Peasants and vassals serve a powerful lord
Economic system where the means of production is is regulated by the govt.
Economic system where all capital is public
22
What is a "marginal benefit"?
Pros of a decision
How individuals businesses and governments make decisions
Inputs required to produce a product
Cons of a decision
23
What are "goods"?
Cost you have already paid and cannot recover.
Tangible objects that people want.
Mean by which buyers and sellers carry out exchanges.
How individuals, businesses, and government make decisions.
24
Opportunity Cost
Study of economics of an individual market
The cost of the next-best decision
Resources that can't be replaced
The cost you already paid and can't recover
25
What are "Capital goods"?
The force that mentally leads us
How individual businesses and governments make decisions
Money
Tractors, tools, computers, etc.
26
What are "Exhaustible resources"?
Resources that run out and are gone for good
An opinionated theory
The cost you have already paid and can't get back.
Resources that can be replenished
