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economics
Market economy
Traditional economy
economics
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1
Traditional economy
North Korea, Cuba, Vietnam, and the USSR
African Mbuti, and Australian Aborigines
Australia, Canada, Great Britain, Japan, South Korea
2
Market economy
Economic system where private citizens own and use the factions of prod
WHAT/HOW/FOR WHOM questions answered by people make supply/demand decision
Economic system that has some combination of traditional/command/market
The use of scarce resources, and nearly all economic activities
3
What is standard of living?
A fundamental feature of capitalism
Your life is better than others' lives
Having everything you want in life
Quality of life based on ownership of necessities and luxuries
4
What is population density?
Division of work into a number of separate tasks
The number of people who live in a country at any given time
The number of people per square mile of land area
The sum of people’s skills, abilities, health, and motivation
5
What is supply?
product a producer or seller would be willing to offer for sale at all
policies designed to stimulate the economy by removing government regulatio
quantities that someone would be willing and able to buy over
6
What is total revenue?
Extra revenue from the sale of one additional unit of output
level of production where marginal cost is equal to marginal revenue
total amount earned by a firm from the sale of its products;
The average price that every unit of output sells for
7
Market economy
African Mbuti, and Australian Aborigines
North Korea, Cuba, Vietnam, and the USSR
Australia, Canada, Great Britain, Japan, South Korea
8
What is GDP per capita?
Is the gross domestic product on a per person basis
The difference between what the economy can and does produce
The annual opportunity cost of unemployed resources
final goods/services/structures produced within a country’s border 12-month
9
What is demand?
quantities that someone would be willing and able to buy over
product a producer or seller would be willing to offer for sale
policies designed to stimulate the economy by removing government regulatio
10
What are the two groups that wants and needs fall into?
Services and durable goods
Capital goods and goods
Goods and services
Nondurable goods and durable goods
11
Traditional economy
economic and political system necessary for a country to reach communism
WHAT/HOW/FOR WHOM questions are answered by people make supply/demand
The use of scarce resources stem from rituals/habits/customs
A central authority makes the major decisions about WHAT/HOW/FOR WHOM
12
What is inflation?
None of the Above
Income that does not increase over time
federal program of disability/retirement benefits that covers people
Rise in general level of prices
13
Command economy
Not restricted to communist-controlled command economies
High degree of individual freedom
Everyone knows which role to play
It can change direction drastically
14
Mixed economy
High degree of uncertainty
All major European counties personal income taxes are higher
discourages new ideas and new ways of doing things
No reward of individual initiatives
15
Traditional economy
Everyone knows which role to play
Not restricted to communist-controlled command economies
High degree of individual freedom
It can change direction drastically
16
What is biofuel?
Fuel made from wood, peat, municipal solid waste, straw, corn, tires,
Fuel made from gas and recycled materials
Energy made from wood, peat, solid waste, straw, corn, tires
Fuel made at Solar and Wind farms
17
Mixed economy
A central authority makes the major decisions about WHAT/HOW/FOR WHOM
WHAT/HOW/FOR WHOM questions answered by people make supply/demand decision
economic and political system necessary for a country to reach communism
Economic system that has some combination of traditional/command/market
18
What is a need?
Are a basic requirement for survival
Goods intended for final use by consumers
Items that wear out when used regularly
Simply something we would like to have but it is not necessary for survival
19
What is economics?
The study of how people try to satisfy seemingly unlimited/competing needs
The study of different markets and how the world trades in them
The study of different markets and how the world trades in them
The study of factors of production and scarce resources
20
Socialism
Economic system that has some combination of traditional/command/market
A central authority makes the major decisions about WHAT/HOW/FOR WHOM
economic and political system necessary for a country to reach communism
The use of scarce resources stems from rituals, habits, or customs
21
Market economy
Everyone knows which role to play
Not restricted to communist-controlled command economies
High degree of individual freedom
It can change direction drastically
22
What is a free enterprise economy?
economic system in which private citizens own and use the factors of prod
economic system that has some combination of traditional/command/market
market economy in which private businesses have freedom with limited gov
market economy where people carry on their economic affairs with gov. rules
23
What is total cost?
production cost that varies as output changes; labor, energy, raw materials
sum of variable cost plus fixed cost; all costs associated with production
The extra cost of producing one additional unit of production
The costs of production that does not change when output changes
24
Market economy
High degree of uncertainty
All major European counties personal income taxes are higher
discourages new ideas and new ways of doing things
No reward of individual initiatives
25
Traditional economy
No reward of individual initiatives
All major European counties personal income taxes are higher
discourages new ideas and new ways of doing things
High degree of uncertainty
26
What is elastic demand?
given change in price causes a large change in quantity demanded
given change in price causes a small change in quantity demanded
given change in price causes a proportional change in quantity demanded
27
What is cost-benefit analysis?
A table showing the quantities that would be produced or offered for sale
Alternative that must be given up when one choice is made
Cost of the next best alternative
Comparison of the cost of an action to its benefits
28
Mixed economy
Not restricted to communist-controlled command economies
Everyone knows which role to play
It can change direction drastically
High degree of individual freedom
29
What does factors of production mean?
People with all their abilities and efforts
Are productive resources needed to produce goods
Natural resources or “gifts of nature” not created by human effort
Tools, equipment, and factories used in the production of goods and service
30
What is a want?
A work or labor performed for someone
Simply something we would like to have but it is not necessary for survival
Simply something we would like to have but it is not necessary for survival
Are a basic requirement for survival
31
What is an economic model?
A graph showing the quantity demanded at each and every possible price
A listing showing the quantity demanded at all possible prices
Simplified version of a concept/behavior expressed in graphs/figures
A diagram representing all possible combinations of goods and services
32
Command economy
economic system in which private citizens own and use factors of prod
Economic system that has some combination of traditional/command/market
economic and political system necessary for a country to reach communism
A central authority makes the major decisions about WHAT/HOW/FOR WHOM
33
Command economy
African Mbuti, and Australian Aborigines
North Korea, Cuba, Vietnam, and the USSR
Australia, Canada, Great Britain, Japan, South Korea
34
Command economy
High degree of uncertainty
No reward of individual initiatives
All major European counties personal income taxes are higher
discourages new ideas and new ways of doing things
35
What is privatization?
Individuals can own and control their possessions as they wish
The shift of an economy from private ownership to government ownership
The conversion of state-owned factories/property to private ownership
Economic affairs care subject to some government intervention
36
What is trade-off?
Cost of the next best alternative
Alternative that must be given up when one choice is made rather than anoth
Both A and C
A diagram representing all possible combinations of goods and services
37
What is inelastic demand?
given change in price causes a small change in quantity demanded
given change in price causes a proportional change in quantity demanded.
given change in price causes a large change in quantity demanded.
38
What is unit elastic demand?
given change in price causes a small change in quantity demanded
given change in price causes a proportional change in quantity demanded.
given change in price causes a large change in quantity demanded.
39
What is scarcity?
The ability or capacity of a good/service to be useful
Is the condition that results from society not having enough resources
A tangible economic product that is useful, transferable to others,
A monetary worth of a good or service as determined by the market
40
Capitalism
economic system in which private citizens own and use the factors of prod
WHAT/HOW/FOR WHOM questions answered by people make supply/demand decision
the stage of economic and political system necessary
Economic system that has some combination of traditional/command/market
41
What is microeconomics?
The study of different markets and how the world trades in them
The study of factors of production and scarce resources
A branch of economic theory that focuses on the economy as a whole
economic theory that deals with behavior and decision making by small units
42
What is Gross Domestic Product?
Is the gross domestic product on a per person basis
goods, and services within a country’s borders in a 24-month period
goods/services/structures produced within a country’s borders in a 12 month
43
What are the benefits of free enterprise capitalism?
Individual Freedom, and a Variety of Goods
Adapting to Change
Promoting Progress, and Creation of Wealth
All of the Above
