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Economics > 1st Quarter Exam (1) > Flashcards

1st Quarter Exam (1) Flashcards

1
Q

The study of the choices that individuals make and societies make in the production, distribution, and consumption of goods.

A

Economics

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2
Q

Any system for the production, distribution, and consumption of goods and services

A

Economy

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3
Q

Some people refused to work

A

What was wrong with the Pilgrim’s system?

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4
Q

Scholars of the PDC ( production distribution and consumption ) of goods within an economy

A

Economists

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5
Q

The study of national and international economies and how these major economies are affected by large-scale choices and public policies

A

Macroeconomics

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6
Q

The study of specific components within a major economy and how the choices made by individuals, households, and business affect that economy.

A

Microeconomics ( Greek for small )

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7
Q

Models that show the relationships among the various components of an economy

A

Economic models

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8
Q

Something to help people that make decisions, make wise choices

A

Economic forecast

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9
Q

A tangible item that people want and for which they will pay

A

Good

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10
Q

Intangible goods produced by labor for which people expect to pay

A

Services

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11
Q

The human desire to have and use a certain good

A

Want

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12
Q

A mechanism that allows people to exchange goods

A

Market

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13
Q

Very large number who want a large quantity of a product

A

Mass market

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14
Q

The quantity of a good for sale at a certain price under certain conditions, or the amount of a good that’s produced

A

Supply

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15
Q

The amount of a good that is bought at a certain price under certain conditions

A

Demand

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16
Q

An old word for the bad habit of spending More than you can afford

A

Prodigality

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17
Q

Necessity, something that would be difficult to live without

A

Need

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18
Q

Desire, a longing, an appetite for something

A

Want

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19
Q

Anything used in the production and distribution of goods and services

A

Capital or investment good

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20
Q

Things produced for direct use by consumers

A

Consumer goods

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21
Q

The worth that consumers attach to iTunes

A

Value

22
Q

Rare items such as diamonds normal command high prices while necessities such as water usually command low prices. Since diamonds are scarce, they are worth more. But a person who is dying of thirst would pay a lot more for water

A

What does the diamond-water paradox say?

23
Q

Natural Resources Labor Capital Entrepreneurship

A

What are the factors of production?

24
Q

Natural Resources (includes and and other raw material)

A

What is the first factor of production?

25
Q

The thing you gotta understand about economics

A

All goods have to be worked for

26
Q

Producers

A

Providers

27
Q

Consumers

A

Users

28
Q

Utility

A

Usefulness

29
Q

Scarcity

A

Limited availability

30
Q

Who decides the price for a good?

A

The consumer

31
Q

Who is the founder of the Austrian school of economics?

A

Carl Menger

32
Q

What economic system is based on traditions, heredity or caste?

A

traditional economy

33
Q

What economic system is controlled by a centralized authority?

A

commanded economy

34
Q

What in economic system are the people free to make their own economic choices?

A

Free enterprise

35
Q

What is a economy called that has several different economic systems?

A

Mixed economy

36
Q

What term refers to work that contributes to the production of goods?

A

Labor

37
Q

What economic system barely provides enough for the society to survive?

A

Subsistence economy

38
Q

In what type of capitalistic system is most of the nations capital owned privately?

A

Private capitalism

39
Q

In what type of capitalistic system is most of the nations capital owned and ran by the state?

A

State capital

40
Q

What is considered the intelligent direction and supervision of natural and human economic resources?

A

Entrepreneurship

41
Q

What is the name of a person who takes risks in theintelligent direction and supervision of natural and human economic resources on a bold scale?

A

Entrepreneur

42
Q

Who is considered one of the early captains of industry?

A

Du Pont

43
Q

T or F Are all nations one type of economic system?

A

False. no nation has one they all have a mixture of a couple different economic systems

44
Q

The relationship between a good’s price and the amount that producers are willing to provide for consumers.

A

Supply

45
Q

The relationship between a good’s price and the amount that people are willinag to buy.

A

Demand

46
Q

Value that is directly related to the benefits their owners receive through their use.

A

Value in use

47
Q

What a particular good is worth in exchange for some other good.

A

Value in exchange

48
Q

The amount of money that a buyer pays the seller for a particular item.

A

Price

49
Q

Those prices at which goods can be sold in an open market with many potential sellers and buyers.

A

Market prices

50
Q
A

Economics (7 decks)

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