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ECON111 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

How do information streams influence decision-making?

A

Alters choices, spending, entertainment, and purchases

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2
Q

What is the primary focus of economics?

A

Human decision making

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3
Q

What is the main reason discussed for scarcity?

A

Understanding economics

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4
Q

Who introduced the idea of dividing labor into discrete tasks?

A

Adam Smith

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5
Q

What is the impact of the division of labor?

A

Increases production

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6
Q

What does microeconomics focus on?

A

Individual agents’ actions

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7
Q

What determines a nation’s production of goods and services?

A

Macroeconomic health

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8
Q

How do economists approach economic issues?

A

Apply theories to fit the issue

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9
Q

What characterizes a command economy?

A

Economic effort for goals set by rulers

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10
Q

What matters do laws govern in a market-oriented economy?

A

Private property, violence, contracts

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11
Q

What factor has encouraged greater trade internationally?

A

Agreements and treaties

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12
Q

What concerns have led to pushback against globalization?

A

Jobs, sovereignty, inequality

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13
Q

What does scarcity mean?

A

Wants exceed availability

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14
Q

Who proposed the division and specialization of labor?

A

Adam Smith

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15
Q

What do microeconomics and macroeconomics study?

A

The same economy

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16
Q

What determines job availability in an economy?

A

Macroeconomic health

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17
Q

What does the economic system include?

A

Goods, services, buying, selling, employment

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18
Q

What is useful about rough economic freedom measures?

A

Discerning trends

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19
Q

What is a measure of globalization?

A

Exports

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20
Q

What does economics study?

A

Choices under scarcity

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21
Q

How do Americans use information streams?

A

Read reviews, check ratings

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22
Q

What is the ultimate scarce resource?

A

Time

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23
Q

In which book did Adam Smith discuss division of labor?

A

The Wealth of Nations

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24
Q

Why is specialization effective?

A

More effective production

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25
Q

What has the culture of learning in governments led to?

A

Improvement in lives of poor

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26
Q

What determines household spending?

A

Budgets and needs/wants

27
Q

What determines a nation?s standard of living?

A

Macroeconomic health

28
Q

Which countries currently have command economies?

A

Cuba and North Korea

29
Q

What was the overall trend in economic freedom in recent decades?

A

Higher level of economic freedom

30
Q

What are exports?

A

Goods and services sold abroad

31
Q

What is the goods and services market?

A

Firms sell, households buy

32
Q

What is a factor that affects economic outcomes?

A

Information dissemination speed

33
Q

Why is scarcity a problem?

A

Limited resources and infinite human wants

34
Q

What is a business’s core competency?

A

Focus on few products

35
Q

What are the goals for determining macroeconomic health?

A

Growth, low unemployment, low inflation

36
Q

Key difference between command and market economies?

A

Centralized vs. decentralized structure.

37
Q

What does the export to GDP ratio measure?

A

Economic production sold abroad

38
Q

How do farmers decide to plant and harvest today?

A

Driven by data

39
Q

What is the purpose of FRED data in economics?

A

Describes economic issues and problems

40
Q

What is the result of larger organizations and specialization?

A

Increased production and consumption

41
Q

Who is considered one of the greatest economists of the twentieth century?

A

John Maynard Keynes

42
Q

What is a key feature of a market economy?

A

Decentralized decision-making

43
Q

Why is the U.S. export share lower than the global average?

A

More division of labor domestically

44
Q

What can maximizing production efficiently influence?

A

Farm profitability

45
Q

What does macroeconomics focus on?

A

Broad economy issues

46
Q

What is FRED?

A

Federal Reserve Bank database

47
Q

What has been a force against the problem of scarcity?

A

Division and specialization of labor

48
Q

Who owns the means of production in a market economy?

A

Private individuals

49
Q

What is scarcity?

A

Wants exceed supply

50
Q

What does scarcity lead to?

A

The Problem of Scarcity

51
Q

What does specialization require?

A

Trade

52
Q

What is economics seeking to solve?

A

Scarcity

53
Q

What does economics analyze?

A

Scarcity

54
Q

How has modern society evolved into a strong economy?

A

Through specialization

55
Q

What does a modern economy display?

A

Division of labor

56
Q

What types of resources are needed to produce goods and services?

A

Labor, tools, land, raw materials

57
Q

What does economics acknowledge about production?

A

Environmental pollution issues

58
Q

What does economics explore regarding education?

A

Developing workers’ skills

59
Q

What causes the economy to speed up or slow down?

A

Macroeconomic factors

60
Q

What is a theory in economics?

A

Simplified representation of interactions

61
Q

How do economists express theories?

A

Diagrams, graphs, math equations

62
Q

Provide an example of a command economy.

A

Ancient Egypt

63
Q

What do some experts say about the index’s category choices?

A

Politically biased

64
Q

What do indices like the Heritage Foundation?s Index of Economic Freedom provide?

A

Resource for discussion

ECON111 (31 decks)

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