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(Econ)BECN 110 > Chapter 1 Economic Problem > Flashcards

Chapter 1 Economic Problem Flashcards

1
Q

Limited nature of resources?

A

Scarcity

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2
Q

Three types of Economic Resources

A

Natural, Capital and Human

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3
Q

Types of Economics?

A

Micro and Macro

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4
Q

Includes raw materials such as minerals and forests and not only land

A

Natural Resources

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5
Q

basic items that are used in all types of production

A

Economic resources

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6
Q

Human effort employed directly in production

A

Labour

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7
Q

is the initiative, risk-taking, and innovation necessary for production

A

entrepreneurship

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8
Q

the processed materials, equipment, and buildings used in production

A

Capital

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9
Q

When a natural resource is employed, its owner receives a ____, which is a payment for supplying the resource

A

rent

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10
Q

The study of how to distribute limited resources to make choice

A

Economics

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11
Q

the behaviour of individual participants in various markets.

A

Microeconomics

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12
Q

the branch of economics that takes a wide-ranging view of the economy, studying the behaviour of economic sectors

A

macroeconomics

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13
Q

generalizations about or simplifications of economic reality; also known as laws, principles, or theories

A

economic models

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14
Q

allows economists to see the forest instead of the trees.

A

a good economic model

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15
Q

factors that have measurable values

A

variable

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16
Q

the variable in a causal relationship that causes change in another variable

A

independent variable

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17
Q

the variable in a causal relationship that is affected by another variable

A

dependent variable

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18
Q

An increase in cell phone prices that reduces the number of phones sold is an example of what kind of relationship

A

inverse relationship

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19
Q

a change in the independent variable causes a change in the same direction of the dependent variable

A

direct relationship

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20
Q

the assumption all other things remaining the same

A

ceteris paribus

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21
Q

two types of economic inquiry??

A

positive and normative economics

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22
Q

normative economics is also called?

A

policy economics

23
Q

the study of how the economy ought to operate

A

normative economics

24
Q

other term for positive economics?

A

descriptive economics

25
Q

It is based purely on economic facts rather than on opinions

A

Positive economics

26
Q

the study of economic facts and why the economy operates as it does

A

positive economics

27
Q

include causal relationships between variables and are based on simplifying assumptions.

A

Economic models

28
Q

it highlights variables such as unemployment, inflation, and total output

A

Macroeconomics

29
Q

employing scarce resources in a way that derives the highest benefit

A

economic efficiency

30
Q

is an important national goal because it helps to raise the average standard of living for Canadians

A

Economic growth

31
Q

a summary of all transactions between Canadians and foreigners that involve exchanging Canadian dollars for other currencies

A

balance-of-payments accounts

32
Q

how many countries have signed the Kyoto protocol in 1997, that is an attempt that have been made by countries globally to deal with climate change

A

170

33
Q

Every country must answer three basic economic questions

A

what to produce, how to produce, and for whom to produce.

34
Q

rely on private property and the operation of markets

A

Market economies

35
Q

depend on publicly owned property and central planning.

A

Command economies

36
Q

7 main goals of Canadian economy?

A

economic efficiency, income equity, price stability, full employment, a viable balance of payments, economic growth, and environmental sustainability

37
Q

the organization of an economy, which represents a country’s distinct set of social customs, political institutions, and economic practices

A

economic system

38
Q

an economic system in which economic decisions are made on the basis of custom

A

traditional economy

39
Q

individuals are free to pursue their own self-interest.

A

Market economy

40
Q

an economic system based on private ownership and the use of markets in economic decision-making

A

market economy

41
Q

a set of arrangements between buyers and sellers of a certain item

A

market

42
Q

markets in which consumer products are traded

A

product markets

43
Q

markets in which economic resources are traded

A

Resource markets

44
Q

the effect of consumer needs and wants on production decisions

A

consumer sovereignty

45
Q

Placing markets at the centre of economic activity can have benefits. The main benefits are associated with??

A

consumer sovereignty and innovation

46
Q

The main drawbacks of a market economy are associated with…

A

income distribution, possible market problems, and potential instability

47
Q

Opposite to a market economy

A

Command Economy

48
Q

an economic system based on public ownership and central planning

A

command economy

49
Q

is the kind of economy in which all productive property—natural resources and capital—is in the hands of government, and markets are largely replaced by central planning.

A

command economy

50
Q

The reliance on planning rather than markets gives command economies some possible benefits related to… ?

A

income distribution and economic growth.

51
Q

Command economies also have serious drawbacks related to… ?

A

planning, efficiency, and individual freedom.

52
Q

an economic system that combines aspects of a market economy and a command economy; production decisions are made both in private markets and by government

A

modern mixed economy

53
Q

economic systems in which a traditional sector co-exists with modern sectors

A

traditional mixed economies

(Econ)BECN 110 (1 decks)

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