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Abeka Economics > Chapter 1 Review > Flashcards

Chapter 1 Review Flashcards

1
Q

services

A

intangible goods produced by labor for which people expect to pay

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2
Q

an intangible item for which people will pay

A

service

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3
Q

What economic riddle did Carl Menger solve?

A

Diamond-Water Paradox

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4
Q

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

A

microeconomics

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5
Q

a very large number of people to whom very large quantities of products are sold

A

mass market

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6
Q

common course and conditiona

A

economic system that Governor Bradford found contrary to God’s wisdom

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7
Q

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

A

demand

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8
Q

economy

A

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

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9
Q

economic forecast

A

term used for an economist’s prediction of what will happen to an economy

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10
Q

persons who work to provide goods

A

producers

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11
Q

intangible goods produced by labor for which people expect to pay

A

services

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12
Q

an item produced directly to satisfy people’s wants

A

consumer good

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13
Q

anything used in the production of a good

A

capitall good

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14
Q

term used for an economist’s prediction of what will happen to an economy

A

economic forecast

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15
Q

microeconomics

A

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

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16
Q

economics

A

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

17
Q

name given to scholars of the production, distribution, and consumption of goods

A

economist

18
Q

something difficult to live without

A

need

19
Q

people who use goods

A

consumers

20
Q

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

A

economy

21
Q

good

A

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

22
Q

a mechanism that allows people to exchange goods

A

market

23
Q

the human desire to have and use a certain good

A

want

24
Q

a tangible item for which people will pay

A

good

25
Q

What word is defined as the study of the choices individuals and societies make in production, distribution, and consumption of goods

A

economics

26
Q

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

A

macroeconomics

27
Q

Who was the founder of the Austrian school of economics?

A

Carl Menger

28
Q

macroeconomics

A

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

29
Q

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

A

good

30
Q

economic model

A

a theory which seeks ot show the relationships among the various components of an economy

31
Q

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

A

economics

32
Q

a theory which seeks ot show the relationships among the various components of an economy

A

economic model

33
Q

What is the first thing to understand about economics?

A

All goods have to be worked for

34
Q

What is the quantity of a good for sale at a certain price under certain conditions?

A

supply

35
Q

the quantity of a good for sale at a certain price under certain conditions; or simply the amount of a good that is produced

A

supply

36
Q

What is the mechanism that allows people to exchange goods?

A

market

37
Q

economic system that Governor Bradford found contrary to God’s wisdom

A

common course and conditiona

Abeka Economics (6 decks)

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