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2-11. BA 21C - Basic Microeconomics > Chapter 1: What Economics is all about? > Flashcards

Chapter 1: What Economics is all about? Flashcards

1
Q

A science that deals with the allocation, or use, of scarce resources for the purpose of fulfilling society’s needs and wants.

A

Addison Wesley

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2
Q

The study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided

A

Case and Fair

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3
Q

The study of how households and firms make decisions and how they interact in markets.

A

Microeconomics

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4
Q

The study of economy-wide phenomena, including inflation, unemployment, and economic growth.

A

Macroeconomics

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5
Q

2 facts that dominates our lives

A
  1. Resources are limited
  2. Society has unlimited needs and wants
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6
Q

Economics dicides the ______ way of providing one to another.

A

Best

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6
Q

A means of deciding who gets what of the available

A

Rationing Device

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7
Q

A condition wherein the available scarce resources are not enough to satisfy people’s unlimited wants

A

Scarcity

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8
Q
  • Same for everybody
  • Never Change
  • Must have
A

Needs

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9
Q
  • Different for different people
  • Always change
  • Nice to have
A

Wants

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10
Q

Factors of Productions (resources used for production)

A
  1. Land
  2. Labor
  3. Capital
  4. Entrepreneurship
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11
Q

Refers to nation workforce. Includes anyone who works to produce goods and services.

A

Labor

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12
Q

The special skill that some people possess to organize the other factors of production

A

Entrepreneurship

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13
Q

Resources used for further production. Features (Man-made; Raises the productivity of other factors)

A

Capital

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14
Q

Includes all natural resources

A

Land

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15
Q

Factors of production and their corrsponding income rewards

A
  1. Land - Rent
  2. Capital - Interest
  3. Labor - Salary & Wage
  4. Entrepreneurship - Profit
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16
Q

Is the highest valued alternative forgone or forfeited when an action or activity is made.

A

Opportunity Cost

17
Q

Is the cost of what you give up when one choice is made over another

A

Opportunity Cost

18
Q

Giving up something in order to get something

A

Trade-off

19
Q

Is always measured by how much you give up of the next best alterntive to get what you want.

A

Opportunity Cost

20
Q

Illustrates the principle of opportunity cost for an entire economy

A

Production possibility curve

21
Q

show all possible combinations of goods and services that can be produced if all of society’s resources are used efficiently.

A

Production possibility frontier

22
Q

Basic Economic Problems

A
  1. What goods and services should be produced?
  2. How should these goods and services be produced?
  3. For whom are goods and services produced?
23
Q

The way economic units are organized to come up with decisions on the basic economic problems

A

Economic System

24
Q

The method used by a society to produce and distribute goods and services

A

Economic system

25
Q

Types of Economic System

A
  1. Traditional Economy
    2.Market Economy
  2. Command Economy
  3. Mixed Economy
26
Q

An economic system in which economic decisions are made on the basis of custome

A

Traditional Economy

27
Q

An economy based on private ownership where individuals control the production, distribution and sale of goods.

A

Market Economy

28
Q

A political system characterized by a centrally planned economy with all economic and poltical power resting in the hands of the government

A

Command Economy

29
Q

An economy that is a mixture of both command and market economies

A

Mixed Economy

30
Q

Goals of the Economy

A
  1. Economic Efficiency
  2. Economic Freedom
  3. Economic security
  4. Economic Equity
  5. Economic growth and innovation
  6. Value goals
  7. Safety Net
31
Q

How much should you get paid for your services or lack of services.

A

Economic Equity

32
Q

Making the most of the limited resources. An economy that can’t deliver good isn’t ________

A

Economic efficiency

33
Q

Government programs that protect people during bad economic times

A

Safety Net

34
Q

Innovation leads to growth, and economic growth leads to a higher standard of living.

A

Economic growth and innovation

35
Q

Freedom from government intervention in the production and distribution of goods and services

A

Economic freedom

36
Q

Securities pursue additional goals, such as environmental protection, universal medical care, etc.

A

Value goals

37
Q

Assurance that goods and services will be available , payments will be made on time.

A

Economic Security

38
Q

Things that people have in order to survive

A

needs

39
Q

Things that people would like to have

A

wants

40
Q
A

2-11. BA 21C - Basic Microeconomics (4 decks)

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