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djk > djk micro midterm flipped > Flashcards

djk micro midterm flipped Flashcards

1
Q

definition

A

term

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2
Q

The study of how individuals and societies allocate limited resources to satisfy unlimited wants.

A

Economics

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3
Q

A way of thinking that considers scarcity, opportunity costs, and rational behavior to make decisions.

A

Economic Perspective

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4
Q

The fundamental problem of having limited resources to meet unlimited wants.

A

Scarcity

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5
Q

The value of the next best alternative that must be forgone when making a choice.

A

Opportunity Cost

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6
Q

The satisfaction or benefit gained from consuming a good or service.

A

Utility

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7
Q

Comparing the additional benefits and additional costs of a decision.

A

Marginal Analysis

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8
Q

A systematic process of hypothesis formulation, testing, and refinement in economics.

A

Scientific Method

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9
Q

A widely accepted generalization about economic behavior or the economy.

A

Economic Principle

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10
Q

The assumption that factors other than those being considered do not change.

A

Other-Things-Equal Assumption (Ceteris Paribus)

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11
Q

The study of individual consumers, firms, and markets.

A

Microeconomics

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12
Q

The study of the overall economy, including inflation, unemployment, and economic growth.

A

Macroeconomics

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13
Q

A total or sum of individual parts, often used in macroeconomics to refer to total outputs or total demand.

A

Aggregate

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14
Q

The branch of economics that deals with objective analysis and facts.

A

Positive Economics

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15
Q

The branch of economics that involves value judgments about what the economy should be like.

A

Normative Economics

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16
Q

The need to make choices because economic wants exceed available resources.

A

Economizing Problem

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17
Q

A graph showing all combinations of goods that can be purchased with a given budget.

A

Budget Line

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18
Q

The inputs used to produce goods and services, categorized as land, labor, capital, and entrepreneurial ability.

A

Economic Resources

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19
Q

Natural resources used in production.

A

Land

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20
Q

Human effort used in the production of goods and services.

A

Labor

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21
Q

Manufactured goods used to produce other goods and services (factories, machinery).

A

Capital

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22
Q

The act of purchasing capital goods to increase future production.

A

Investment

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23
Q

The ability to combine other resources, take risks, and innovate.

A

Entrepreneurial Ability

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24
Q

Individuals who use entrepreneurial ability to bring resources together to produce goods and services.

A

Entrepreneurs

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25
Q

Land, labor, capital, and entrepreneurial ability.

A

Factors of Production

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26
Q

Goods used by individuals for personal satisfaction.

A

Consumer Goods

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27
Q

Goods used to produce other goods (e.g., machinery, factories).

A

Capital Goods

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28
Q

A graph that shows the combinations of two goods that an economy can produce, given its resources.

A

Production Possibilities Curve (PPC)

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29
Q

As production of one good increases, the opportunity cost of producing an additional unit rises.

A

Law of Increasing Opportunity Costs

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30
Q

The expansion of the economy’s capacity to produce goods and services over time.

A

Economic Growth

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31
Q

The way a society organizes the production, distribution, and consumption of goods.

A

Economic System

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32
Q

An economic system with minimal government intervention.

A

Laissez-Faire Capitalism

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33
Q

An economic system in which the government controls resources and production decisions.

A

Command System

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34
Q

An economic system where decisions are made by individuals and firms interacting in markets.

A

Market System

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35
Q

The right to own and control resources and products.

A

Private Property

36
Q

The ability of businesses to obtain resources and sell products freely.

A

Freedom of Enterprise

37
Q

The freedom of consumers to buy what they want.

A

Freedom of Choice

38
Q

Individuals’ pursuit of personal benefit, driving economic decisions.

A

Self-Interest

39
Q

The rivalry among sellers in a market.

A

Competition

40
Q

A mechanism that brings buyers and sellers together.

A

Market

41
Q

The focus of a business or individual on producing one or a few goods efficiently.

A

Specialization

42
Q

Splitting production processes into different tasks to increase efficiency.

A

Division of Labor

43
Q

Anything widely accepted in exchange for goods and services (e.g., money).

A

Medium of Exchange

44
Q

The exchange of goods and services without money.

A

Barter

45
Q

A commonly accepted medium of exchange.

A

Money

46
Q

The concept that consumers decide what goods and services will be produced.

A

Consumer Sovereignty

47
Q

When consumers spend money, they effectively “vote” for the production of certain goods.

A

Dollar Votes

48
Q

The process by which new products and methods replace old ones.

A

Creative Destruction

49
Q

A metaphor for the self-regulating nature of markets.

A

Invisible Hand

50
Q

A model showing the flow of goods, services, and money between households and businesses.

A

Circular Flow Diagram

51
Q

Individuals or groups who provide resources and purchase goods and services.

A

Households

52
Q

Organizations that buy resources to produce and sell goods and services.

A

Businesses

53
Q

A business owned and operated by one person.

A

Sole Proprietorship

54
Q

A business owned by two or more people.

A

Partnership

55
Q

A business that is a separate legal entity from its owners.

A

Corporation

56
Q

Where goods and services are bought and sold.

A

Product Market

57
Q

Where resources (like labor and capital) are bought and sold.

A

Resource Market

58
Q

The individual or entity entitled to the remaining income after all expenses are paid.

A

Residual Claimant

59
Q

The quantity of a good or service that consumers are willing and able to purchase at various prices.

A

Demand

60
Q

A table showing the quantity demanded at various prices.

A

Demand Schedule

61
Q

As the price of a good rises, the quantity demanded falls, ceteris paribus.

A

Law of Demand

62
Q

As more units of a good are consumed, the additional satisfaction from consuming one more unit declines.

A

Diminishing Marginal Utility

63
Q

As the price of a good falls, the consumer’s purchasing power increases, leading to higher quantity demanded.

A

Income Effect

64
Q

As the price of a good falls, it becomes more attractive relative to substitutes, increasing the quantity demanded.

A

Substitution Effect

65
Q

A graphical representation of the relationship between price and quantity demanded.

A

Demand Curve

66
Q

Factors other than price that affect demand (e.g., income, tastes).

A

Determinants of Demand

67
Q

Goods for which demand increases as income rises.

A

Normal Goods

68
Q

Goods for which demand decreases as income rises.

A

Inferior Goods

69
Q

Goods that can be used in place of each other.

A

Substitute Goods

70
Q

Goods that are consumed together.

A

Complementary Goods

71
Q

A shift in the demand curve due to factors other than price.

A

Change in Demand

72
Q

Movement along the demand curve due to a price change.

A

Change in Quantity Demanded

73
Q

The quantity of a good that producers are willing and able to sell at various prices.

A

Supply

74
Q

A table showing the quantity supplied at various prices.

A

Supply Schedule

75
Q

As the price of a good rises, the quantity supplied increases, ceteris paribus.

A

Law of Supply

76
Q

A graphical representation of the relationship between price and quantity supplied.

A

Supply Curve

77
Q

Factors other than price that affect supply (e.g., technology, resource prices).

A

Determinants of Supply

78
Q

A shift in the supply curve due to factors other than price.

A

Change in Supply

79
Q

Movement along the supply curve due to a price change.

A

Change in Quantity Supplied

80
Q

The price at which quantity supplied equals quantity demanded.

A

Equilibrium Price

81
Q

The quantity at which quantity supplied equals quantity demanded.

A

Equilibrium Quantity

82
Q

When quantity supplied exceeds quantity demanded.

A

Surplus

83
Q

When quantity demanded exceeds quantity supplied.

A

Shortage

84
Q

Producing goods in the least costly way.

A

Productive Efficiency

85
Q

Producing the right mix of goods, according to consumer preferences.

A

Allocative Efficiency

86
Q

A maximum price set by the government below the equilibrium price.

A

Price Ceiling

87
Q

A minimum price set by the government above the equilibrium price.

A

Price Floor

djk (5 decks)

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