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Government > Ecomnics > Flashcards

Ecomnics Flashcards

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1
Q

regret associated with options not chosen

A

opportunity cost

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2
Q

intangible products

A

services

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3
Q

study of large-scale economic events

A

macroeconomics

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4
Q

satisfaction received from choices

A

utility

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5
Q

study of the choices of individual people, individual households, or indi-
vidual businesses

A

microeconomics

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6
Q

“Feeding the poor should be our government’s greatest economic priority.”

A

normative economics

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7
Q

A ditch digger argues that he should receive $100 an hour because of the
years of practice it has taken him to perfect his craft.

A

intrinsic value

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8
Q

payment for financial capital

A

interest

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9
Q

household withdrawal from an account or borrowing

A

dissaving

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10
Q

tax revenues = $1 million; governmental spending = $900,000

A

budget surplus

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11
Q

payment for entrepreneurship

A

profit

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12
Q

welfare

A

transfer payment

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13
Q

governmental borrowing that prevents businesses borrowing

A

crowding out

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14
Q
  1. payment for entrepreneurship
A

Real capital

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15
Q

loans to business firms

A

financial capital

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16
Q

chicken or beef

A

substitute good

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17
Q

satisfaction gained by one more unit of input

A

marginal utility

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18
Q

graphic representation of the law of demand

A

demand curve

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19
Q

the act of buying

A

demand

20
Q

a shift of a demand curve

A

change in demand

21
Q

travel on a city bus

A

inferior good

22
Q

something that a person purchases more of as his income rises

A

normal good

23
Q

transitional economic system between free markets and governmental ownership

A

social democracy

24
Q

The government sells businesses back to private individuals.

A

privatization

25
Q

economic system characterized by private ownership and decision
making

A

capitalism

26
Q

Adam Smith’s ideal economic system

A

classic liberal capitalism

27
Q

Government is no longer necessary since everyone is acting in the best
interest of others.

A

communism

28
Q

economic system that leans toward capitalism but has extremely
high taxes

A

welfare state

29
Q

Gold and silver in the government’s treasury are what is important.

A

mercantilism

30
Q

The government takes possession of key industries.

A

nationalization

31
Q

A central authority controls resources and makes economic decisions.

A

socialism

32
Q

private ownership of businesses but with frequent governmental intervention

A

state capitalism

33
Q

distribution of the nation’s income based on each individual’s productivity

A

libertarian fairness

34
Q

distribution of the nation’s income based on the equality of each
individual

A

egalitarian fairness

35
Q

“from each according to his ability, to each according to his need”

A

The Communist
Manifesto

36
Q

equipment used to produce goods

A

capital goods

37
Q

the source of funds for businesses to purchase more-productive
equipment

A

savings

38
Q

number of goods sold causes a change in the price buyers
are willing to pay

A

change in quantity supplied

39
Q

a result of cutting production

A

leftward shift of the
supply curve

40
Q

a barrier preventing a price from falling

A

price floor

41
Q

caused by a change in production costs

A

change in supply

42
Q

the price at which both the buyer and seller agree

A

equilibrium price

43
Q

caused by the prices being higher than the markel price

A

surplus

44
Q

solved by allowing the price to rise

A

Shortage

45
Q

demonstrated by rent control

A

Price celling

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