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Economics > Econ Semester Review > Flashcards

Econ Semester Review Flashcards

1
Q

a situation that exists when there are not enough resources to meet human wants

A

scarcity

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2
Q

the value of something that is given up by choosing one alternative over another

A

opportunity cost

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3
Q

the economic resources needed to produce goods and services

land, labor, capital, entrepreneurship

A

factors of production

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4
Q

the condition in which economic resources are used to produce the maximum amount of goods/services

A

efficiency

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5
Q

combination of vision, skill, ingenuity, and willingness to take risks needed to create/run new businesses

A

entrepreneurship

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6
Q

the benefit/satisfaction gained from using one or more unit(s) of a good or service

A

marginal benefit

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7
Q

the additional cost of producing or using on more unit of a good or service

A

marginal cost

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8
Q

wrote “The Communist Manifesto”

socialism economic theory

A

Karl Marx

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9
Q

the change from private ownership to government or public ownership (government takes over all businesses)

A

nationalizing

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10
Q

based on individual choice and voluntary exchange

A

market system

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11
Q

government makes all economic decisions

A

command system

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12
Q

money distributed to taxpayers who do not provide goods or services in return

A

transfer payments

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13
Q

government economic/social programs that provide assistance to the needy

A

welfare

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14
Q

goods and services provided by the government and consumed by the public as a group

A

public goods

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15
Q

visualization of all interactions in a market economy

A

circular flow model

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16
Q

change in price = larger change in quantity demanded or supplied

A

elasticity

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17
Q

quantity demanded/supplied changes little as price changes

A

inelastic

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18
Q

willingness and ability of a producer to produce and sell a product

A

supply

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19
Q

desire to have some good or service and the ability to pay for it

A

demand

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20
Q

graph that shows data from a supply schedule

A

supply curve

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21
Q

graph that shows a demand schedule, or how much of a good or service an individual is willing and able to purchase at each price

A

demand curve

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22
Q

states that when the price of a good or service goes down, quantity demanded increases, and vise versa

A

law of demand

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23
Q

producers are willing to sell more of a good or service at a higher price than they are at a lower prices

A

law of supply

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24
Q

an established minimum price that buyers must pay for a product

A

price floor

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25
Q

an established maximum prices that sellers may charge for a product

A

price ceiling

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26
Q

expenses that business owners incur no matter how much they produce

A

fixed costs

27
Q

business costs that vary with the level of production output

A

variable costs

28
Q

products used together so the increase or decrease in demand for one will result in an increase or decrease in demand for the other

A

complementary goods

29
Q

the money made from each additional unit sold

A

marginal revenue

30
Q

the amount of goods or services a person can produce in a given time

A

labor productivity

31
Q

a situation in which supply is greater than demand (usually the result of prices set too high)

A

surplus

32
Q

a situation in which demand is greater than supply (usually the result of prices set too low)

A

shortage

33
Q

price at which quantity demanded equals quantity supplied

A

equilibrium

34
Q

ideal model of a market economy - none of the many well-informed/independent buyers or sellers has control or price over a standardized good/service

A

perfect competition

35
Q

market structure in which only a few sellers offer a similar product

A

oligopoly

36
Q

market structure in which many sellers offer similar but not standardized products to consumers

A

monopolistic competition

37
Q

market structure in which only one seller sells a product for there are no close substitutes

A

monopoly

38
Q

the practice of contracting with an outside company, often in a foreign country, to provide goods or services

A

outsourcing

39
Q

the process of negotiation between a business and its organized employees to establish wages and improve working conditions

A

collective bargaining

40
Q

the gross domestic product corrected for changes in prices from year to year

A

real GDP

41
Q

the gross domestic product states in terms for the current value of goods and services

A

nominal GDP

42
Q

an increase in economic activity

A

expansion

43
Q

a decrease in economic activity

A

contraction

44
Q

jobless labor forces that are actively looking for work

A

unemployment

45
Q

when a person’s income and resources do not allow them to achieve a minimum standard of living

A

poverty

46
Q

a sustained rise in the general price level, or a sustained fall in the purchasing power of money

A

inflation

47
Q

the federal government’s use of taxing and spending to affect the economy

A

fiscal policy

48
Q

the Federal Reserve’s actions that change the money supply to influence the economy

A

monetary policy

49
Q

a plan to stimulate aggregate demand

A

demand-side policy

50
Q

a plan designed to provide incentives to producers to increase aggregate supply

A

supple-side policy

51
Q

the government practice of spending more than it collects in revenue for a specific fiscal year

A

deficit

52
Q

the central bank of the United States

A

the Fed

53
Q

the board of 7 appointed members that supervises the operations of the Federal Reserve System and sets monetary policy

A

Board of Governors

54
Q

the series of growing and shrinking periods of economic activity, measured by increases or decreases in real GDP

A

business cycle

55
Q

countries gain when they produce items they are most efficient at producing at the lowest opportunity cost

A

law of comparative advantage

56
Q

the ability of one trading nation to make a product more efficiently than another trading nation

A

absolute advantage

57
Q

a limit on the amount o product that can be imported

A

quota

58
Q

a fee charged for goods brought into a country from another country

A

tariff

59
Q

a nation’s GDP divided by total population

A

per capita

60
Q

an economic system based on private ownership of the factors of production

A

capitalism

61
Q

an economic system in which there is no private ownership of property and little or no political freedom

A

communism

62
Q

the financial gain a seller makes from a business transaction

A

profit

63
Q

a long-term bond that matures in 30 years

A

treasury bonds

64
Q

a short-term bond that matures in less than one year

A

treasury bills

Economics (10 decks)

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