Economic Concepts Flashcards

1
Q

What is the meaning of a graphed plot with a negative slope?

A

The two variables move in opposite directions (i.e., the dependent variable decreases as the independent variable increases).

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2
Q

Identify the “X” axis and “Y” axis of a graph.

A

“X” axis is the horizontal line; “Y” axis is the vertical line. (To help remember, the “Y” has a vertical element to it.)

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3
Q

What is microeconomics?

A

The economic activities of distinct decision-making entities, including individuals, households and business firms.

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4
Q

What does “ceteris paribus” mean, as used in economics?

A

Assumption that any influences other than the variable(s) being considered are held constant. Literally, “all else being equal.”

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5
Q

Define “economics”.

A

Study of the allocation of scarce economic resources among alternative uses.

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6
Q

What is macroeconomics?

A

The economic activities and outcomes of a group of entities taken together, typically of an entire nation or major sectors of a national economy.

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7
Q

What are the characteristics of a Command economic system?

A

Government largely determines the production, distribution and consumption of goods and services (e.g., Communism and Socialism).

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8
Q

What is the role of graphs in economics?

A

Graphs show the relationship between two variables, usually referred to as the independent and the dependent variables.

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9
Q

Identify the “Intercept” on a graph.

A

The point at which the plotted line intersects the “Y” axis (i.e., at the zero point on the “X” axis).

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10
Q

What are the major types (extremes) of economic systems?

A

Command Economic System;

Market (Free-enterprise) Economic System.

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11
Q

What is international economics?

A

Economic activities that occur between nations and outcomes that result from those activities.

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12
Q

What is the meaning of a graphed plot with a positive slope?

A

The two variables move in the same direction (i.e., the dependent variable increases as the independent variable increases).

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13
Q

Identify the major divisions of the field of economics.

A

Microeconomics;
Macroeconomics;
International economics.

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14
Q

What is a time-series graph?

A

A graph showing changes in a variable over time. Commonly, time is considered the independent variable and plotted on the horizontal “X” axis.

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15
Q

What are the characteristics of a Market (free-enterprise) economic system?

A

Distinct entities determine production, distribution and consumption in an open market (e.g., Capitalism).

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