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Extra Credit ECON 2106 > Extra Credit > Flashcards

Extra Credit Flashcards

1
Q

Economics is?

A

The study of rational choice under conditions of scarcity

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2
Q

Opportunity cost is?

A

The best alternative that you give up when you make a choice

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3
Q

Scarcity is?

A

An imbalance between what people want and what is freely available

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4
Q

What are two examples of something that is scarce?

A

Air, space

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5
Q

What is an example of something that is not scarce?

A

Garbage

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6
Q

What is rational choice?

A

Means people making calculated, self-interested choices after weighing the cost and benefits of those choices.

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7
Q

A rational agent choose the action that is..?

A

Most self-satisfying

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8
Q

Do all choices come with a cost?

A

Yes

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9
Q

Opportunity cost?

A

The next best alternative to that you gave up to make the choice you did

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10
Q

Is economics about money?

A

No

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11
Q

Can economics predict things?

A

Yes

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12
Q

What is something that can be represented in an economic model?

A

War

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13
Q

How do economist use the scientific method?

A

By asking questions, producing explanations, and forming hypotheses

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14
Q

What fields do economist operate in?

A

Business, government, and academia

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15
Q

What questions do economist ask?

A

What to produce? How to produce? Who will get it?

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16
Q

After creating a hypothesis what do economist do?

A

Test it by collecting data

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17
Q

If the data an economist gathers matches the predictions of the hypothesis then?

A

The economist have explained a condition in the real world.

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18
Q

What do economist in business do?

A

Help make forecasts about when to launch new products.

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19
Q

What do government economist do?

A

Collect data, conduct research

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20
Q

What do academic economist do?

A

Teach, conduct research, and publish findings

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21
Q

What question does positive economics seek to answer?

A

How will the world work

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22
Q

What question does normative economics ask?

A

How should the world work

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23
Q

What type of economics is predictive?

A

Positive economics

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24
Q

What type of economics is judgmental?

A

Normative economics

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25
Q

Microeconomics

A

The study of the decisions-making process of individuals

26
Q

Macroeconomics

A

The study of aggregate decision making

27
Q

Players in the economy?

A

Households, businesses, government, and foreign trade

28
Q

Nominal variables

A

Measured in terms of actual dollars

29
Q

Real variables

A

Measured in terms of physical goods and services

30
Q

Example of a question microeconomics ask

A

If wages rise, will households supply more or less labor?

31
Q

Example of a question macroeconomics ask

A

What happens to employment when overall productivity increases?

32
Q

Which type of economics examines the actions of the federal reserve?

A

Macro

33
Q

How does micro and macro analyze households?

A

Micro - Individual purchasing decisions Macro - Aggregate consumption savings

34
Q

How does Micro and Macro analyze businesses?

A

Micro - ratio of labor to capitol Macro - Businesses spending

35
Q

How does Micro and Macro analyze government?

A

Micro - tax rates influence individuals purchasing decisions Macro - Stimulates or deters economy

36
Q

How does Micro and Macro analyze net imports?

A

Micro - N/A Macro - foreign demand influences production

37
Q

Scatter diagram

A

A collection of points on a graph showing the observed relationship between two variables

38
Q

Direct relationship

A

Indicates that the two variables move in the same direction

39
Q

Positive slope on a scatter diagram

A

Indicates a direct relationship between the variables

40
Q

How many dimensions is a graph?

A

A graph is two dimensional

41
Q

What is an example of a graph?

A

Pie chart, bar graph

42
Q

How many variables does a graph usually represent?

A

Two variables

43
Q

What is consumption?

A

The amount of money that a household spends on goods and services

44
Q

What is income?

A

The money that a household takes in from work and other sources

45
Q

General relationship

A

The relationship between points on a graph

46
Q

X-axis

A

Horizontal axis on a graph

47
Q

Y-axis

A

Vertical axis on a graph

48
Q

How many axis’s are on a graph?

A

Two

49
Q

Linear relationship

A

A relationship between two variables that creates a straight line when graphed

50
Q

Formula for a linear relationship

A

Y = a + b(x)

51
Q

Rise over run

A

The change in the y axis variable divided by the change in the x axis variable

52
Q

Demand curve

A

The relationship between the price of a good and the quantity a consumer wants to buy at each price

53
Q

Do the increments of numbers have to be the same on each axis in a graph?

A

No, because they represent different things

54
Q

What is the formula for any straight line?

A

y = a + b(x)

55
Q

When writing out the location of a point on a graph i.e. (#,#) does the x or y axis come first?

A

A-axis

56
Q

Do demand curves have formulas?

A

Yes

57
Q

In the linear line formula what does B represent?

A

The slope of the line

58
Q

In the linear line formula what does Y represent?

A

A variable that is being measured on the Y axis

59
Q

In the linear line formula what does the letter X represent?

A

The variable that is being measured on the X axis

60
Q

What does Delta (triangle symbol) represent in economics?

A

Change or change in

Extra Credit ECON 2106 (2 decks)

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