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Eco Final > Final > Flashcards

Final Flashcards

0
Q

Difference between a need and a want

A

A need is something you have to have to survive. A want is something that you would like to have, but you do not need it to survive

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1
Q

What is economics?

A

The study if peoples needs and wants

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2
Q

Example of good

A

A jacket

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3
Q

Example of a service

A

A haircut

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4
Q

Factors of production

A

Land, labor, capital

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5
Q

Physical and human capital

A

Physical- all human made goods that are used to produce other goods and services.
Human- the skills and knowledge gained by a worker through education and experience

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6
Q

Key economic questions

A

What am I going to make?
How am I going to make it?
Who am I going to sell it to?

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7
Q

Economic system

A

The method used by society to produce and distribute goods and services.

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8
Q

Economy of the Soviet Union

A

Centrally planned. The government controlled everything in the economy.

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9
Q

5,14,16 amendments

A

Private property
Contractural agreements
Over taxation

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10
Q

Macroeconomics v. Microeconomics

A

Macro- the study if the behavior of a huge economy like the economy of a state or nation.
Micro- the study of the behavior of a small economy, like a household or small business.

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11
Q

Standard of living

A

Level of economic prosperity

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12
Q

Public good

A

A shared good or service for which it would be impractical to make consumers pay individually and to exclude no payers

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13
Q

Externalities

A

Negative- when there is a neighbor who has a ghetto lawn and he refuses to fix it. So it lowers the price value of all the nearby homes.
Positive- when there is a neighbor who has a ghetto lawn but he fixes it up and the price value of all the surrounding homes goes up.

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14
Q

Supply and demand

A

Supply- the amount of a good or service available

Demand- the amount wanted

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15
Q

Normal good v inferior good

A

Normal- a good that everyone buys when they can afford it

Inferior- when you but a better, different good because of an increase in income

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16
Q

Elasticity of supply and demand

A

Supply- companies can change the prices of the good

Demand- people can choose to still buy the good when the price changes

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17
Q

Total revenue

A

The total amount of money a firm receives by selling goods or services

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18
Q

Fixed costs v. Variable costs

A

Fixed- the price is always the same

Variable- the price changes

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19
Q

Equilibrium

A

When the demand and supply is equal

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20
Q

How do firms prices respond to shortages and surpluses?

A

Shortages- they make the price go up

Surpluses- they make the price go down so they can sell more

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21
Q

Rationing

A

A system of allocating scarce goods and services using criteria other than price

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22
Q

Perfect competition, monopolies, and monopolistic competition

A

Perfect- when many firms make basically the same product
Monopolies- when one firm controls and makes the only product of that kind
Monopolistic- when a few firms make goods that are almost the same

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23
Q

Commodities

A

A product that is the same no matter who produces it

24
Q

Barriers to entry

A

Something that can hold you back from entering the market. Ex. Start up costs

25
Q

Oligopoly

A

A market dominated by a few large, profitable firms

26
Q

Market power

A

You can control certain things within the market, like prices

27
Q

Price discrimination

A

Divisions of customers into groups based on how much they will pay for a good

28
Q

Business organization

A

When people come together and open up a business that provides something that other people need or want

29
Q

Sole proprietorship

A

A business that is owned and managed by a single individual

30
Q

Types of partnerships

A

General- partnership in which partners share equally in both responsibility and liability
Limited- partnership in which only one partner is required to be a general partner

31
Q

Corporate characters and articles of partnership

A

Articles of partnership- a partnership agreement

32
Q

Bureau of labor statistics

A

Responsible for labor statistics

33
Q

Contingent employment

A

A temporary employment/job

34
Q

Different job categories

A

Professional
Skilled
Unskilled

35
Q

Blue collar v white collar

A

Blue- industrial jobs, janitors, etc

White- professional jobs, doctors

36
Q

Mediation v arbitration

A

Mediation- where two parties are negotiating for something and a third party comes in and offers advise for both sides
Arbitration- where two parties are negotiating for something and a third party comes in and make the decision for both parties and they can’t do anything about it

37
Q

Tyler of mergers

A

Horizontal- the combination of two or more firms competing in the same market with the same good or service
Vertical- the combination of two or more firms involved in different stages of producing the same good or service
Conglomerate- business combination merging more than three businesses that make unrelated products

38
Q

Glass ceiling

A

An unofficial, invisible barrier that prevents women and minorities from advancing in business dominated by white men

39
Q

Money and characteristics of money

A 
Anything that serves as a medium of exchange, a unit of account, and a store of value
Durability 
Portability 
Divisibility
Uniformity 
Limited supply
Acceptability
40
Q

Federal reserve banking

A

Our national banking system; all our money in the economy

41
Q

Fractional reserve banking

A

A banking system that keeps only a fraction of funds on hand and lends out the remainder

42
Q

Financial assets

A

Claim on the property or income of a borrower

43
Q

Financial intermediaries

A

Institution that helps channels funds from savers to borrowers

44
Q

Types of bonds

A

Savings
Municipal
Corporate

45
Q

New York Stick exchange

A

Is not an OTC exchange

46
Q

The Dow and s and p 500

A

Dow- only shows the stats of the top 30 companies

S and p 500- shows the stats of 500 companies

47
Q

Stockholders

A

Someone who holds stock

48
Q

Types of employment

A

Frictional
Seasonal
Structural
Cyclical

49
Q

Unemployment rate

A

The percentage of the nations labor force that is unemployed

50
Q

Underemployment

A

Working at a job for which one is over qualified or working part time when full time is desired

51
Q

Inflation

A

A general increase in prices

52
Q

Market basket

A

A representative collection of goods and services

53
Q

Family v. Household

A

Family- two or more people living together under the same roof where they are related by birth, marriage, or adoption.
Household- two or more people living in the same housing unit, regardless of affiliation

54
Q

Wage price spiral

A

The process by which rising wages cause higher prices and higher prices cause higher wages

55
Q

Poverty threshold

A

The income level below which income is insufficient to support a family or household

56
Q

Causes of poverty

A 
Lack of education 
Location
Racial or gender discrimination
Economic shifts 
Shifts in family structure
57
Q

Discouraged worker

A

A person who wants a job but has stopped looking

Eco Final (1 decks)

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