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Literature > Final Exam Review > Flashcards

Final Exam Review Flashcards

1
Q

What are needs?

A

Things necessary for survival

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2
Q

What is the situation that exists when there are not enough resources to meet the wants of the people

A

Scarcity

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3
Q

The study of how people choose to use scarves resources to satisfy their wants

A

Economics

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4
Q

Three questions that scarcity leads to

A

What will be produced?
How will it be produced?
For whom will it be produced?

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5
Q

Four factors of production

A
  1. Land - all natural resources that are used to produce goods
  2. Labor - all human time and effort that goes into making products
  3. Capital - all resources made and used by people
  4. Entrepreneurship - combination of vision skill ingenuity and willingness to create and run a new business
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6
Q

What is real capital

A

Money that is made from goods and services

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7
Q

Human capital?

A

The knowledge and skills gained through experience

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8
Q

Benefits offered to encouraged people to act in certain ways

A

Incentives

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9
Q

Making decisions according to what you believe is the best combination of cost and benefits

A

Economize

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10
Q

What is opportunity cost?

A

Anything you give up to get something else

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11
Q

Cost benefit analysis?

A

The practice of examine the cost and expected benefits of choice

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12
Q

What is marginal cost?

A

Additional cost of using one more unit of a product

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13
Q

Additional satisfaction from using one or more unit of product

A

Marginal benefit

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14
Q

Production possibilities curve?

A

A graph used to show the impact of scarcity of an economy

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15
Q

Four assumptions made for the PPC

A
  1. Resources are fixed
  2. All resources are fully employed
  3. Only two things can be produced
  4. Technology is fixed
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16
Q

What is efficiency?

A

The condition in which economic resources are being used to produce the maximum amount of goods And services

17
Q

The condition in which Econ resources are not being used to their full potential

A

Underutilization

18
Q

What are Statistics

A

Info in numerical form

19
Q

What is a graph

A

A visual representation of numerical relationships

20
Q

Microeconomics?

A

Study of individuals, families, and businesses in an economy

21
Q

Macroeconomics is…

A

Study of economy as a whole and is concerned with large-scale economic activity

22
Q

A way of describing and explaining economics as it is not as it should be

A

Positive economy

23
Q

Way of describing and explaining what Econ behavior ought to be not what actually is

A

Normative economy

24
Q

Who published the wealth of nations?

A

Adam smith

25
Q

What idea did the wealth of nations support?

A

Free trade

26
Q

Three basic types of Econ systems

A

Traditional, command, and market

27
Q

What are wants?

A

Desires that can be satisfied by consuming a good or service

28
Q

Advantages of traditional economy

A

Produces what best ensures it’s survival

The method of production stays the same

Distribution is based on customs and traditions

29
Q

Disadvantages of traditional economy

A

They resist change

People are restricted from what the want to do

They have a much lower standard of living

30
Q

When a central government makes all economic decisions

A

Centrally planned economy

31
Q

What is socialism?

A

An Econ system in which the gov owns some or all of the factors of production

32
Q

More extreme form of socialism; no private ownership of property and little or no political freedom

A

Communism

33
Q

Who wrote communist manifesto? And what did he want?

A

Karl Marx; he wanted a society in which there was no economic classes

34
Q

Advantages of command economy

A

Seeks to provide for everyone

They can produce things that may not make money in a market economy

35
Q

Disadvantages of command economy

A

Central leaders have little understanding of local conditions

Workers have no motivation to improve their productivity

There is no private property therefore no reason for people to use resources responsibly

36
Q

What are private property rights?

A

The right for individuals and groups to own private property.

Literature (5 decks)

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