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Economics > Final Review Part 2 > Flashcards

Final Review Part 2 Flashcards

1
Q

_____________________________ is the most highly valued, or next best alternative that is forfeited when a choice is made

A

Opp cost

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2
Q

A(n) _____ explanation of how something works and is designed to answer a q that has no obvious answer

A

theory

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3
Q

A service is not tangible but ________

A

intangible

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4
Q

Another word for dissatisfaction or unhappiness is ______

A

disutility

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5
Q

_____________ are needed to decide who gets what portion of the available goods. Because people compete for the _________, competition is a consequence of scarcity

A

Rationing devices

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6
Q

A(n) __________ is a gov plan specifying economic activities, such as what goods will be produced and what prices will be charged.

A

economic plan

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7
Q

The way all the income earned in a country is divided among diff groups of income earners is called _________________

A

income distribution

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8
Q

economy that’s not purely socialist or capatalist but sorta both

A

mixed economy

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9
Q

A sense of how the world works

A

vision

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10
Q

The belief that all value in produced goods is derived from labor

A

labor theory of value

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11
Q

The diff between the total value of production and the subsistence wages paid to workers, in other words, the difference between the value of a product and the cost to produce it

A

surplus value

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12
Q

Any good that is owned by an individual or a buisness

A

private property

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13
Q

Any good that is owned by the gov

A

public property

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14
Q

Failure to preserve natural resource for short term gain and self interest is known as ____________________

A

“the tragedy of the commons”

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15
Q

An economic unit of one person or more that sells resources that sells resources and buys goods and services

A

household

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16
Q

circular flow of econmic activity

A

The economic relationship that exist between different economic groups in an economy

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17
Q

The way in which a society decides what goods to produce, how to produce goods, and for whom goods will be produced

A

economic system

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18
Q

____________ is meeting present needs of without compromising the needs of future gen

A

Sustainability

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19
Q

3 pillars of sustainability are SEE

A

Social
Environmental
Economic needs

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20
Q

How to keep the economy sustainable

A

Use resources at a rate lower than the rate at which they are replenished

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21
Q

What goods and services should an economy produce?

A

should the emphasis be on agriculture, manufacturing or services, should it be sport leisure or housing?

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22
Q

Any place people come together to buy and sell goods or services

A

market

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23
Q

An economic system in which individuals (not the gov) own most, if not all, the resources and control their use. The government plays only a small part in thee economy

A

free enterprise

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24
Q

socialism

A

An economic system in which the government controls and may own many of the resources

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25
Q

A government plan specifying economic activities such as what goods will be produced and what prices will be charged

A

economic plan

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26
Q

The way all the income earned in a country is divided among different groups of income earners

A

income distribution

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27
Q

The belief that all value in produced goods is derived from labor

A

labor theory of value

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28
Q

The difference between the total value of production and the subsistence wages paid to workers

A

surplus value

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29
Q

The amount of money left over after all the costs of production have been paid. ______ exists whenever total revenue is greater than total cost.

A

profit

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30
Q

The amount of money by which total cost exceeds total revenue

A

loss

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31
Q

An agreement between two or more people to do something

A

contract

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32
Q

A good for which one person’s consumption takes away from another person’s consumption

A

private good

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33
Q

A good for which one person’s consumption does not take away from another person’s consumption

A

public good

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34
Q

A public good that individuals can be excluded (physically phrohibited) from consuming, even though it wouldn’t cost anything else to let another person use it (ie seeing a movie/getting a link to a online book)

A

excludable public good

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35
Q

A public good that individuals cannot be excluded (physically prohibited) from consuming

A

nonexcludable public good

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36
Q

A person who receives the benefits of a good without paying for it

A

free rider

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37
Q

An adverse side effect of an act that is felt by others

A

negative externality

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38
Q

A beneficial side effect of an action that is felt by others

A

positive externally

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39
Q

The willingness and ability of buyers to purchase different quantities of a good at diff prices during a specific time period

A

demand

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40
Q

law of demand

A

A law stating that as the price of a good increases, the quantity demanded of the good decreases, and that as the price of a good decreases, the quantity demanded of the good increases

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41
Q

The # of units of a good purchased at a specific price

A

quantity demanded

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42
Q

A law stating that as a person consumes additional units of a good, the utility gained from each additional unit of the good will eventually decrease

A

law of diminishing marginal utility

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43
Q

The numerical representation of the law of demand

A

demand schedule

44
Q

The graphical representation of the law of demand

A

demand curve

45
Q

The graphical representation of the law of demand

A

demand curve

46
Q

A good for which the demand rises as income rises and falls as income falls

A

normal good

47
Q

A good for which the demand rises as income rises and falls as income falls

A

normal good

48
Q

A good for which the demand falls as income rises and rises as income falls

A

inferior goods

49
Q

A good for which the demand remains unchanged as income rises or falls

A

neutral good

50
Q

A similar good. With ________, the price of one and the demand for the other move in the same direction

A

substitute

51
Q

The relationship between the percentage change in quantity demanded and the percentage change in price

A

elasticity of demand

52
Q

The type of demand that exists when the percentage change in quantity demanded is greater than the percentage change in price

A

elastic demand

53
Q

The type of demand that exists when the percentage change in quantity demanded is less than the percentage change in price

A

inelastic demand

54
Q

The type of demand that exists when the percentage change in quantity demanded is the same as the percentage change in price

A

unit elastic demand

55
Q

The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period

A

supply

56
Q

The willingness and ability of sellers to produce and offer to sell different quantities of a good at different prices during a specific time period

A

supply

57
Q

A law stating that as the price of a good increases, the quality supplied of the good increases, and as the price of a good decreases, the quantity supplied of the the good decresases

A

law of supply

58
Q

A relationship between two factors in which the factors move in the same direction. For example, as one factor rises, the other rises too

A

direct relationship

59
Q

The number of units of a good produced and offered for sale at specific price

A

Quantity supplied

60
Q

A numerical chart illustrating the law of supply

A

supply schedule

61
Q

A graph that shows the amount of a good sellers are willing and able to sell at various prices

A

supply curve

62
Q

The body of skills and knowledge concerning the use of resources in production

A

technology

63
Q

The ability to produce more output with a fixed amount of resources

A

advancement in tech

64
Q

The ability to produce more output with a fixed amount of resources

A

advancement in tech

65
Q

The average cost of a good. For example, if 400,000 is spent to produce 100 cars, average or _______ is 4000

A

per unit cost

66
Q

A financial payment made by gov for a certain action

A

subsidy

67
Q

A legal limit on the number of units of a foreign-produced good that can enter a country.

A

quota

68
Q

The relationship between the percentage change in quantity supplied and the percentage change in price

A

elasticity of supply

69
Q

The kind of supply that exists when the percentage change in quantity supplied is greater than the percentage change in price

A

elastic supply

70
Q

The kind of supply that exists when the percentage change in quantity supplied is less than the percentage change in price

A

inelastic supply

71
Q

The kind of supply that exists when the percentage change in quantity supplied is equal to the percentage change in price

A

unit elastic supply

72
Q

The relationship between percentage change in quantity supplied and the percentage change in price

A

elasticity of supply

73
Q

The kind of supply that exists when the percentage change in quantity supplied is greater than the percentage change in price

A

elastic supply

74
Q

The kind of supply that exists when the percentage change in quantity supplied is less than the percentage change in price

A

inelastic supply

75
Q

unit-elastic supply

A

The kind of supply that exists when the percentage change in quantity supplied is equal to the percentage change in price

76
Q

fiscal policy

A

Changes the gov makes in spending or taxation to achieve particular econ goals

77
Q

expansionary fiscal policy

A

An increase in gov spending or a reduction in taxes

78
Q

contractionary fiscal policy

A

A decrease in gov spending or an increase in taxes

79
Q

The situation in which increases in gov spending lead to reductions in private spending

A

crowding out

80
Q

The part of income that’s left over after taxes are paid

A

after-tax income

81
Q

The curve, named after econ Arthur Laffer, that shows the relationship between tax rates and tax revenues. According to the Laffer curve, as tax rates rise from 0, tax revenues rise, reach a max at some point, and then fall with further increases in tax rates

A

Laffer curve

82
Q

An economy in which trades are made in goods and services instead of money

A

barter economy

83
Q

The costs associated with the time and effort needed to search out, negotiatem and complete and exchange

A

transaction costs

84
Q

A good that is widely accepted in exchange and in the repayment of debt

A

money

85
Q

Anything that is generally acceptable in exchange for goods and services

A

medium of exchange

86
Q

A common m/ used to express value

A

unit of account

87
Q

Something with the ability to hold value over time

A

store of value

88
Q

A banking arrangement in which banks hold only a fraction of their deposits and lend out the remainder

A

fractional reserve banking

89
Q

The central bank of the United States

A

Federal Reserve System (the Fed)

90
Q

Board of Governors of the Federal Reserve System

A

The gov body of the Federal Reserve system

91
Q

The 12 member policy making group within the Fed. this committee has the authority to conduct open market operations

A

Federal Open Market Committee

92
Q

A bank’s checking account with its Federal reserve district bank

A

Reserve account

93
Q

Changes the Fed makes in the money supply

A

monetary policy

94
Q

An increase in the money supply

A

expansionary monetary policy

95
Q

A decrease in the money supply

A

contractionary monetary policy

96
Q

The price of labor

A

wage rate

97
Q

A demand that is the result of some other demand

A

derived demand

98
Q

A federal law that specifies the lowest hourly wage rate that can be paid to workers

A

min wage law

99
Q

An organization that seeks to increase the wages and improve the working conditions of its members

A

labor union

100
Q

closed shop

A

An organization that hires only union members

101
Q

Taft-Hartley Act

A

An act, passed in 1947 by the US Congress that made the closed shop illegal and allowed states to pass right to work laws. These laws prohibit employers from making union membership a condition of employment

102
Q

An org that requires employees to join the union within a certain period after being hired

A

union shop

103
Q

A work stoppage called by union members to put pressure on an employers

A

strike

104
Q

A state law that prohibits the practice of requiring employees to join a union to work

A

right to work

105
Q

gross domestic product

A

The total market value of all final goods and services produced annually in a country

106
Q

double counting

A

Counting a good more than once in computing GDP

Economics (9 decks)

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