Forgotten Notes Flashcards
Expressing an opinion is considered ___________ economics.
Normative
Expressing a fact is considered ___________ economics.
Positive
Descriptive economics is _________ economics.
Data
Operating under the production possibilities curve causes what?
Unemployment
Operation over the production possibilities curve is not possible in the ________ run.
Short
The region above the production possibilities curve is what?
Unattainable without more resources
Labor is considered a __________ resource.
Variable
Capital is considered a __________ resource.
Fixed
The US is a mixed but mostly ________ economy.
Free
The US ranks where in terms of freedom according to heritage?
18th
What percent of GDP goes to consumption?
68%
What percent of our GDP goes to investment?
17%
What percent of our GDP goes to government?
17%
What are the three economic building blocks of the Us?
Equality
Freedom
Efficiency
We sacrifice some __________ for more ___________.
Freedom
Equality
The value of an opportunity costs can be calculated only by the what?
Individual
Free economy = __________ goods.
Private
Command economy = _________ goods.
Public
What act recognized healthcare as a public good?
Affordable healthcare act
Every business faces ___________ returns, that is why it’s a law.
Diminishing
Any point on the production frontier is using all available resources and is the most what?
Efficient
Market economy decisions come from the __________ itself.
Market
Command economy decision come from someone in ____________.
Command
