Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Econ 101 > Lesson 1 > Flashcards

Lesson 1 Flashcards

You may prefer our related Brainscape-certified flashcards:
Physics 101 flashcards Psychology 101 flashcards Chemistry 101 flashcards Biology 101 flashcards Organic Chemistry 101 flashcards Sociology 101 flashcards
1
Q

Economics

A

The study of how people allocate a limited number of resources to satisfy an unlimited number of wants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Economic perspective

A

Involves scarcity and choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Scarcity

A

Refers to the fact that there are limited resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Rational self interest

A

The assumption that people will act as if they are motivated by self interest and respond predictably to opportunities for gain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Self interest

A

The pursuit of goals that make the individual feel better off.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Marginal analysis

A

Comparing benefits and costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Factors of production

A

Land
Labor
Capital
Entrepreneurship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Economic theory

A

Simplification of economic reality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Economic policy

A

Remedial action taken to solve economic problems

Fiscal & Monetary policy created

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Fiscal policy

A

Based on tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Monetary policy

A

Based on interest rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Resource

A

Input in production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Economic good

A

Something made in production

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Land resource

A

A free gift of nature

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Labor

A

Any physical or mental work done by someone

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Capital

A

Producer goods (tractor, truck, etc.)

17
Q

Entrepreneurship

A

Someone who can coordinate the factors of production to create a good or service; innovative

18
Q

Progression of “Science of Economic Analysis”

A

Economic theory
Economic policy
Fiscal and monetary policy
Economic problems
Unemployment & inflation
Economic goals
Economic growth, price stability, full employment

19
Q

What are the economic goals?

A

Economic growth
Price stability
Full employment

20
Q

What are the economic problems?

A

Unemployment
Inflation

21
Q

Ceteris paribus

A

Other things equal

22
Q

Microeconomics

A

Looks at specific economic units

23
Q

Macroeconomics

A

Examines the entire economy

24
Q

Positive economics

A

Describes the economy as it is

25
Q

Normative economics

A

Involves value judgements about what the economy should be like

Econ 101 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions