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econ 101 > Lesson 1 > Flashcards

Lesson 1 Flashcards

1
Q

Economics

A

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

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2
Q

Economic perspective

A

Involves scarcity and choice

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3
Q

Scarcity

A

Refers to the fact that there are limited resources

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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.

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5
Q

Self interest

A

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

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6
Q

Marginal analysis

A

Comparing benefits and costs

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7
Q

Factors of production

A

Land
Labor
Capital
Entrepreneurship

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8
Q

Economic theory

A

Simplification of economic reality

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9
Q

Economic policy

A

Remedial action taken to solve economic problems

Fiscal & Monetary policy created

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10
Q

Fiscal policy

A

Based on tax

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11
Q

Monetary policy

A

Based on interest rates

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12
Q

Resource

A

Input in production

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13
Q

Economic good

A

Something made in production

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14
Q

Land resource

A

A free gift of nature

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15
Q

Labor

A

Any physical or mental work done by someone

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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)

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