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Engineering Economic > LESSON 1 > Flashcards

LESSON 1 Flashcards

1
Q

Considered the Founder of modern economic

A

Adam Smith

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2
Q

Book became the apostle of classical economics

A

The wealth of nations

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3
Q

Society has limited resources

A

Scarcity

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4
Q

Study of how people or society manages its scare resources

A

Economics

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5
Q

Study how people make decision

A

Economist

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6
Q

Show how dollars flow through the market among household and firms

A

Circular flow Diagram

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7
Q

Wants to meet his/her satisfaction

A

Consumer

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8
Q

Also known as satisfaction

A

Utility

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9
Q

Other things held constant

A

Cetebis paribus

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10
Q

Own by individual

A

Free Enterprise economy

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11
Q

The price mechanism

A

Economic structure

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12
Q

Free economy, Private owner

A

Capitalism

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13
Q

Government is involved

A

Commonism

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14
Q

Different states with different laws

A

Federalism

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15
Q

Firm and household

A

Feudalism

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16
Q

Provide or sell goods and services

A

Firms

17
Q

Main obstacle which economics aims to handle

A

Scarcity

18
Q

Value of the best forgone opportunity

A

Opportunity

19
Q

Reflected by the production possibilities frontier (PPF)

A

Product possibilities

20
Q

Combination of output and available product technology

A

Production possibilities frontier

21
Q

Attempt to describe the world as it is.

A

Positive statement

22
Q

Attempt to prescribe how the world should be.

A

Normative statement

23
Q

Ability to produce a good using few inputs

A

Absolute advantage

24
Q

Gains from specialization and trade

A

Comparative advantage and trade

25
Q

Gains from specialization and trade, but it raises a couple of related questions

A

The pride of the trade

26
Q

Counter clockwise flow

A

Money flow

Engineering Economic (2 decks)

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