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Economics > Mckee's Lectures > Flashcards

Mckee's Lectures Flashcards

1
Q

What is the study of Economics?

A

It’s the study of resources & its allocation, & effect on society & individuals.

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2
Q

Define Resources.

A

Useful things that you use, (services or products)

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3
Q

What are classified under “resources” by economists?

A

To an economist, everything is a resource

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4
Q

What is associated with the word “Scarcity” according to economists?

A

Finite

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5
Q

Define “finite”

A

Finite means not infinite, and it is a word that is constantly applied to resources this way.

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6
Q

If “All resources have to be allocated” what does “allocated” mean?

A

It means distributing resources.

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7
Q

What are “societies”?

A

Groups of people who have something in common.

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8
Q

What are the two types of systems or resource allocation that can be applied to in societies?

A

Overt or Covert
Overt means that the societies have very clear and defined rules of what is to be done and not to be down with the resources.
Covert means that the societies have less of a clear or defined set of rules as to what is to be done and not be done with the resources, rather it is more “inferred”.

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9
Q

Real Estate was derived from…

A

Real Property

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10
Q

All actions have a(n) ______.

A

Opportunity Cost

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11
Q

When you give up your time, to get something that is what?

A

The Opportunity Cost

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12
Q

What is Opportunity Cost?

A

Opportunity cost is the cost of something in what is given up to obtain another or “the next best” thing.

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13
Q

What is “paralysis by analysis”?

A

It is never choosing because you are too caught up in the process of the decision rather than making an actual decision.

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14
Q

Economists spend most of their time using what type of graph?

A

Quad 1 graphs because these graphs only show postives

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15
Q

What is the “Butter vs. Guns” argument centered on that economists disagree on?

A

Butter are the “Domestic Policies” & “Social Programs” in a country
Guns is the “Military” in a country
Butter vs. Guns is the question that a country ultimately has too choose the importance between.

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16
Q

How many types of Economy are there?

A

There are 5 types of economies

17
Q

Traditional Economy is what?

A

Resource allocation is determined by customs & only what was done in the past.

18
Q

In “Traditional Economy” there are several types of aspects in life that are affected by it, what are those aspects?

A

Gender, Racial,

19
Q

Command Economy is what?

A

Resource allocation is decided by a Central Authority.

20
Q

In “Commanded Economy” there are several types of influences that affect the decisions for resources, what are those influences??

A

Very religious, very strict, want simplicity.

21
Q

Proletariat means?

A

Good & pure workers

22
Q

The Proletariats believe what?

A

That the good & pure workers need a dictator to lead them in their choices.

23
Q

Who said: “From each according to his ability. To each according to his need.”

A

Karl Marx

24
Q

What was the “Radio Free Europe” act?

A

It was a U.S. program that used radio waves to broadcast to Ukraine about how they could live a better life, outside of their country.

25
Q

What is our most recent version of “Radio Free Europe” that we broadcasting to Cuba?

A

RadioMart

26
Q

What is Market Economy?

A

Resource allocation is determined ONLY by ‘Supply & Demand’

It can also be referred to as “Free Market Economy”

27
Q

What country is ruled by Market Economy?

A

None. This is because there are no laws or regulations in a “Free or Market Economy”

28
Q

What is a Mixed Market Economy?

A

Resource allocation is determined by a mixture of Market, Command, and Traditional Economy.

29
Q

What (approx.) are the percentages of economy systems the USA uses today?
Hint: Traditional, Market, & Command

A

60-65%-Market
30-35-Command
5%-Tradition

30
Q

In his book “The Wealth of Nations” published in 1776 it said that businesses will do the right thing because of the “invisible hand of competition”. Who said this?

A

Adam Smith

31
Q

Who is our own modern day “Adam Smith” right now?

A

Milton Friedman a latter day saint.

32
Q

What is Mixed Command Economy?

A

Resource allocation is based on a mixture of one or more of the different types of economy types, but emphasizes on Command Economy.

33
Q

In the USA our form of “Commanded economy” is in the form of what?

A

Regulations for safety, such as the FDA and etc.

34
Q

FDA stands for?

A

First Division Association

35
Q

FCC stands for?

A

Federal Communication Commissions

36
Q

FAA stands for?

A

Federal Aviation Administration

37
Q

EPA stands for?

A

Environmental Protection Agency

Economics (6 decks)

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