Microeconomics Study Guide Flashcards
Define variable expenses, provide examples.
Variable expenses are expenses that usually change in the amount to be paid each month. Examples include phone, electricity, gasoline, and groceries.
Define fixed expenses, provide examples.
Fixed expenses are expenses that don’t vary in the amount paid each month. Examples include rent, cable, Internet, loan payments, insurance, and car payments.
What is an entrepreneur? Why do they start businesses? What are the disadvantages of being an entrepreneur? The advantages?
An entrepreneur is the founder of a business. They start a business to make a profit. The disadvantages are the risks involved in raising all the capital and being responsible for all debts. The advantages are they keep all the profits and they have more freedom in the design of their product/service.
Describe the budgeting process.
Budgets are plans for how your estimated income will be spent. When you budget you decide the most efficient way to spend your money based on your wants, needs, and income.
What is renewable energy? Examples.
Renewable energy are sources that naturally renew or replenish themselves. These are things such as solar energy, wind energy, geothermal energy, biomass energy, and hydroelectric energy. Geothermal energy is energy from Earth’s heat. Biomass energy is any energy from material that comes from plants, animals, and microorganisms that were recently living. Hydroelectric energy is made by flowing water.
What is nonrenewable energy? Examples.
Nonrenewable energy is energy that comes from sources that will run out of energy and will not be replenished in our lifetime or even in many, many lifetimes. Most nonrenewable energy sources are fossil fuels, such as coal, petroleum (oil), and natural gas. They can also be nuclear energy or biomass energy (if biomass feedstock plants are not replanted quick enough). Fossil fuels originated from plants and animals that existed millions of years ago. They were formed by high heat and pressure underground.
What are the main ways in which you can be exposed to environmental health hazards?
Swallowing (ingestion), Breathing (respiration), Skin Contact (Absorption)
How are people throughout the world planning ways to fix the issue of plastic in the world’s oceans?
Avoiding one-time use items, increasing funding to developing nations, and developing advanced waste collection methods
Why are people split over the issue of taking oil from ANWR?
Arctic National Wildlife Refuge. Some people believe that we should not take oil from the ANWR. They say we should keep the environment and native animals safe. Others argue that we should so we can become less reliant on other countries, create tens of thousands of jobs, reduce national debt, and gain federal revenues. We could also stop needing to import so much oil and, since our country owns the land, we should be able to decide how it’s used. Additionally, they argue that only eight percent of the ANWR would be considered for exploration.
In what ways can you make money as a teenager?
You can make money by doing household chores for an allowance. You can find a gig, such as babysitting, pet walking, or yard work. You can get a job to work regular hours.
What was the purpose of the Fair Labor Standards Act? How is this law applied to labor today?
The federal law sets rules that govern the age at which young people can be employed. The rules also state what kinds of jobs they can do (not dangerous) and how many hours they can work. Agricultural labor was left out of many of the rules. That was because family farming was widespread at the time, and parents often relied on their kids to help out. Those guidelines are still in effect today.
Oil is a resource central to the fight about resource use in…
Alaska
