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Economics > Test 1 (Chapters 1-3) > Flashcards

Test 1 (Chapters 1-3) Flashcards

1
Q

Economics

A

The study of the choices that individuals make and societies make in the production, distribution, and consumption of goods.

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2
Q

Economy

A

Any system for the production, distribution, and consumption of goods and services

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3
Q

What was wrong with the Pilgrim’s system?

A

Some people refused to work

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4
Q

Economists

A

Scholars of the PDC ( production distribution and consumption ) of goods within an economy

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5
Q

Macroeconomics

A

The study of national and international economies and how these major economies are affected by large-scale choices and public policies

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6
Q

Microeconomics ( Greek for small )

A

The study of specific components within a major economy and how the choices made by individuals, households, and business affect that economy.

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7
Q

Economic models

A

Models that show the relationships among the various components of an economy

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8
Q

Economic forecast

A

Something to help people that make decisions, make wise choices

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9
Q

Good

A

A tangible item that people want and for which they will pay

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10
Q

Services

A

Intangible goods produced by labor for which people expect to pay

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11
Q

Want

A

The human desire to have and use a certain good

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12
Q

Market

A

A mechanism that allows people to exchange goods

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13
Q

Mass market

A

Very large number who want a large quantity of a product

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14
Q

Supply

A

The quantity of a good for sale at a certain price under certain conditions, or the amount of a good that’s produced

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15
Q

Demand

A

The amount of a good that is bought at a certain price under certain conditions

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16
Q

The thing you gotta understand about economics

A

All goods have to be worked for

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17
Q

Producers

A

Providers

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18
Q

Consumers

A

Users

19
Q

Prodigality

A

An old word for the bad habit of spending

More than you can afford

20
Q

Need

A

Necessity, something that would be difficult to live without

21
Q

Want

A

Desire, a longing, an appetite for something

22
Q

Capital or investment good

A

Anything used in the production and distribution of goods and services

23
Q

Consumer goods

A

Things produced for direct use by consumers

24
Q

Value

A

The worth that consumers attach to iTunes

25
Q

Utility

A

Usefulness

26
Q

Scarcity

A

Limited availability

27
Q

Who decides the price for a good?

A

The consumer

28
Q

Who is the founder of the Austrian school of economics?

A

Carl Menger

29
Q

What does the diamond-water paradox say?

A

Rare items such as diamonds normal command high prices while necessities such as water usually command low prices. Since diamonds are scarce, they are worth more. But a person who is dying of thirst would pay a lot more for water

30
Q

What are the factors of production?

A

Natural Resources
Labor
Capital
Entrepreneurship

31
Q

What economic system is based on traditions, heredity or caste?

A

traditional economy

32
Q

What economic system is controlled by a centralized authority?

A

commanded economy

33
Q

What in economic system are the people free to make their own economic choices?

A

Free enterprise

34
Q

What is a economy called that has several different economic systems?

A

Mixed economy

35
Q

T or F Are all nations one type of economic system?

A

False. no nation has one they all have a mixture of a couple different economic systems

36
Q

What is the first factor of production?

A

Natural Resources (includes and and other raw material)

37
Q

What term refers to work that contributes to the production of goods?

A

Labor

38
Q

What economic system barely provides enough for the society to survive?

A

Subsistence economy

39
Q

In what type of capitalistic system is most of the nations capital owned privately?

A

Private capitalism

40
Q

In what type of capitalistic system is most of the nations capital owned and ran by the state?

A

State capital

41
Q

What is considered the intelligent direction and supervision of natural and human economic resources?

A

Entrepreneurship

42
Q

What is the name of a person who takes risks in theintelligent direction and supervision of natural and human economic resources on a bold scale?

A

Entrepreneur

43
Q

Who is considered one of the early captains of industry?

A

Du Pont

Economics (7 decks)

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