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Micro Econ > Unit 1 Test > Flashcards

Unit 1 Test Flashcards

1
Q

Economics

A

The study of security and choice

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2
Q

Labour Market

A

Strong right now which is bad for companies

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3
Q

An Economy

A

A place to measure GDP (How many jobs and services are produced)

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4
Q

Deflation

A

Rise in the value of currency and fall in the price level

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5
Q

Two Worst Decades

A

30s (Deflation) 70s (Bad inflation and unemployment)

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6
Q

Interest Rate

A

The cost of making money

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7
Q

Treasury (Debt Instrument)

A

Bond, lending money to the government, fixed rate

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8
Q

Raising Minimum Wage

A

you can only get skilled workers so it takes away jobs

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9
Q

Commodity

A

An interchangeable good (wheat, copper, labour)

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10
Q

Agricultural Revolution

A

10000 BCE, started using land so land is where all value is

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11
Q

Commercial Revolution

A

1100 AD or 1492, commerce/ trade allows you not to work, Sea makes you powerful

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12
Q

Industrial Rev

A

1776, First industrialized countries powerful (Britain, France, Italy, US, Japan)

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13
Q

Technology Revolution

A

Started here

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14
Q

Laws of Market

A

Outcome of certain behavior in certain social framework being definite and foreseeable results

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15
Q

Traditional System

A

No decision, do what your parents do

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16
Q

Command

A

Never enough, decisions made wrong, gov gets things first

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17
Q

Free - Market

A

Capitalism, Laisez Faire

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18
Q

Socialism

A

Vote and lots of taxes and free stuff

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19
Q

Communism

A

Forced socialism

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20
Q

Human Resources

A

Unskilled labor

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21
Q

Capital

A

To an economist, factories, machineries, tools to make smth

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22
Q

Entrepreneurship

A

Rolling up sleeves and making smth new

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23
Q

Most Imp British ppl

A

Isaac Newton, Shakespeare, Churchill

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24
Q

Industrial Age

A

Recall and comprehension required, life focuses on factory

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25
Q

Information Age

A

Critical thinking, high paying skilled jobs

26
Q

Info-Tech Age

A

Flexible/Adaptable

27
Q

Classical Econ

A

Adam Smith

28
Q

Cainsian Econ

A

Marx

29
Q

John Graunt

A

1620-1674, Dad of Stats

30
Q

Sir William Petty

A

Rudimentary GDP, got gov to use stats

31
Q

David Hume

A

Anti-Mercantilist, trade not zero sum, influenced Smith

32
Q

Pillars of Cap

A

Private Property, Prices, Competition, Entrepreneurship, Free Press

33
Q

Private Property

A

People take care of own crap better

34
Q

Prices

A

Gives items to people who maximize the utility

35
Q

Competition

A

We lose jobs but gain more than we lost every year.

36
Q

Entrepreneurship

A

Keeping rewards spurs innovation

37
Q

Free Press

A

Calls out corruption

38
Q

Hegel

A

1770-1831, philosopher who influenced Marx (change very imp)

39
Q

Das Capital

A

1867, by Engel (father of socialism and communism)

40
Q

Gross Domestic Product

A

GDP, measure the size of an economy (Consumers, business and Gov, Export - Import, Extra product = inventory

41
Q

Scarcity

A

Not enough to produce necessary goods and services

42
Q

Opportunity Cost

A

What you give up to get something

43
Q

Marginal Change

A

Small adjustment to current plan

44
Q

Incentive

A

Smth that induces a person to act

45
Q

Models

A

Simplify reality to help us get it

46
Q

Micro Econ

A

How households and firms make decisions

47
Q

Macro Econ

A

Study of economy wide phenomena

48
Q

Diminishing Marginal Returns

A

Value goes down as time passes

49
Q

Market Economy

A

An economy that allocates resources through de-cntralization

50
Q

Efficiency

A

Getting the most from scarce resources

51
Q

Positive

A

A statement describing how world is

52
Q

Normative

A

How world should be

53
Q

Production

A

How much you produce

54
Q

productivity

A

Quantity of goods and services produced by each hour of a workers time

55
Q

Market Failure

A

If the market gets smth wrong

56
Q

Market Power

A

The ability of one provider to unduly influence market prices

57
Q

Non- Rival factors of proction

A

when a product isn’t scarce, like assembly line analysis

58
Q

Comparative Advantage

A

One has an advantage when they can make a good with less supplies

59
Q

Absolute Advantage

A

Smaller quality of inputs to make goods

60
Q

Price of Trade

A

In order for two people to benefit from a trade, the price must be between the two opportunity costs

Micro Econ (3 decks)

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