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Econ > Unit One Review > Flashcards

Unit One Review Flashcards

1
Q

Allocativly efficient

A

Specific one helping, either guns or butter

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2
Q

Productively efficient

A

Using all resources on PPF

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3
Q

Why is physical capital an important factor of production

A

Save time and money

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4
Q

Cuba economy

A

Mostly centrally planned

Moving towards mixed

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5
Q

China economy

A

Less centrally planned than Cuba, moving towards mixed

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6
Q

France economy

A

Mostly mixed, moving towards free market

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7
Q

USA and Canada economy

A

Mostly free, moving towards mixed

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8
Q

Hong Kong economy

A

Mostly free market, moving towards mixed. Most free market economy

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9
Q

Parts of invisible hand

A

Self interest, motivation, competition

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10
Q

What are the three economic questions

A

What goods and services should be produced
How should they be produced
And who consumes them

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11
Q

Economic goals of nations

A

Economic efficiency
Economic freedom- no gov intervention
Economic security and predictability
Economic equity- fair distribution of wealth
Economic growth and innovation- leads to higher standard of living

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12
Q

What goals are difficult to achieve in pure market system

A

Economic equity

Economic security

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13
Q

Roles and functions in free market economy

A 
Laisse fair 
Self interest
Invisible hand
Competition
Households
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14
Q

Basic principles of free enterprise

A 
Profit motive
Open opportunity
Legal equality
Private property rights
Free contract 
Voluntary exchange 
Competition
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15
Q

Consumers roles

A

When buying products, indicate to producers what to produce and how much

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16
Q

Business cycle

A

Expansion
Peak
Contraction (recessions to depressions)
Trough

17
Q

How does gov encourage innovation

A

Fund research and development projects
Patents (20 years)
Copyrights

18
Q

What is in place to keep people at or above proverty threshold

A

minimum wage

19
Q

Medicare

A

Long term, 65 older, Heath insurance

20
Q

Medicaid

A

Disabled
Short term
Poor

21
Q

Generational poverty

A

Poverty and traits passed down through generations

22
Q

Government basic roles

A 
Public disclosure laws
Environmental protection
Consumer protection
Government regulation
Protecting free enterprise
23
Q

TANF

A

Cash transfer

Make own welfare programs for needy family’s or house holds

24
Q

Social security

A

Cash transfer

Retirement income to elderly and living expenses to disabled

25
Q

Unemployment

A

Cash transfer to workers who have lost jobs

26
Q

Workers compensation

A

Cash to injured workers

Econ (18 decks)

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