Week 1 Flashcards
What are the principles discussed in the course related to market systems?
Supply and Demand
What is the focus of microeconomics?
Particular aspects of the economy such as supply, demand, prices, and local trade
What is the focus of macroeconomics?
The economy as a whole including recession, inflation, and international trade
What is defined as the ‘Scarcity Problem’?
The problem that occurs when potential economic inputs are limited while needs and wants are unlimited
Fill in the blank: _______ is the measure of how well an economy performs in producing goods and services that are needed and wanted.
[Effectiveness]
Fill in the blank: _______ is the measure of how well an economy performs in producing high volumes of goods at a low cost per item.
[Efficiency]
What are the three main types of productive inputs in economics?
- Labour
- Equipment
- Natural Resources
What is the economic concept that describes the decisions a society makes about production?
Economics
What are consumer goods?
Any tangible commodity produced and purchased to satisfy current wants and perceived needs
What are capital goods?
Physical assets used in the production process to manufacture products for consumers
True or False: Increased minimum wages lower poverty rates.
True
What economic challenge arises from the distribution of wealth?
Should everyone get an equal share?
What is the purpose of measuring business performance?
To assess effectiveness and efficiency
What is the effect of government assistance on economic benefits?
Economic benefits would come out of government assistance
What is the ‘Trump/Biden Effect’ in economic discussions?
The influence of political figures on economic policies and conditions
What is the role of government in economic systems?
To manage policies that affect supply, demand, and market dynamics
What are some world events that have significantly changed the global economy?
- Sept. 11, 2001
- COVID-19 pandemic
How does the standard of living relate to government benefits and services?
It increases in relation to the amount of benefits and services provided by the government
What is a crucial influence on future prosperity according to economic decisions?
Decisions regarding needs, wants, and priorities
What should be considered when determining how outputs of goods and services are divided?
Needs, wants, priorities, and future productivity
