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C&E Unit 7 Study Guide: Economics
Terms in this set (57)
A tangible object that can be bought and used to meet the needs and wants of consumers.
Our goods and services are limited due to this economic problem.
Man-made objects that are used to make other goods and services.
A resource that can be naturally replenished.
A fixed income paid on a monthly basis.
An alternative that we sacrifice when we make a decision.
the most desirable sacrifice when we make a decision
That which is necessary for survival.
Natural resources used to make goods and services.
The person who combines land, labor, and capital to make goods and services.
A person who works on an assembly line describes this factor of production.
Deciding whether to use one additional unit of some good.
thinking at the margin
The degree to which resources are being used efficiently.
A point of underutilization would be plotted to the _______ of the production possibilities frontier.
Knowledge and skill gained on the job that is used to make goods and services.
If an economy grows, the production possibilities frontier will shift to the _________.
A reward that is offered to persuade people to take certain economic actions.
A person who buys or uses goods and services.
A line that shows the ways an economy can maximize its output
production possibilities frontier
Using fewer resources than an economy is capable of using
In the example of "guns or butter," the trade-off for producing more butter is _______.
In the example of "guns or butter," the trade-off for producing more guns is _______.
A cost that remains the same no matter how many goods are produced.
The payment for the service of one unit of labor.
Fixed costs plus variable costs.
A person who makes goods and services.
The extra cost of producing one more unit of a good.
The expenses that change with the number of goods produced.
When using the cost benefit analysis, you want your benefits to be ______ than your costs.
Actions one person performs for another.
What are the 3 Basic Economic Questions??? (Remember why we even have to answer these 3 questions/ the goal of economics!!!!)
What to produce? How to produce it? For Whom to produce?
What are the 5 basic characteristics of a market economy?
1. Individual Freedom
3. Dealing with Externalities
4. Higher per capita GDP
5. Private citizens
improving a good or service
goods or raw materials used to make finished products
the amount of money left over after all the costs of production have been paid
an economic system in which private citizens own and use the factors of production in order to seek a profit
machines control production
the breaking down of a job into separate, smaller tasks, which are performed by different workers
division of labor
goods bought in the market and not used in the production of other goods
competition is allowed to flourish with a minimum of government interference
free market economy
new goods and services
father of economics and author of The Wealth of Nations
takes place when people, businesses, regions, and even countries concentrate on goods and services that they can produce better than anyone else
a level of production in which the marginal product of labor decreases as the number of workers increases
law of diminishing marginal returns
machines perform physical tasks
working class employee who performs manual or unskilled labor
blue collar worker
guides the nation's resources to their most productive use and helps the market to self-regulate itself
a manufacturing process in which interchangeable parts are added to a product to create an end product
places where the prices of goods and services are determined as exchange takes place
perform tasks that require less physical labor/skilled workers
white collar worker
perform tasks that require less physical labor/skilled workers
the idea that the consumer is the king or ruler of an economy and determines what products will be produced
the struggle between buyers and sellers to get the best products at the lowest prices, keeps cost of production low and quality high
in a free market economy, these own the factors of production and are the consumers of goods and services
an organization that uses resources to produce a product which it sells, changes factors of production into products
firms purchase the factors of production from households in the _______ market
goods and services produced by firms are purchased by households in the ________ market.
Recommended textbook explanations
Principles of Economics
N. Gregory Mankiw
Economics: Principles in Action
Arthur O'Sullivan, Steven M. Sheffrin
Economics: Concepts and Choices
Economics: Today and Tomorrow
Roger LeRoy Miller
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There was a time when Nabisco, Post Cereals, Kellogg’s, and General Mills sold nearly 75 percent of the breakfast cereal purchased in the United States. These firms were part of an oligopoly, but those days are now gone. Describe what has happened to reduce the monopoly power of these firms in the market. Think about the breakfast cereal shelves in your grocery store.
You are bullish on Telecom stock. The current market price is $50 per share, and you have$5,000 of your own to invest. You borrow an additional $5,000 from your broker at an interest rate of 8% per year and invest$10,000 in the stock. a. What will be your rate of return if the price of Telecom stock goes up by 10% during the next year? (Ignore the expected dividend.)
The spreading effect causes the average total cost curve to A. rise, while the diminishing returns effect causes it to fall. B. rise, as does the diminishing returns effect. C. fall, while the diminishing returns effect causes it to rise. D. fall, as does the diminishing returns effect. E. remain constant until the beginning of the diminishing marginal returns effect.
What is the relationship between the demand schedule and the demand curve?
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