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Study sets matching "principles of economics chapter 2"

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Study sets matching "principles of economics chapter 2"

9 terms
Economics Principles & Practices Chapter 2
capitalism
command
competition
economic system
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
The struggle among sellers to attract consumers.
Organized way a society provides for the wants and needs of i…
capitalism
Economic system in which private citizens own and use the fac…
command
Economic system characterized by a central authority that mak…
20 terms
Economics: Principles and Practices Chapter 2
Traditional Economy
Command Economy
Market Economy
Economic Freedom
Economic system in which the allocation of scarce resources a…
Economic system characterized by a central authority that mak…
Economic system in which people make decisions and allocate r…
Freedom of people to make their own economic decisions... -Decid…
Traditional Economy
Economic system in which the allocation of scarce resources a…
Command Economy
Economic system characterized by a central authority that mak…
33 terms
Economics: Principles in Action Chapter 2
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country
set of government programs that protect people experiencing u…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
9 terms
Principles of Economics Chapter 2
Absolute Advantage
Comparative Advantage
economic growth
factor market
The ability of a firm to produce more of a good/service than…
The ability of a firm to produce a good/service at a lower op…
the ability of an economy to increase the production of goods…
A market for factors of production
Absolute Advantage
The ability of a firm to produce more of a good/service than…
Comparative Advantage
The ability of a firm to produce a good/service at a lower op…
9 terms
Chapter 2: Principles of Economics
Opportunity Cost
Marginal Principle
Marginal Benefit
Marginal cost
what you sacrifice to get something
the marginal benefit must exceed the marginal cost
the additional benefit resulting from a small increase in som…
additional cost resulting from a small increase in some activ…
Opportunity Cost
what you sacrifice to get something
Marginal Principle
the marginal benefit must exceed the marginal cost
21 terms
Economics Principles & Practices Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
12 terms
Economics: Principles and Pracitces, Chapter 2
economy
economic system
Social Security
inflation
the system of production and distribution and consumption of…
organized way a society provides for the wants and needs of i…
federal program of disability and retirement benefits.
a rise in the general level of prices
economy
the system of production and distribution and consumption of…
economic system
organized way a society provides for the wants and needs of i…
21 terms
Economics: Principles and Practice | Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
32 terms
Economics: Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
An organized way of providing for the wants and needs of thei…
Economic system in which the allocation of scarce resources a…
Economic system characterized by a central authority that mak…
Economic system in which supply, demand, and the price system…
Economic System
An organized way of providing for the wants and needs of thei…
Traditional Economy
Economic system in which the allocation of scarce resources a…
46 terms
Principles of Economics-Chapter 2
Capital
Factors of productions
production
inputs/resources
includes things that are produced and then used in the produc…
resources, inputs
process that transforms scarce resources into useful goods an…
anything provided by nature or previous generations that can…
Capital
includes things that are produced and then used in the produc…
Factors of productions
resources, inputs
46 terms
Principles of Economics-Chapter 2
Capital
Factors of productions
production
inputs/resources
includes things that are produced and then used in the produc…
resources, inputs
process that transforms scarce resources into useful goods an…
anything provided by nature or previous generations that can…
Capital
includes things that are produced and then used in the produc…
Factors of productions
resources, inputs
19 terms
Principles of Economics Chapter 2
Proposition 1
Proposition 2
Proposition 3
Proposition 4
A ceiling on rents reduces the quantity and quality of housin…
Tariffs and import quotas usually reduce general economic wel…
Flexible and floating exchange rates offer an effective inter…
Fiscal policy has a significant stimulative impact on a less…
Proposition 1
A ceiling on rents reduces the quantity and quality of housin…
Proposition 2
Tariffs and import quotas usually reduce general economic wel…
15 terms
Principles of Economics Chapter 2
Scarcity
Production possibilities frontier (PPF)
Opportunity cost
Economic growth
A situation in which unlimited wants exceed the limited resou…
A curve showing the maximum attainable combinations of two pr…
The highest-valued alternative that must be given up to engag…
The ability of the economy to increase the production of good…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Production possibilities frontier (PPF)
A curve showing the maximum attainable combinations of two pr…
17 terms
Economics: Principles and Pracitces, Chapter 2
economy
economic system
traditional economy
command economy
the system of production and distribution and consumption of…
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economy
the system of production and distribution and consumption of…
economic system
organized way a society provides for the wants and needs of i…
33 terms
Economics: Principles in Action Chapter 2
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country
set of government programs that protect people experiencing u…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
10 terms
Chapter 2: The Key Principles of Economics
Marginal Benefit
Marginal Cost
Nominal Value
Opportunity Cost
Additional benefit resulting from a small increase in some ac…
Additional cost resulting from a small increase in some activ…
The face value of any money
What you sacrifice to get something
Marginal Benefit
Additional benefit resulting from a small increase in some ac…
Marginal Cost
Additional cost resulting from a small increase in some activ…
21 terms
Principles of Economics: Chapter 2 Vocabulary
Economic System
Traditional Economy
Command Economy
Market Economy
Organized way in which a society provides for the wants and n…
Economic system in which the allocation of scarce resources a…
Economic system with a central authority that makes the major…
Economic system in which supply, demand, and the price system…
Economic System
Organized way in which a society provides for the wants and n…
Traditional Economy
Economic system in which the allocation of scarce resources a…
14 terms
Chapter 2: Key Principles of Economics
Diminishing Returns
Economic Cost
Explicit Cost
Fixed Cost
As one input increases while the other inputs are held fixed,…
The sum of explicit and implicit costs
The firm's actual cash payments for its inputs
Costs that do not depend on the quantity produced
Diminishing Returns
As one input increases while the other inputs are held fixed,…
Economic Cost
The sum of explicit and implicit costs
15 terms
Principles of Economics - Chapter 2 (Hubbard O'Brien)
Scarcity
Production Possibilities Frontier (PPF)
Opportunity Cost
Economic Growth
A situation in which unlimited wants exceed the limited resou…
A curve showing the maximum attainable combinations of two go…
...
The ability of the economy to increase the production of good…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Production Possibilities Frontier (PPF)
A curve showing the maximum attainable combinations of two go…
15 terms
Openstax Principle of Economics Chapter 2
allocative efficiency
budget constraint
comparative advantage
invisible hand
when the mix of goods being produced represents the mix that…
all possible consumption combinations of goods that someone c…
when a country can produce a good at a lower cost in terms of…
idea that self-interested behavior by individuals can lead to…
allocative efficiency
when the mix of goods being produced represents the mix that…
budget constraint
all possible consumption combinations of goods that someone c…
33 terms
Economics: Principles in Action Chapter 2
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country
set of government programs that protect people experiencing u…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
10 terms
Principles Of Economics "111" Chapter 2
Absolute Advantage
Comparative Advantage
The Principle of Comparative Advantage
Production Possibilities Curve
On person has an absolute advantage over another if he or she…
One person has a comparative advantage over another if his or…
Everyone does best when each person (or each group) concentra…
A graph that describes the maximum amount of one good that ca…
Absolute Advantage
On person has an absolute advantage over another if he or she…
Comparative Advantage
One person has a comparative advantage over another if his or…
13 terms
Principles of Economics: Macro Chapter 2
What do economists do?
How do economists present economic the…
What are the steps in the Scientific M…
What is ceteris paribus?
Economists presents economic theories/models.
Through words, tables, equations and graphs
1. develop hypothesis... 2. collect data... 3. test data with stati…
other things remaining constant
What do economists do?
Economists presents economic theories/models.
How do economists present economic the…
Through words, tables, equations and graphs
21 terms
Economics: Principles and Practice | Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
9 terms
Economics Principles & Practices Chapter 2
capitalism
command
competition
economic system
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
The struggle among sellers to attract consumers.
Organized way a society provides for the wants and needs of i…
capitalism
Economic system in which private citizens own and use the fac…
command
Economic system characterized by a central authority that mak…
Economics: Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economic system in which supply, demand, and the price system…
Economic System
organized way a society provides for the wants and needs of i…
Traditional Economy
economic system in which the allocation of scarce resources a…
21 terms
Economics Principles & Practices Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
19 terms
Economics: Principles and Practice Chapter 2.1
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
6 terms
Chapter 2: The Key Principles of Economics
Opportunity Cost
Production Possible Curve
Marginal Benefit
Marginal Cost
What you sacrifice to get something.
Curve that shows the possible combinations of products that a…
Additional benefit resulting from a small increase in some ac…
Additional cost resulting from a small increase in some activ…
Opportunity Cost
What you sacrifice to get something.
Production Possible Curve
Curve that shows the possible combinations of products that a…
33 terms
Prentice Hall. Economics. Principles in Action. Chapter 2. Economic Systems.
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country ; the passion that inspires a perso…
government programs that protect people experiencing unfavora…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
9 terms
Principles of Economics (Gottheil): Chapter 2
Factors of Production
Labor
Captial
human capital
any resource used in production; labor, land, capital, and en…
physical and intellectual effort of people engaged in produci…
manufactured goods used to make and market other goods and se…
the knowledge and skills acquired by labor, principally throu…
Factors of Production
any resource used in production; labor, land, capital, and en…
Labor
physical and intellectual effort of people engaged in produci…
41 terms
Economics: Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
An organized way of providing for the wants and needs of thei…
Economic system in which the allocation of scarce resources a…
Economic system characterized by a central authority that mak…
Economic system in which supply, demand, and the price system…
Economic System
An organized way of providing for the wants and needs of thei…
Traditional Economy
Economic system in which the allocation of scarce resources a…
10 terms
Chapter 2: The Key principles of Economics
Opportunity Cost
Production Possibilities Curve
The Marginal Principle
Marginal Benefit
What you sacrifice to get something
A curve that shows the possible combinations of products that…
Increase the level of activity as long as its marginal benefi…
The additional benefit resulting from a small inc in some act…
Opportunity Cost
What you sacrifice to get something
Production Possibilities Curve
A curve that shows the possible combinations of products that…
15 terms
Economics Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economic system in which supply, demand, and the price system…
Economic System
organized way a society provides for the wants and needs of i…
Traditional Economy
economic system in which the allocation of scarce resources a…
20 terms
Economics Principles & Practices Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
Chapter 2: The Key Principles of Economics
(Principle of) Opportunity Cost
Production possibilities curve
Marginal Benefit
Marginal Cost
what you sacrifice to get something
A curve that shows the possible combinations of products that…
The additional benefit resulting from a small increase in som…
The additional cost resulting from a small increase in some a…
(Principle of) Opportunity Cost
what you sacrifice to get something
Production possibilities curve
A curve that shows the possible combinations of products that…
10 terms
Principles Of Economics "111" Chapter 2
Absolute Advantage
Comparative Advantage
The Principle of Comparative Advantage
Production Possibilities Curve
On person has an absolute advantage over another if he or she…
One person has a comparative advantage over another if his or…
Everyone does best when each person (or each group) concentra…
A graph that describes the maximum amount of one good that ca…
Absolute Advantage
On person has an absolute advantage over another if he or she…
Comparative Advantage
One person has a comparative advantage over another if his or…
15 terms
Economics Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economic system in which supply, demand, and the price system…
Economic System
organized way a society provides for the wants and needs of i…
Traditional Economy
economic system in which the allocation of scarce resources a…
10 terms
Chapter 2 Ten Principles of Economics
Peopl face tradeoffs.
The cost of something is what you give…
Rational people think at the margin.
People respond to incentives.
...
Opportunity cost
Marginal changes. Optimal decision. Marginal cost. Additional…
Marginal changes n cost or benefits motivate people to respond.
Peopl face tradeoffs.
...
The cost of something is what you give…
Opportunity cost
Principles of Economics II Chapter 2
Economic System
Laissez-Faire Capitalism
Comman System
Market System
a particular set of institutional arrangements and a coordina…
pure capitalism
n which government owns most property resources and economic…
which is also known as capitalism or the mixed economy.
Economic System
a particular set of institutional arrangements and a coordina…
Laissez-Faire Capitalism
pure capitalism
15 terms
Economics Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economic system in which supply, demand, and the price system…
Economic System
organized way a society provides for the wants and needs of i…
Traditional Economy
economic system in which the allocation of scarce resources a…
15 terms
Economics Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
organized way a society provides for the wants and needs of i…
economic system in which the allocation of scarce resources a…
economic system characterized by a central authority that mak…
economic system in which supply, demand, and the price system…
Economic System
organized way a society provides for the wants and needs of i…
Traditional Economy
economic system in which the allocation of scarce resources a…
Economics Principles in Action Chapter 2. Economic Systems.
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country ; the passion that inspires a perso…
government programs that protect people experiencing unfavora…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
22 terms
Principles of Economics chapter 2 by Thida
Budget Constraint
Production Possibilities Frontier PPF
Social Choices
Confronting Objections
...
...
...
...
Budget Constraint
...
Production Possibilities Frontier PPF
...
13 terms
Economics Principles & Practices Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
9 terms
MICROECONOMICS CHAPTER 2: KEY PRINCIPLES OF ECONOMICS
MARGINAL PRINCIPLE (ANALYSIS)
MARGINAL BENEFIT
MARGINAL COST
SUNK COSTS
INCREASE THE LEVEL OF AN ACTIVITY AS LONG AS ITS MARGINAL BEN…
THE ADDITIONAL BENEFIT RESULTING FROM A SMALL INCREASE IN SOM…
THE ADDITIONAL COST RESULTING FROM A SMALL INCREASE IN SOME A…
COSTS THAT CANNOT BE RECOVERED
MARGINAL PRINCIPLE (ANALYSIS)
INCREASE THE LEVEL OF AN ACTIVITY AS LONG AS ITS MARGINAL BEN…
MARGINAL BENEFIT
THE ADDITIONAL BENEFIT RESULTING FROM A SMALL INCREASE IN SOM…
23 terms
Economics: Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
An organized way of providing for the wants and needs of thei…
Economic system in which the allocation of scarce resources a…
Economic system characterized by a central authority that mak…
Economic system in which supply, demand, and the price system…
Economic System
An organized way of providing for the wants and needs of thei…
Traditional Economy
Economic system in which the allocation of scarce resources a…
33 terms
Economics: Principles in Action Chapter 2
economic system
factor payments
patriotism
safety net
the method used by a society to produce and distribute goods…
the income people receive for supplying factors of production…
the love of one's country
set of government programs that protect people experiencing u…
economic system
the method used by a society to produce and distribute goods…
factor payments
the income people receive for supplying factors of production…
21 terms
Economics Principles & Practices Chapter 2
capitalism
command economy
communism
competition
Economic system in which private citizens own and use the fac…
Economic system characterized by a central authority that mak…
Economic and political system in which factors of production…
The struggle among sellers to attract consumers.
capitalism
Economic system in which private citizens own and use the fac…
command economy
Economic system characterized by a central authority that mak…
32 terms
Economics: Principles and Practices Chapter 2
Economic System
Traditional Economy
Command Economy
Market Economy
An organized way of providing for the wants and needs of thei…
Economic system in which the allocation of scarce resources a…
Economic system characterized by a central authority that mak…
Economic system in which supply, demand, and the price system…
Economic System
An organized way of providing for the wants and needs of thei…
Traditional Economy
Economic system in which the allocation of scarce resources a…
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