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Study sets matching "short answers econ"

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Study sets matching "short answers econ"

16 terms
Economics Short Answers Review
What is the basic economic problem?
What is the solution to the basic econ…
Define economics.
Define macroeconomics.
Scarcity
Allocation
Economics- the study of how people use their scarce resources…
Macroecon- study of how the nation allocates its scarce resou…
What is the basic economic problem?
Scarcity
What is the solution to the basic econ…
Allocation
19 terms
Economics (Short LIst)
Economics
Economic Activities
Good
Service
the study of producing, distributing, and consuming goods and…
production, consumption, distribution, exchange of goods
item available for purchase; something you can see and touch
products fulfilled through the efforts of other people for a…
Economics
the study of producing, distributing, and consuming goods and…
Economic Activities
production, consumption, distribution, exchange of goods
55 terms
Economic Short Answers
the 4 factors of production
traditional economy
command economy
market economy
land, labor, capital and entrepreneurship are 4 examples of...
define the economy by the example: the Kavango people of Nami…
define the economy by the example: food was scare and expensi…
define the economy by the example: advertisements like giant…
the 4 factors of production
land, labor, capital and entrepreneurship are 4 examples of...
traditional economy
define the economy by the example: the Kavango people of Nami…
31 terms
Economics Short Answers
What are the 3 basic economic question…
List the 4 factors of production.
Ad. & Dis. of a Traditional Economy
Ad. & Dis. of a Command Economy
How will it be produced? For whom? What will be made?
Land(resources), labor(work), capital(made products), entrepr…
Ad. Answers economic questions, best for survival ... Dis. Resis…
Ad. Equality of goods, always having ... Dis. No freedom or rights
What are the 3 basic economic question…
How will it be produced? For whom? What will be made?
List the 4 factors of production.
Land(resources), labor(work), capital(made products), entrepr…
10 terms
Economics Final Short Answers
3 Reasons Why Entrepreneurship is impo…
Dual Mandate
Fiscal Policy
Monetary Policy
1. Create new business and therefore new jobs... 2. Creates soci…
the Fed creates an environment for maximum employment and sta…
macroeconomics. Improve unemployment rates, control inflation…
central bank determining the size and rate of growth of the m…
3 Reasons Why Entrepreneurship is impo…
1. Create new business and therefore new jobs... 2. Creates soci…
Dual Mandate
the Fed creates an environment for maximum employment and sta…
12 terms
Economics exam short answers
Define Economics
Define Human Capital
Quote Adam Smith's statement on the in…
Define opportunity costs. Define ceter…
Is the social science that studies the choices that individua…
The knowledge and skill that people obtain from educational,…
"It is not from the benevolence of the butcher, the brewer, o…
Opportunity cost " The highest-valued alternative that we mus…
Define Economics
Is the social science that studies the choices that individua…
Define Human Capital
The knowledge and skill that people obtain from educational,…
13 terms
Short answers economics
Collective bargaining agreement provis…
Determinants of Change in Demand
Determinants of change of supply
Factors of Production
1. compensation ... 2.working conditions... 3.Job Security
1. Changes in population ... 2.human and natural events... 3.change…
1.changes in technology... 2.changes in natural conditions(weath…
1. Land/natural resources ... 2.Labor (human effort to produce)…
Collective bargaining agreement provis…
1. compensation ... 2.working conditions... 3.Job Security
Determinants of Change in Demand
1. Changes in population ... 2.human and natural events... 3.change…
18 terms
economics short answers
what are the 5 c's of credit
character (credit)
capacity (credit)
capital (credit)
character, capacity, capital, collateral, credit history
do you have good credit history? subjective
have you been working long enough
do you have enough money
what are the 5 c's of credit
character, capacity, capital, collateral, credit history
character (credit)
do you have good credit history? subjective
9 terms
Economics Short Answers
Price Ceiling
Incidence of Tax
Consumer Surplus
Producer Surplus
A legal maximum on the price of a good or service
How the burden of a tax is shared among market participants
The amount a buyer is willing to pay minus the amount the buy…
The amount a seller is paid for a good, minus the seller's cost
Price Ceiling
A legal maximum on the price of a good or service
Incidence of Tax
How the burden of a tax is shared among market participants
17 terms
Economics Short Answer 2014
List the basic economic questions
why does every choice involve an oppor…
list and define how labor and manageme…
list and define the two types of unions?
1.what goods and services are to be produced?... 2. How are thes…
the cost of the next best alternative use of money, time, or…
1. 80 day cooling off period that federal courts could use to…
1. Crafty/trade union= labor unions whose workers perform the…
List the basic economic questions
1.what goods and services are to be produced?... 2. How are thes…
why does every choice involve an oppor…
the cost of the next best alternative use of money, time, or…
134 terms
Economics Quizzes/Short Essays
Tom works at a clothing store. He is p…
Land, labor, capital, and entrepreneur…
Choose which economic rule states that…
There is no such thing as a free lunch…
the circular flow of economic activity
factors of production
law of diminishing marginal utility
true
Tom works at a clothing store. He is p…
the circular flow of economic activity
Land, labor, capital, and entrepreneur…
factors of production
54 terms
Short-Run Economic Fluctuations
recession
depression
three key facts about economic fluctua…
business cycle
a period of declining real incomes and rising unemployment
a severe recession
1. economic fluctuations are irregular and unpredictable... 2. m…
fluctuations in the economy
recession
a period of declining real incomes and rising unemployment
depression
a severe recession
12 terms
Economics Short Answers Chapter 3
Two advantages and disadvantages of so…
Two advantages and disadvantages of pa…
Two advantages and disadvantages of co…
Give an example of a horizontal merger
ease of starting up and relative ease of management. the owne…
ease of establishment and ease of management. each partner is…
ease of raising financial capital and unlimited life. difficu…
Chase National and the Bank of Manhattan
Two advantages and disadvantages of so…
ease of starting up and relative ease of management. the owne…
Two advantages and disadvantages of pa…
ease of establishment and ease of management. each partner is…
13 terms
Economics Short Answer
define economics
define the four factors of production
define human capital
define the law of demand
the study of how best to allocate scarce resources among comp…
land, labor, capital, entrepreneurship... land = refers to not j…
the knowledge and skills possessed by the work force
the quantity of a good demanded in a given time period increa…
define economics
the study of how best to allocate scarce resources among comp…
define the four factors of production
land, labor, capital, entrepreneurship... land = refers to not j…
114 terms
Public Economics (short)
goods deemed harmful to society
a systematic approach to estimating th…
a system of surcharging users of publi…
1. marginal rates of tax and benefit w…
Sin goods
Cost benefit analysis
Congestion pricing
Mirlees findings
goods deemed harmful to society
Sin goods
a systematic approach to estimating th…
Cost benefit analysis
14 terms
Economics Short Answer
Presidential Succession
If the office of the vice president is…
who may negotiate treaties by acting t…
do executive agreements require senato…
1. Vice President ... 2. Speaker of the House... 3. President Pro T…
president
president
no
Presidential Succession
1. Vice President ... 2. Speaker of the House... 3. President Pro T…
If the office of the vice president is…
president
74 terms
Economics vocab, short answer
good
consumer good
human capital
value
tangible economic product that is useful, relatively scarce,…
good intended for final use by the consumer rather than busin…
sum of people's skills, abilities, health, and motivation
worth of a good or service as determined by the market
good
tangible economic product that is useful, relatively scarce,…
consumer good
good intended for final use by the consumer rather than busin…
21 terms
Economics and Business (short answer)
Meaning of 'relative scarcity'?
Meaning of 'economics'?
Three fundamental questions?
Meaning of 'opportunity cost'?
Not enough resources to satisfy all our needs and wants.
Studies the decision, outcomes and activities that occur as r…
Who to produce for?... What to produce?... How to produce it?
The loss of other alternatives when one alternative is chosen.
Meaning of 'relative scarcity'?
Not enough resources to satisfy all our needs and wants.
Meaning of 'economics'?
Studies the decision, outcomes and activities that occur as r…
17 terms
Economics Short Answer
1. agriculture and other natural resou…
1. what goods and services are to be p…
1. economic freedom... 2. economic effici…
1. economic freedom... 2. voluntary excha…
characteristics of physiocrats
basic economic questions
economic goals
characteristics of a private or free enterprise system
1. agriculture and other natural resou…
characteristics of physiocrats
1. what goods and services are to be p…
basic economic questions
23 terms
Economics Test 2 short answers
Law of demand
Law of supply
Equilibrium price
Surplus
Price of goods increase the demand decrease, when the price o…
Price of goods increase the supply increase, when the price d…
Point where quantity demanded equals quantity supplied
Supply is greater the demand
Law of demand
Price of goods increase the demand decrease, when the price o…
Law of supply
Price of goods increase the supply increase, when the price d…
11 terms
economic short answer
4 economic systems
traditional economic system
command economic system
market economic system
traditional, command, market, mixed.
system in which traditions, customs, and beliefs shape the go…
in which production, investment, prices, and incomes are dete…
in which decisions regarding investment, production, and dist…
4 economic systems
traditional, command, market, mixed.
traditional economic system
system in which traditions, customs, and beliefs shape the go…
54 terms
Economics Short Response Final
Economics
Wants
Opportunity cost
Interest
Study of the problem of scarcity
Unlimited desires aimed at utility and satisfaction
Alternatives forgone by an economic decision
Payments for the use of money as a percentage of the amount l…
Economics
Study of the problem of scarcity
Wants
Unlimited desires aimed at utility and satisfaction
18 terms
Economic chapter 5 short answers
What are the advantages and disadvanta…
What are the advantages of being a sol…
What are the advantages of being a sol…
What are the advantages of being a sol…
Sole proprietorship are easy to form and to disolve.... All desi…
Are easy to form and dissolve.
All decisions resides with him
The profit of the firm is taxed only once.
What are the advantages and disadvanta…
Sole proprietorship are easy to form and to disolve.... All desi…
What are the advantages of being a sol…
Are easy to form and dissolve.
Introduction to Economics Short Answer
Describe 3 characteristics of a tradit…
Describe 3 characteristics of a comman…
Describe 3 characteristics of a market…
Name 3 demographic indicators used to…
Very little outside trade, change and growth proceed very slo…
All important economic decisions are made by government leade…
Private ownership of businesses and land, people are free to…
Birth rates, death rates, and fertility rates
Describe 3 characteristics of a tradit…
Very little outside trade, change and growth proceed very slo…
Describe 3 characteristics of a comman…
All important economic decisions are made by government leade…
12 terms
economics short answer
explain the 3 basic questions of econo…
describe the 4 factors of production:
explain the relationship between margi…
describe how a production possibilitie…
1. what will be produced?... - a company must decide what produc…
1. human resources - size of the work force and the workers l…
opportunity costs are the costs of what is being given up by…
it shows the maximum number of goods or services that can be…
explain the 3 basic questions of econo…
1. what will be produced?... - a company must decide what produc…
describe the 4 factors of production:
1. human resources - size of the work force and the workers l…
35 terms
Economics Short Answer Final
Core tenets of neoclassical economy
Who formed the modern supply and deman…
example of continuity from CPE to Neoc…
element of neoclassical econ that uses…
marginal analysis, general equilibrium, diminishing marginal…
alfred marshall
general adversion of state intervention
marginal analysis
Core tenets of neoclassical economy
marginal analysis, general equilibrium, diminishing marginal…
Who formed the modern supply and deman…
alfred marshall
63 terms
Economic Final-Short Answer
Economy system that bases production o…
a group of firms that produce similar…
economics system that is regulated by…
economics system that is guided by the…
Traditional
industry
command
free enterprise
Economy system that bases production o…
Traditional
a group of firms that produce similar…
industry
29 terms
Economics Short Unit
Sole Proprietorship
Sole Proprietorship Advantages
Sole Proprietorship Disadvantages
Partnerships
-Business owned and managed by a single individual
-Few regulations... -Full control... -Only receiver of profits... -Eas…
-Unlimited personal liability... -Limited access to resources... -L…
-Business organization owned by 2 or more persons who agree o…
Sole Proprietorship
-Business owned and managed by a single individual
Sole Proprietorship Advantages
-Few regulations... -Full control... -Only receiver of profits... -Eas…
10 terms
Short-run economic fluctuations
Recession
Depression
The business cycle
Model of aggregate demand and aggregat…
A period of mildly falling incomes and Rising unemployment
A period of unusually severe falling incomes and Rising unemp…
Short-run economic fluctuations
The model most economists use to explain short-run fluctuatio…
Recession
A period of mildly falling incomes and Rising unemployment
Depression
A period of unusually severe falling incomes and Rising unemp…
Short-Term Economic Functions
Business Cycles
Recession
Depression
Peak
short term fluctuations in GDP and other variables
significant decling in economic activity spread across the ec…
particularly severe recession
beginning of a recession... high point of the business cycle
Business Cycles
short term fluctuations in GDP and other variables
Recession
significant decling in economic activity spread across the ec…
10 terms
Economics (raven short)
Factors of Production
Entreprenuership
Human Capital
Capital
The resources used to produce goods and services defined as l…
The willingness and ability to take the risks involved n star…
The knowledge and skills people gain from education , on the…
The tools, machines, and buildings used to produce goods and…
Factors of Production
The resources used to produce goods and services defined as l…
Entreprenuership
The willingness and ability to take the risks involved n star…
34 terms
Civics and Economics Vocab (Short)
tort
Administrative Law
Statutory Law
Stare Decisis
wrongful acts for which an injured party has the right to sue
The body of law created by administrative agencies (in the fo…
The body of law enacted by legislative bodies (as opposed to…
"let the decision stand"... A common law doctrine under which ju…
tort
wrongful acts for which an injured party has the right to sue
Administrative Law
The body of law created by administrative agencies (in the fo…
28 terms
Short-Run Economic Fluctuations
business cycles
recession
depression
What was the most severe depression in…
short-run economic fluctuations around the long run trend of…
period of declining RGDP and rising unemployment
severe recession
Great Depression
business cycles
short-run economic fluctuations around the long run trend of…
recession
period of declining RGDP and rising unemployment
54 terms
Economics Short Response Final
Economics
Wants
Opportunity cost
Interest
Study of the problem of scarcity
Unlimited desires aimed at utility and satisfaction
Alternatives forgone by an economic decision
Payments for the use of money as a percentage of the amount l…
Economics
Study of the problem of scarcity
Wants
Unlimited desires aimed at utility and satisfaction
10 terms
Social Goals of Economics- short review
Economic equity in a command economy
Economic equity in a market economy
Economic freedom in a market economy
Economic freedom in a command economy
The government sets wages, sets benefits, mostly all people h…
Laws are made to prevent discrimination, wages are determined…
Consumers determine the supply and demand. Choice in products…
Little to no choice, government determines housing, healthcar…
Economic equity in a command economy
The government sets wages, sets benefits, mostly all people h…
Economic equity in a market economy
Laws are made to prevent discrimination, wages are determined…
8 terms
Economics Chapter 7 Short Answers
Conditions of a Perfect Market
What are the four types of monopoly?
Name the two types of collusion
Information about Charles Wang
1. there should be a large number of buyers and sellers... 2. pr…
natural monopoly... geographic monopoly... technological monopoly... g…
1. price fixing: agreement usually illegal by firms to change…
Born in China... believed that the best strategy was to purchase…
Conditions of a Perfect Market
1. there should be a large number of buyers and sellers... 2. pr…
What are the four types of monopoly?
natural monopoly... geographic monopoly... technological monopoly... g…
11 terms
Economics Test 4 Short Answers
What is a balanced budget?
Functions of the banks that make up th…
what are the characteristics of a good…
four areas on which state tax dollars…
A budget in which revenues are equal to spending.
1. provides banking and fiscal services to the federal govern…
1. simplicity... 2. efficiency... 3. certainty... 4. equity
Education... Public safety... Highways and Transportation... Public We…
What is a balanced budget?
A budget in which revenues are equal to spending.
Functions of the banks that make up th…
1. provides banking and fiscal services to the federal govern…
30 terms
short answer questions: world economics
Explain the concept of "Replacement Ra…
Briefly discuss the concepts of life e…
Explain the concept of urbanization, i…
Contrast emigration and immigration. I…
Replacement rate fertility is the fertility rate average chil…
Life expectancy is the statistical measure of the average tim…
Urbanization is the population shift from rural to urban area…
Emigration is the act of leaving one's resident country with…
Explain the concept of "Replacement Ra…
Replacement rate fertility is the fertility rate average chil…
Briefly discuss the concepts of life e…
Life expectancy is the statistical measure of the average tim…
14 terms
Economics unit 2 short answers
List three market problems that market…
How does supply shock affect equilibri…
List three steps used to determine a c…
What are the characteristics of a dema…
Imperfect competition, spillover costs, imperfect information
Creates a problem of excess demand because suppliers can no l…
1. Identify the two parts of a cause effect relationship... 2. r…
Slope, position, and shift
List three market problems that market…
Imperfect competition, spillover costs, imperfect information
How does supply shock affect equilibri…
Creates a problem of excess demand because suppliers can no l…
12 terms
ECONOMICS TEST 1: SHORT ANSWERS
Factors of production
3 Fundamental questions of Economics
Functions of Money
Characteristics of Money
Human resources... Natural Resources... Capital Resources... Entrepren…
WHAT goods and services should be produced... HOW should they be…
Medium of exhange... Standard of value... Store of value
Durable, Portable, Diverse (Fractional currency + coins) Unif…
Factors of production
Human resources... Natural Resources... Capital Resources... Entrepren…
3 Fundamental questions of Economics
WHAT goods and services should be produced... HOW should they be…
7 terms
Economic chapter 1 short answer
In what ways does scarcity affect both…
What are the four factors of production?
Why is it important to consider margin…
What are the three things a PPC show?
Scarcity affects producers because they have to make a choice…
Land, Labor, Capital, and Entrepreneurship
It is important to consider marginal benefits and costs when…
Where efficiency is, Where underutilization is, All the produ…
In what ways does scarcity affect both…
Scarcity affects producers because they have to make a choice…
What are the four factors of production?
Land, Labor, Capital, and Entrepreneurship
63 terms
Economics Short Response Semester 2
Average Cost
Fixed Costs
Marginal Costs
Variable Costs
Calculated by dividing total cost (Fixed cost + variable cost…
Those costs that a firm must meet whether or not any producti…
The addition to total costs that occurs when producing one mo…
The costs incurred by a firm whenever production occurs; for…
Average Cost
Calculated by dividing total cost (Fixed cost + variable cost…
Fixed Costs
Those costs that a firm must meet whether or not any producti…
10 terms
Economics Test 1 Short Answer
1. Describe the various stages of the…
2. Define positive and normative econo…
3. Describe the main features and char…
4. Describe the various roles of the g…
The first stage occurred during the late 18th century. Here w…
1.) Positive statements rely on facts and describe the econom…
1) Private property. Individuals need to be able to own their…
1. To safeguard the market place. Here the government interve…
1. Describe the various stages of the…
The first stage occurred during the late 18th century. Here w…
2. Define positive and normative econo…
1.) Positive statements rely on facts and describe the econom…
11 terms
Economics Test 2 Short Answer
Advantages of a single proprietorship:
Disadvantages of a single proprietorship
Advantages of a Partnership
Disadvantages of a Partnership
1. Easy to form... 2. Owner keeps profits... 3. you're the boss
1. Limited capital... 2. Unlimited Liability... 3. Limited Life
1. Additional capital... 2. shared responsibility... 3. easy to org…
1. Disagreements... 2. Limited Life... 3. Limited Capital... 4. UNLIMI…
Advantages of a single proprietorship:
1. Easy to form... 2. Owner keeps profits... 3. you're the boss
Disadvantages of a single proprietorship
1. Limited capital... 2. Unlimited Liability... 3. Limited Life
16 terms
Economics Unit 4 Short Answer
C
I
G
X-M
Consumption, spending by households
Investment, spending by businesses
Government, spending by governemnt
Net Exports, spending by people abroad
C
Consumption, spending by households
I
Investment, spending by businesses
7 terms
Economic 13-16 Short Answer
Diminishing Marginal Product
Efficient Scale
Sunk Cost
Long-Run Equilibrium
The marginal product of an input declines as the quantity of…
The quantity that minimizes ATC
A cost that has already been committed and cannot be recovered
The process of entry or exit is complete-- remaining firms ea…
Diminishing Marginal Product
The marginal product of an input declines as the quantity of…
Efficient Scale
The quantity that minimizes ATC
8 terms
Ch.19 Economics Short Answer
Humanitarian ... Economical- Raw Material…
International Monetary Fund(IMF)... World…
New Ideas and people start to question…
Econ. Changes... New Ideas... New Technology…
List 3 reasons why industrialized countries are concerned abo…
List the 2 agencies that help developing economies
Describe what happens in a developing country in the stage of…
State 4 changes that take place in the takeoff stage of econo…
Humanitarian ... Economical- Raw Material…
List 3 reasons why industrialized countries are concerned abo…
International Monetary Fund(IMF)... World…
List the 2 agencies that help developing economies
12 terms
Macro Economic Fluctuations: In the Short Run
Short-Term Economic Fluctuations: Last…
Output Gap
Recessionary Gap
Expansionary Gap
Tremendous long -term growth in per capita real GDP over the…
- the difference between the economy's actual output and its…
A negative output gap... y<y*
A positive output gap... y>y*
Short-Term Economic Fluctuations: Last…
Tremendous long -term growth in per capita real GDP over the…
Output Gap
- the difference between the economy's actual output and its…
8 terms
ECONOMICS REVIEW - SHORT ANSWER QUESTIONS
SCARCITY
SHORTAGE
PHYSICAL CAPITAL
HUMAN CAPITAL
LIMITED QUANTITIES OF RESOURCES TO MEET UNLIMITED WANTS
WHEN PRODUCERS WILL NOT/CANNOT OFFER GOODS/SERVICES AT THE CU…
HUMAN MADE OBJECTS USED TO CREATE OTHER GOODS/SERVICES
KNOWLEDGE AND SKILL (EDUCATION AND EXPERIENCE)
SCARCITY
LIMITED QUANTITIES OF RESOURCES TO MEET UNLIMITED WANTS
SHORTAGE
WHEN PRODUCERS WILL NOT/CANNOT OFFER GOODS/SERVICES AT THE CU…
22 terms
Economics Exam One Short Answer
Define economics
Human Capital
Adam Smith Invisible Hand
opportunity costs
A branch of knowledge concerned with the production, consumpt…
Skills, knowledge and experience that people have that make t…
An invisible hand leads production decisions made in pursuit…
The highest valued alternative that we must give up to get so…
Define economics
A branch of knowledge concerned with the production, consumpt…
Human Capital
Skills, knowledge and experience that people have that make t…
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