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
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…
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…
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
6 terms
Economics Final Short Answers
Name and differentiate between the fou…
List two advantages and two disadvanta…
What are the three basic economic ques…
List and explain the four factors of p…
Variable Cost-Cost that change the the business rate of opera…
Sole Proprietorship- Easy to start, Easy to manage... Owner had…
What to produce... How to produce... For whom to produce
Capital-tools, equipment, machinery, used in production of go…
Name and differentiate between the fou…
Variable Cost-Cost that change the the business rate of opera…
List two advantages and two disadvanta…
Sole Proprietorship- Easy to start, Easy to manage... Owner had…
Economics Final Short Answers
What are the three basic economic ques…
List and explain the four factors of p…
What is the fundamental economic probl…
List two advantages and two disadvanta…
1) What to produce?... 2) How to Produce?... 3) For whom to produce?
1) Land: "gifts of nature" ... 2) Labor: people and their skills…
All societies face scarcity
-Advantages of Sole Proprietorship: ... 1) Easy to Start... 2)Easy…
What are the three basic economic ques…
1) What to produce?... 2) How to Produce?... 3) For whom to produce?
List and explain the four factors of p…
1) Land: "gifts of nature" ... 2) Labor: people and their skills…
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…
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
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…
Economics Midterm Short Answers
List the basic economic question
List and define the two types of unions
Why does every choice involve an oppor…
List and define how labor and manageme…
What goods and services are to be produced?... How are these goo…
Craft/trade - labor unions whose workers perform the same typ…
Every choice has at least one other alternative that must be…
Negotiation - effort by a 3rd party to bring labor and manage…
List the basic economic question
What goods and services are to be produced?... How are these goo…
List and define the two types of unions
Craft/trade - labor unions whose workers perform the same typ…
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…
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 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,…
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
Economics short answer
Economic indicators
Social indicators
Traditional economy
Market economy
standard of living, GDP/GNP, per capita income
water supplies, sanitation, literacy rates
little outside trade, change and growth proceed slowly, there…
people are free to take part in any business, private ownersh…
Economic indicators
standard of living, GDP/GNP, per capita income
Social indicators
water supplies, sanitation, literacy rates
229 terms
Economics 3303 - Short Answer
controlled experiments
a crucial experiment
economists' substitute for controlled…
the mercantilists
other things are held equal in reality so the cause can be id…
an experiment that proves who is right; settles the issue onc…
ceteris paribus; the assumption that other things do not chan…
the thinkers and writers in the 17th and 18th centuries focus…
controlled experiments
other things are held equal in reality so the cause can be id…
a crucial experiment
an experiment that proves who is right; settles the issue onc…
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…
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…
History Economics- Short Answer
List and describe the three major caus…
What are the four characteristics of f…
What were the causes of the Great Depr…
What were the purposes of the New Deal?
1. Energy Crisis: price of oil began to skyrocket in 2003 bec…
1. Economic freedom: Freedom to work where we please whether…
1. Tariffs and war debt policies... 2. High supply and low deman…
1. RELIEF: to provide jobs for the unemployed and to protect…
List and describe the three major caus…
1. Energy Crisis: price of oil began to skyrocket in 2003 bec…
What are the four characteristics of f…
1. Economic freedom: Freedom to work where we please whether…
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…
Economics exam short answer
Briefly, what is the correlation betwe…
Explain why banks can influence the mo…
Explain the arguments for bailing out…
Explain the difference in Absolute Adv…
*The more economic freedom you have the more political freedo…
if the reserve ratio is incresed the money supply shrinks... if…
look at** ... *Unit 6 on moodle, click on banking crisi power po…
*absolute advantage the ability to produce a good with fewer…
Briefly, what is the correlation betwe…
*The more economic freedom you have the more political freedo…
Explain why banks can influence the mo…
if the reserve ratio is incresed the money supply shrinks... if…
8 terms
Economics Short Answer
Social+political philosophy, wealth di…
Political system, centrally planned ec…
Direct payments of money to poor people
Goods+services provided for free or gr…
Socialism
Communism
Cash transfer
In kind benefits
Social+political philosophy, wealth di…
Socialism
Political system, centrally planned ec…
Communism
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
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…
7 terms
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…
people are free to take part in any business, private ownersh…
birth rate, death rate , infant mortality rate
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…
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
5 terms
Economics Final Short Answer
Socialism- sicial and political philos…
Cash transfers- direct payment of mone…
Law of supply- supplier offers more of…
An investment redirects resources from…
Explain the difference between communism and socialism from a…
Explain the difference between cash transfer programs and in…
Why is the law of supply opposite the law of demand
What is an investment
Socialism- sicial and political philos…
Explain the difference between communism and socialism from a…
Cash transfers- direct payment of mone…
Explain the difference between cash transfer programs and in…
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…
6 terms
Economics Short Answer
What are some differences between a De…
Why was Adam Smith important to the fo…
Explain the major ideas discussed in t…
What are the two major differences bet…
-Democratic Constitutional Monarchies have parliaments, Const…
-Adam Smith's book was published in 1776, the year the U.S. d…
-The problems with society are due to difference between the…
-Communists are opposed to all forms of private property, and…
What are some differences between a De…
-Democratic Constitutional Monarchies have parliaments, Const…
Why was Adam Smith important to the fo…
-Adam Smith's book was published in 1776, the year the U.S. d…
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
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
15 terms
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…
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…
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…
Economic short study voc
Microeconomics
Macroeconomics
Scarcity
Cell
Area of economics that deal with businesses and people, their…
Area of economics that deal with the economy as whole (the bi…
Unlimited wants vs limited resources
Capital, entrepreneur, land and labor
Microeconomics
Area of economics that deal with businesses and people, their…
Macroeconomics
Area of economics that deal with the economy as whole (the bi…
Economics Short Quiz
The Wealth of Nations
division of labor
specialization
free market
Smith's book describing the law of economics
the separation of work into individualized tasks
the division of tasks among workers allowed the production of…
allowed to own private property and make personal choices
The Wealth of Nations
Smith's book describing the law of economics
division of labor
the separation of work into individualized tasks
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
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…
17 terms
economics short answer
List the basic economic question
List and define the two types of unions
Why does every choice involve an oppor…
List and define how labor and manageme…
What goods and services are to be produced?... How are these goo…
craft/trade union: the people do the same type of work... indust…
because every choice has at least one alternative that must b…
negotiation: effort by third party to bring labor and managem…
List the basic economic question
What goods and services are to be produced?... How are these goo…
List and define the two types of unions
craft/trade union: the people do the same type of work... indust…
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…
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.
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…
10 terms
ECONOMICS TEST 4 SHORT ANSWERS
Economic Functions of Government
Types of Budgets
Functions of a Tax System
What makes a good tax system
1. safeguarding competition and the market system... 2. Providin…
1. Balance Budget... 2. Surplus Budget... 3. Deficit Budget
1. Pay for the cost of government... 2. Redistribute wealth... 3. P…
1. Fairness... 2. Clarity & certainty... 3. Simplicity & Efficiency…
Economic Functions of Government
1. safeguarding competition and the market system... 2. Providin…
Types of Budgets
1. Balance Budget... 2. Surplus Budget... 3. Deficit Budget
6 terms
Economics Chapter 7 Short Answers
List the five conditions neccessary fo…
Name the four market structures
perfect competition
monopolistic competition
large number of buyers and sellers... buyers and sellers deal i…
perfect competition... monopolistic competition... oligiopoly... mo…
market structure in which a large number of well-informed buy…
market structures that has all of the conditions of a perfect…
List the five conditions neccessary fo…
large number of buyers and sellers... buyers and sellers deal i…
Name the four market structures
perfect competition... monopolistic competition... oligiopoly... mo…
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…
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…
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