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Economics -_____-
I hate economics
| Question | Answer |
|---|---|
| 1. Why might some historians consider Adam Smith one of the most influential people in history? | B/c of his theory about free trade with limited government intervention |
| 2. What is thinking at the margin? | To think about your next step foward, marginal means "additional" |
| 3. What is a market? | Exchange of goods and services that takes place of buyers and sellers. |
| 4.How are free markets efficient? | That everyone has acess to info, understands interprets info correctly, and cost of production. |
| 5.Peoples wants are unlimited, this means what is always present? | scarcity of needs, shortages, marginal utility, and cost of production. |
| 6. What are the factors of production? | Land, labor and capital |
| 7. What is the best title for this >>> Innovator, Strategist, and risk taker | Entrepeneur |
| 8. Why are tradeoffs necessary? | B/c resources vary in their abundance and difficulty to obtain |
| 9. what does it mean to maximize utility? | When making a purchase decision, consumer attempts to get the greatest value poosible for the lowest amount of money |
| 10. what are the 3 fundamental economic questions? | 1. what to produce, 2.how to produce it, 3.who uses it |
| 11. What are the economic goals in a traditional economy? | Full employment, price stability, satisfactory rate of economic growth, free trade, correct distribution of income, and efficient location |
| 12. What does Adam Smiths idea of an "invisible hand" represent? | Marketing towards a product like buy one get one free or 1/2 off |
| 13. Which kind of economy is most common today? | Market Economy |
| 14. What is specialization? | Method of production where a buisness or area focuses on the production of a limited scope of products or services |
| 15. We depend on others to produce most of the goods and services we want. what idea is this called? | Economic interdependance |
| 16. The law of demand states that as quantity demanded decreases what? | price increases |
| 17. In the Summer picnic season, a sharp rise in the price of brugers may lead to an increase in demand for what? | Hot dogs, any other substitute |
| 18. Quantity demanded moves along the demand curve in response to changes in what? | The supply demanded |
| 19. What happens to the demand for clothes in a clothing store when blizzards keep customers at home? | The demand curve shifts to the left |
| 20. Supply depends on the willingness and ability of what? | Producers to produce |
| 21. According to the law of supply, what happens as price increases? | The quantity supplyed increases |
| 22. What could increase the supple of soccer balls? | A decrease in the price of raw materials |
| 23. The degree to which the quantity demanded responds to changes in price is called...? | elasticity |
| 24. What happens as a result of a price increase? | The supply increases |
| 25. What is an example of diminishing marginal utility? | Someone who has one bicycle will have less use for another one. |
| 26. What is market equilibrium? | Where the supply is the exact amount as the demand |
| 27. The equilibrium price is the price At which what? | The supply of an item equals the quantity demanded |
| 28. If a manufacturer introduces a new product with a successful advertising campagn and an artificially low introductory price, what will most likely result? | in a shortage |
| 29. What event in Florida and Cali could most likely shift the supply curve for orange juice to the left? | An early frost accompinied by ice storms |
| 30. What is the usual result of setting a price ceiling on rents? | More people want to rent apartments then are available to rent. |
| 31. THe purpose of rationing during WW2 was to what? | to ensure that evryone could get essential scarce goods. |
| 32. In a market with perfect competition, how are prices determined? | determined between the forces of market supply and demand |
| 33. How is the competition among resturants in a big city exampple of monopolistic competition? | Because people think its all the same products or food, but there are slight differences. |
| 34. What is an example of an externality? | |
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Created by:
mmartin59
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