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Econ Exam 1

Module 1

QuestionAnswer
What is economics? The study of how people use limited resources to fulfill unlimited needs
What is an entrepreneur? Business owner/Organizer of the factors of production
What are the factors of production? Land, Labor, Capital
What is labor? Actions, work, or activities people do to produce a good or service
What is capital? Any human made resource that is used in the production of a good or service
What is human capital? Knowledge and skills a worker gains through education and experience
Why do trade-offs have to be made? Scarce resources
What is the basic problem of economics? Scarcity
What is the existence of limited resources? Scarcity
What is classic example of a trade-off that all countries must make? Guns v. Butter
What is the graph used to illustrate the impact of scarcity on an economy A Production Possibilities Curve
What is opportunity cost? The most desirable alternative given up a result of a decision
In which economic system are clearly defined and enforced property rights essential? Market Economy
In which economic system are decisions based on long held customs and beliefs? Traditional Economy
In which type of economy system are all decisions made by the government? Command Economy (centrally planned economy)
Which economic system combines elements of more than one type? Mixed Economy
In which economic system is there no private property rights? Communism
What are the three big questions answered by economic systems? What should be produced? How should it be produced? For whom should it be produced?
Which economist believed that if everyone did what was best for themselves (self-interest) everyone would be better off? Adam Smith
Who wrote the Communist Manifesto? Karl Marx
Who wrote about population growth? Thomas Malthus
Who was so influential that they had a school of economics named after them? John Keynes
Who was philosophically opposed to John Keynes? Hayek
What is profit-motive? Key incentive which drives people to improve their material well-being
What is voluntary exchange? Exchange of goods or services, freely and willing, where both parties are better off
Economists explain human behavior through... Positive and negative incentives
What is economic efficiency? Goal to maximum the use of resources and prevent waste
What is socialism? An economic system where the government plays a important role in the economy but markets and private property still exist but in a limited role
Created by: daniel.owen
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