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Economics -_____-

I hate economics

QuestionAnswer
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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