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Economics Ch 1-3 Rev

QuestionAnswer
What is Economics? Science of how people and businesses make the choices they do.
List examples of the sphere of economics Rise and fall of the stock market, university class on business management
Which two basic economic principles create the need for choices Instabilitiy and scarcity
What biblical concept refers to a person's responsibility to make proper choices with their resources? Stewardship
After 12 years of faithful service, your family's car finally collapses beyond hope of repair and must be taken to the junkyard. What economic term does this vehicle now best illustrate? nuisance good
The economic cost of a good or service is the value people place on it
A family must quickly leave its home due to a fire. On her way out the door, the mother grabs the family photo albums but leaves several expensive paintings behind. What economic concept do her actions best illustrate? Subjective value
Conservation of natural resources primarily shows a grasp of which economic? Scarcity
Suppose you have $20. You will receive 6 utils if you spend the money on a new shirt and 10 utils if you purchase a new album. What will your net utility be if you finally decide to buy 4 utils
Your family decides to take a trap to Europe this summer instead of next because airline rates are currently low. What economic concept do the lower airline rates illustrate in your family's decision making process? Opportunity benefit
What principle does Henry Hazlitt remind readers of in his story about the broken window? Hidden cost
Define Positive Economics approach to economic study involving observation of economics
What approach to economic study focuses on value judgments? Normative Economics
What is the chief advantage of the line graph over the schedule? Contains more data
On a PPC graph, any point on the graphed line represents Production efficiency
What are the two basic elements of the circular flow model? Households and business firms
Wheat, petroleum, and sheep are examples of what? Machinery
Business loan, a tractor, and a hammer are examples of capital
What is the most important factor of production? Entrepneurship
From whom do businesses ultimately receive the factors of production? Households
What examples would qualify as a possibly factor cost? Author royalty's, interest payments, and medical benefits
Give examples of a transfer payment governmental unemployment payments
Taking out a mortgage is an example of dissavings
What is the "heart" of the economy that circulates money? The financial market
Ludwig von Mises is well-known for exploring the economic practice of Free Markets
If a customer's first new car gives him a marginal utility of 25 utils, what is the most likely marginal utility that a second identical would give him? 15 utils
Graphing a set of data that supports William Stanley Jevons' principle results in a marginal utility curve
What are the functions of prices? Transmitting info, providing incentives, redistributing inscome
What term do economics use to describe the act of buying demand
When many people lose their jobs during a depressions, what usually happens to the demand curves for normal goods? Shift to left
A drop in income would have the least effect on the demand for which the following "candy bars, bread, steaks, automobiles" Candy Bars
What is the typical description of a fad item's demand curve? Shift to right, shift to left
The local grocery announces an upcoming sale on ground beef. What economic scenario will likely be the immediate result of this announcement? decrease in demand
At its first spring sale your local plant nursery offers rosebushes for 40% off the regular price. The store sells three hundred rosebushes, twice the usual number for the month. What has occured? Change in quantity, and demand
According to the Austrian economist Carl Menger, what determines the value of an object? Utility for user
Created by: schlabie
 

 



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