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What are the two fundamental facts that define the economizing problem? Society's material wants are unlimited, while the means for producing these wants (economic resources) are scarce.
What economist call full employment? When all the available resources are being used.
What is full production? When available resources are making the most valuable contribution to output.
What do you call when resources are dedicated to the goods society wants? Allocative efficiency
When is productive efficiency achieved? When the least costly method of production is used to produce goods and services.
What is required to achieve economic efficiency? Full employment and full production
What is opportunity cost any good? It is the amount of other products that must be forgone or sacrifice to obtain some amount ( an additional unit)of any given product.
What notion does a downward sloped line reflect graphically? Opportunity cost.
What is a production possibilities curve? It is a graph that depicts the boundary between those production levels that can be attained and those that cannot.
What represent any point on the production possibilities curve? A maximum output of two products that is both attainable and efficient.
What represent a point lying outside the production possibilities curve? A production level that is not attainable.
What represent a point lying inside the production possibilities curve? A level of production that is attainable but inefficient.
What notion does the concave shape of the production possibilities curve reflect? Increasing opportunity cost.
What happens in an economy of underemployment or underproduction? The economy will be producing less than any point on the production possibilities curve.
What does a shift to the right of the production possibilities curve represent? An economic growth.
What is consumer goods? Goods and services that satisfy wants directly.
What do you call the items that satisfy wants indirectly by facilitating the production of consumable goods? Capital goods.
What determines economic growth? The amount of capital goods a society produce.
What do you call a system of private ownership of resources and the use of free market and price to determine economic activity? Capitalism.
What is laissez-faire or " Let it be"? It is term that refers to little government involvement.
What do you call the market characterized by public ownership of resources and centralized economic planning? Communism, or Command Economy
What most economic system are considered to be? Mixed or somewhere between those two extremes
What type of economy do many of the developing or undeveloped countries of the world have? Traditional economy.
What is traditional economy? It is economy within which custom and culture define how resources are produced and exchanged and how income is distributed.
What is called the amount of good or service that consumers plan to buy in a given period of time and in given condition? Demand
What is the Law of Demand? if all other things remain the same, the higher the price of a good, the lower is the quantity demanded of that good.
What do the substitute effect suggest? It suggests that a lower price provides incentive to substitute a cheaper good for a similar goods that are now more expensive.
What does the income effect indicate? That at a lower price you can afford more of the good without giving up other goods.
What happen when an influence other than price change the demand for a good? There is change in demand represented by a shift of the demand curve.
What is supply? It is the amount of a good or service that a producer plans to sell in a given period of time and in a given conditions.
As the price rises, the corresponding quantity supplied rises and likewise when the price falls, the quantity supplied decreases.What do you call that? The Law of Supply.
What happen when an influence other than price change the supply for a good? There is a change in supply represented by a shift of the supply curve.
What do you call the point at which the quantity demanded equals the quantity supplied? The equilibrum price
When will it be a surplus? at any price above the equilibrium.
Created by: kofbill



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