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Economics
| Question | Answer |
|---|---|
| A_________ failure is government intervention that fails to improve economic outcomes | Government |
| The "economy is us" means that it represents our collective _____ activities | Production & consumption |
| Example of land | Forest |
| Example of labor | Steel worker |
| Example of capital | Computers |
| Example of entrepreneurship | A person who uses resources in innovative ways |
| Which points or combinations of produced goods on a production possibilities curve are not attainable with the current level of resources? | Those lying outside the curve |
| The factors of production include | Land Labor Capital Entrepreneurship |
| Factories, storage, transportation and distribution facilities, as well as tools and machinery (or goods used to produce other goods) are all examples of ____ goods. (Mention the factor of production.) | Capital |
| The branch of economics that studies the economy as a whole or in aggregate is known as | Macroeconomics |
| The economic question of _____ to produce' is about decisions related to the mix (quantity and type) of goods and services to make available in a given economy. | What |
| The function of an entrepreneur is | To combine scarce resources and to produce goods or services and to organize other factors of production in the production of new products |
| Points ____ the production possibilities curve of an economy are attainable, but inefficient. | Inside |
| An imperfection in the market mechanism that prevents optimal outcomes is called a | Market failure |
| The economic question of _____ to produce' is about decisions related to the mix of factor inputs(land,labor,capital...) used to produce goods and services. | How |
| A ______ economic analysis concerns what is, whereas a _____ economic analysis represent subjective statements about what ought to be. | Positive; normative |
| In addition to entrepreneurship, the factor of production (resource) defined as _____ consists of the physical actions and mental activities that people contribute to the production of goods and services. | Labor |
| _____ meaning that there's a limit to the amount of output we can produce in a given time period with available resources and technology. | Scarce resources |
| ______ is the idea that we can obtain additional quantities of any particular good only by reducing the potential production of another good | Opportunity costs |
| Due to scarce resources, every individual, whether rich or poor, is faced with an ____ cost when choosing to produce or consume more of one good over another. | Opportunity |
| A(n) ____ is defined as giving up one thing in order to have some other item. | Trade-off |
| From an economical standpoint,_____ includes all natural resources used in the production process | Land |
| ______ is the notion that, in general, the quantity desired of resources exceeds the quantity available. | Scarcity |
| What represents a combination of output that falls inside the production possibilities curve of an economy | Good that are attainable Inefficient use of resources Production of only one good |
| The study of how best to allocate scarce resources among competing uses is called | Economics |
| The economic question of _____ to produce' is about decisions related to who is going to consume the goods and services produced. | For whom |
| The law of increasing _____ states that as production of a particular good increase, the cost of producing an additional unit rises | Opportunity cost |
| Best description of the concept of laissez-faire | The doctrine of "leave it alone." Nonintervention by government in the market mechanism. |
| The essential feature of the market mechanism is the ______ signal | Price |
| The alternative combination of final goods and services that could be produced in a given time period with all available resources and technology is | An economy's production possibilities |
| ______ recognized the need for government intervention in an economy | Karl Marx and John Maynard Keynes |
| Combination of goods that fall outside the production possibilities curve of an economy | Require economic growth Would require resources that are not currently available Are unattainable in the short run |
| Points lying ____ the production possibilities curve (frontier) are attainable, reflecting less total output than can be produced. | Inside |
| Define ceteris paribus | The assumption of nothing else changing; other-things-equal. |
| To produce at a point lying _____ the production possibilities curve would require economic growth | Outside |
| Accounting | The information system that measures business activities, processes the information into reports, and communicates the results to decision makers |
| Financial accounting | The field of accounting that focuses on providing information for external decision makers |
| Managerial accounting | Focuses on providing information for internal decision makers. |
| Creditor | Any person or business to whom a business owes money |
| Certified public accountants (cpas) | Licensed professional accountants who served the general public |
| Certified management accountants (cmas) | Certified professionals who specialized in accounting and financial management knowledge. They typically work for a single company. |
Created by:
Desmond_567