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ECONOMICS

CHAPTER 1

TermDefinition
1-WHAT IS ECONOMICS ? IS THE STUDY OF PEOPLE AND CHOICES
2-WHAT ITS OPPORTUNITY COST ? WHATEVER YOU GIVE UP TO DO SOMETHING
3-SCARCITY IS : THE TENSION BETWEEN INFINITE WANTS AND FINITE RESOURCES
4-GOVERNMENT OFFICIALS USE ECONOMIC THEORY TO GUIDE ? PUBLIC POLICY
5-INCENTIVES ARE A SET OF EXTERNAL(RATHER THAN INTRINSIC)__________ THAT EXPLAIN PEOPLES CHOICES. REWARDS
6-WHAT'S THE DIFFERENCE BETWEEN MACROECONOMICS AND MICROECONOMICS ? MICRO SI THE STUDY OF INDIVIDUALS AND BUSINESS DECISIONS, WHILE MACRO LOOKS AT THE DECISIONS OF COUNTRIES AND GOVERNMENTS.
7-WHAT WOULD BE AN EXAMPLE OF SOMETHING STUDIED IN MACROECONOMICS ? INVOLVE GROSS DOMESTIC PRODUCT, UNEMPLOYMENT, INFLATION AND GROWTH RATE.
8-WHAT WOULD BE ONE EXAMPLE OF SOMETHING STUDIED IN MICROECONOMICS ? MICROECONOMICS IS USED TO EXPLAIN WHY THE PRICE OF A GOOD TENDS TO RISE AS ITS SUPPLY FALLS.
9-GOODS THINGS OF VALUE THAT CAN BE SEEN AND TOUCH
10-SERVICES THINGS OF VALUE THAT CANNOT BE SEEN OR TOUCHED
11-PRODUCERS BUSINESS OWNERS, MANAGERS AND WORKERS
12-CONSUMERS THOSE WHO BUY OR USE GOODS AND SERVICES
13-RESOURCES Something used to produce a good or service
15-WHICH ONE OF THE FOLLOWING IS AN EXAMPLE OF AN ECONOMIC GOOD? B) PAIR OF SNEAKERS
16-WHICH ON OF THE FOLLOWING IS AN EXAMPLE OF AN ECONOMIC SERVICE ? A) HAIRCUT
17-WHICH ONE OF THE FOLLOWING IS AN EXAMPLE OF A CONSUMER ? C) PERSON BUYING A PAIR OF JEANS
18-A GOOD OR SERVICE HAS VALUE BECAUSE IT.... B) SATISFIES A HUMAN WANT OR NEED
19-WHICH IS THE BEST EXAMPLE OF SOMEONE DECIDING HOW TO USE A FACTOR OF PRODUCTION D)A BAKER DECIDING WHICH BREAD RECIPE TO USE
20-Factors of Production ? Land Labor and Capital
21-Describe The Factors Of Production Land: natural resources Labor: human and animal power Capital:something that makes other resources more productive
22-Types of Economic Systems Traditional, Command, Free Market and Mixed economy
Created by: lauryfuntasy
 

 



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