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5: Economic Problem?
This is a review over chapter 5 of the third edition economic textbook
| Question | Answer |
|---|---|
| What are the 4 national economic goals? | -A low level of unemployment - a stable price level - a healthy rate of economic growth - a fair distribution of income |
| Thessalonians 3:10 | "That if any would not work, neither should they eat." |
| Economic growth | An increase in the quantity of goods and services a nation can produce. |
| Extensive growth | A period in which business firms are able to increase their production of goods and services because they have more land, labor or financial capital available to them. |
| Intensive growth | A period where a nation's business firms increase their goods and services by using their existing factors of production with greater efficiency. |
| Output question: | What will the nation produce? |
| Input question: | How will the nation produce its goods? |
| Distribution question: | Who will receive what the nation produces? |
| Consumer goods | Goods that individuals purchase for personal use. |
| Capital goods | Goods that firms use to produce consumer goods, |
| Consumer goods/capital goods tradeoff | A tradeoff where a nation produces a fairly equal distribution of both capital consumer goods. |
| Command economy | An economy in which a powerful individual or commitee answer the three economic questions for the people of the nation. |
| Market economy | An economy in which private individuals make the decisions that answer the three economic questions. |
| Labor intensive | Relies on more human labor that it does on real capital. |
| Capital intensive | Relies more automated equipment than human labor. |
| Command economy answering the input question: | In most cases the desire is to make business firms mainly labor intensive to produce a nearly fully employed workforce. |
| Market economy answering the input question: | Each firm addresses the question of the proper mix of labor and capital by taking into consideration its unique needs. |
| egalitarian fairness | Maintains that each person in a nation has a right to a part of that nation's wealth simply because they are part of the human race. |
| Father of communism: | Karl Marx |
| Name of the book written by Karl Marx: | The Communist Manifesto |
| Economic leveling | Equally distributing the nation's pool of wealth to all its citizens regardless of what any individual has contributed to the pool. |
| Libertarian fairness | Suggests that the only economic right to which a nation should entitle its citizens is the right to own and use property free of governmental interference. |
| Economic Darwinism | Makes a comparison to certain principles of species' survives that arose from Charles Darwin's theory of evolution. |
| Three biblical principles that provide a basis for a Christian's treatment of the poor: | Love your neighbor as yourself. Do good to all men. Do good works to glorify God. |
| Workfare | Welfare for which one works |
Created by:
hihello2007
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