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Ag Econ

Chapter 1

term/questiondefinition/answer
Economics study of human decisions in face of scarcity: demands, wants/needs, availability,
scarcity goods, services, resources
division of labor different workers do different things: AKA Specialization
Specialization focus of tasks well suited within production process
Scarce Resources natural/biological, human, manufactured resources
Natural/biological resources land, infertility, water
human resources labor
manufactured resources capital/equipment
What can economics help change? climate change, poverty, and wars
microeconomics actions of individuals (households, workers, businesses)
macroeconomics broad issues (growth, unemployment, inflation, trade balance0
What is monetary policy? control of money in country; AKA Main bank
What control does the main bank have? The ability to change interest rates, make it easier/harder to get a loan, and control money available to spend/borrow.
What is fiscal policy? Fiscal policy is how the government uses money; AKA Congress
What control does congress have? Congress controls how much the government spends and taxes.
Circular Flow how households/firms interact with each other
What are the aspects of a traditional economy? A traditional economy is agricultural, one of the oldest economies around; Asia, Africa, South America
What are the aspects of a command economy? A command economy is when the government decides how much to produce, what consumers have to pay, and sets wages.
What are the aspects of a market economy? A market economy is decentralized, and privately owned; they also own their own resources to supply and service because of demand
Globalization where markets can interchange between countries
GDP Gross Domestic Product
Gross Domestic Production total production in economy
Created by: horktera
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