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Economics 2

EDS 160

QuestionAnswer
What are the two main branches of economics? Micro & Macro
What three questions must every economy answer? What, How, Whom
What does every economic decision involve? Trade-offs
What condition creates competition for resources? Scarcity
What are the four factors of production? Land, Labor, Capital, Entrepreneurship
What payment is earned from land? Rent
What payment is earned from labor? Wages
What payment is earned from capital? Interest
What payment is earned from entrepreneurship? Profit
What term means basic necessities for survival? Essentials
What term means comforts or luxuries of life? Luxuries
What is the goal of rational decision-making? Utility
What motivates people to make economic choices? Incentives
What discourages people from certain actions? Penalties
What is the next-best alternative given up? Opportunity Cost
What compares extra benefits and extra costs? Marginal Analysis
What curve shows trade-offs and efficiency? PPC
What does a point on the PPC show? Efficiency
What term describes focusing on one task or skill? Specialization
What explains why nations trade for mutual gain? Interdependence
What economic system is based on custom and tradition? Traditional
What economic system is controlled by government planners? Command
What economic system is driven by supply and demand? Market
What economic system combines market and command traits? Mixed
What model shows how goods, services, and money move? Circular Flow
According to the law of demand, how does the curve slope? Downward
According to the law of supply, how does the curve slope? Upward
What is the point where supply equals demand? Equilibrium
What happens when supply exceeds demand? Surplus
What happens when demand exceeds supply? Shortage
What is the maximum legal price set by government? Ceiling
What is the minimum legal price set by government? Floor
What drives firms to lower prices and improve quality? Competition
What type of incentive involves money or pay? Monetary
What type of incentive involves recognition or fairness? Non-Monetary
What side effect of production can be positive or negative? Externality
What goods are provided by government for all citizens? Public Goods
What is the government’s duty to protect ownership and fairness? Property Rights
Created by: rockcastle
 

 



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