Economics 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| The social science concerned with how individuals, institutions and society make best choices under scarcity | show 🗑
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| exceeds society's productive capacity | show 🗑
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| A viewpoint that envisions individu-als and institutions making rational decisions by comparing the marginal benefits and marginal costs associated with their actions | show 🗑
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| listed under economic perspective | show 🗑
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| show | Scarcity
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| what are the steps to the scientific method | show 🗑
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| show | microeconomics
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| show | macroeconomics
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| show | positive economics
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| economics that includes description, theory development and theory testing | show 🗑
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| economics that avoid value judgement It tries to establish scientific statements about eco-nomic behavior and deals with what the economy is actually like. Such scientific-based analysis is critical to good policy analysis. | show 🗑
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| show | normative economics
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| It underlies expressions of support for particular economic policies. | show 🗑
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| show | positive and normative economics
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| “France ought to undertake policies to make its labor market more flexible to reduce unemployment rates.” Whenever words such as “ought” or “should” appear in a sentence, you are very likely encoun-tering a normative statement. | show 🗑
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| the need to make choices because economic wants exceed economic means—will enhance your understanding of economic models and the difference between micro-economic and macroeconomic analysis. | show 🗑
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| show | limited income, unlimited wants, budget line, attainable and unattainable combinations, trade offs and opportunity cost
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| his money! And the majority of us have much more lim-ited means. Our income comes to us in the form of wages, interest, rent, and profit, although we may also receive money from government programs or family members (economizing problem) | show 🗑
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| A line that shows the different combinations of two products a consumer can produce with a specific money income, given the products' prices | show 🗑
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| show | land, labor, capital and entrepreneurial ability
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| includes all natural resources (“gifts of nature”) used in the production process. These include forests, mineral and oil deposits, water resources, wind power, sunlight, and arable land. | show 🗑
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| consists of the physical ac-tions and mental activities that people contribute to the production of goods and services. | show 🗑
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| includes all goods and services. Included are all factory, storage, trans-portation, and distribution facilities, as well as tools and machinery. | show 🗑
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| the human resource that combines the other economic resources of land, labor, and capital to produce new products or make innovations in the production of existing products | show 🗑
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| takes the initiative in combining the resources of land, labor, and capital to produce a good or a service. | show 🗑
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| show | entrepreneur
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| show | entrepreneur
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| show | entrepreneur
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| individuals who provide entrepreneurial ability to firms by setting strategy, advancing innovations, and bearing the financial risk if their firms do poorly. | show 🗑
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| show | productive possibility model
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| show | law of increasing opportunity cost
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| show | scarcity
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| show | scarcity
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| restricts options and demands choices. Because we “can’t have it all,” we must decide what we will have and what we must forgo. | show 🗑
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| that “there is no free lunch.” You may be treated to lunch, making it “free” from your perspective, but someone bears a cost. Because all resources are either privately or collectively owned by members of society, ultimately society bears the cost., | show 🗑
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| show | opportunity cost under scarcity
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| show | utility (purposeful behavior)
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| rational self-interest | show 🗑
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| show | purposeful behavior
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| show | purposeful behavior
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| show | purposeful behavior
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| comparisons of marginal benefits and marginal costs, usually for decision making | show 🗑
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| benefit is the perceived lifetime pleasure (utility) from the larger-size stone. If the marginal benefit of the larger diamond exceeds its marginal cost (and you can afford it), buy the larger stone. | show 🗑
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| But if the marginal cost is more than the marginal benefit, you should buy the smaller diamond instead—even if you can afford the larger stone! | show 🗑
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| marginal means what | show 🗑
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| show | generalizations
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| listed under economic principle | show 🗑
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| show | other-things-equal-assumption
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| the determining variable is called | show 🗑
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| show | dependent variable=y
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| infinity slope is | show 🗑
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| Because economic resources are used to produce goods and services, they are called | show 🗑
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| show | not productive
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| show | Because entreprenuerial ability is not directly engaged in production.
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| show | downward
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| show | upward
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| With these curves, the optimal allocation of resources to a particular product will occur when | show 🗑
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| show | fewer
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| In a command economy scarce goods are allocated by | show 🗑
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Created by:
Phole101