Economics Exam 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Define Economics | A social science that deals with the choices of people faced with scarcity.
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| Three interrelated features of the economic perspective. | Scarcity and Choice, Rational Behavior, and Marginal Benefit vs Marginal Cost
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| "There's No Such Thing As A Free Lunch means... | To have a free lunch, you must first give up time that you could have spent being productive. i.e. opportunity cost.
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| Microeconomics vs Macroeconomics | Micro= Small economics like Florida compared to the United States.
Macro= Larger scale.
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| Positive vs Normative statements. | Positive= Facts
Normative= Opinions
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| Four Factors of Production | Land(Lumber), Labor(Workers), Capital(Equipment, Specialists), and Entrepreneurial Ability (Inventors and Innovators).
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| Marx, Keyens, and Smith | Marx= Developed the social theory of capitalism
Keynes= C+I+G=Y -- Spend your money
Smith= Father of economics. Lassaiz-faire theory
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| Ceteris peribus assumption means what? | Used to simplify the formulation of economic outcomes.
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