ECON MIDTERM #1 Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Question | Answer |
| Main Issues of efficiently management in our economy are | Production, consumption, and distribution |
| The most critical factors in the cost- and- benefit analysis are | intangible items |
| The central fact of economics is | Scarcity |
| Economics is a social study of how people manage _______ their limited resources to satisfy their unlimited wants w/o losing the_____ | Efficiency, human dignity |
| When the cost of one item is higher than the benefit, people tend to make their decisions to buy it. (true or false) | False |
| Opportunity cost of any choice is the____ of the next best _____ | forgone value, alternative |
| The difference between a need and a want is based on: | your own reference frame |
| If the run is 4000 and the rise is -2000, then the slope will be: | -1/2 |
| the classical school of economics thoughts believed in: | 1.Laissez-faire policy 2. no government intervention 3. two players in market 4. invisible hands |
| When the quantity___ and the price rises, that is the________ | declines, demand |
| An economic model is a _____ picture of______ | simplified, reality |
| Normative economic deal with the ______ and_______ | Uncertainty, future |
| John Maynard Keynes was following father of the classical school of economics thoughts (true/false) | False |
| Macroeconomics is the study of: | big picture and national policies |
| Positive economics is related to: | what it is |
| The main characteristics of socialism are: | Central planned and public properties |
| The____ circular flow market shows the household acting as sellers of land, capital, and labor?\: and the _____ acting as a buyer | Factors, Firm |
| capitalism is based on | Price, Profit, and Private properties |
| when the whole supply curve moves to the right or left, we call it | Supply shift |
| The intersectional point of the demand and supply curves is a: | Equilibrium point |
| The 45 degree line is a presentation of | disposable incomeequals expenditures |
| recession is defined as a _______ growth for______ consecutive quaters | negative, 2 |
| what is the target rate of the USA economy growth? | 4% |
| The letter i in the conceptual equation GDP+C+I+G+(X-M) presents for _____ and means______ | investment, business expenditures |
| GDP is the total ____ of all of the goods and services that are ____ by an economy or one country per ____ | market value, produced, one year |
| demand | ability to pay for what you want |
Created by:
laraa391
Popular Economics sets