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17 Cards in this Set
- Front
- Back
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Economics
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a social science that deals with how soncumers producers and societies choose among teh alternative uses of scarcde resoucres in teh process of produing exchanging and consuming goods
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Ag Economics
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an applied social science that deals with how producers consumers and societies use scarce resources in the production processing and marketing and consumption of food and fiber products
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Joseph
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Considered first Ag Economist....interpreeted the dreams of the Pharoah
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Microeconomics
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meaning small or pertaining to smaller segments of a neconomy or agriculture.
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Macroeconomics
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an area of econoimic activity which deal with subjects large in scope or in aggregate.
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Positive Economics
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deal with WHAT IS or WHAT WOULD HAPPEN IF and WHAT CAN BE......Decisions aer made on the basis of info and data
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Normative Economics
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deal with Value Judgements....a reommendation is made on the belief that one should attempt to take a particular action.
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Fallacy of Composition
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economic reasoning that is ture for one individual situation might not be true in the aggregate.
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Economic System
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Is defined as the institutional means by which resources are used to satisfy human desires
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Institutional
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refers to laws habits ethics and customs of the nations citizens
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Capitalism
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is a FREE MARKET ECONOMIC SYSTEM.... in which individuals own resources and have the right to employ their time and resources
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Socialism
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Economic system in which resources are generally or collectively owned and goernment decides through central planning how human and nonhuman resources are to be utilized in defferent secotr of the economy
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Mixed Econoic System
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system in which markets are not entirely free to determine preice in some markets but are in others....Government contols selected markets
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Production
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examine resouce demand by businesses and their supply responce
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Market
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focus on flow of food and fiber through market channels to its final destination and the determination of prices at each stage
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financial
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are concerned with issues related teh financing of businesses and the supply of capital to these firms
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Resource
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focus on the use and preservation of our nations natural
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