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41 Cards in this Set
- Front
- Back
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Q:
What is Economics? |
A:
The study of the way people organize themselves to sustain life and enhance its quality. |
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Q:
What are the four essential economic activities? |
A:
1. Resource maintenance 2. Production of goods & svcs 3. Distribution of goods & svcs 4. Consumption of goods & svcs |
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Q:
Resource Maintenance |
A: Tending to preserving or improving the natural, produced, human and social resources that form the basis for the preservation and quality of life
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Q:
Production |
A:
The conversion of resources into usable products |
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Q:
Distribution |
A:
The sharing of products and resources among people |
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Q:
Consumption |
A:
Final use of goods & services |
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Q:
Microeconomics |
A:
The study of the economic activities and interaction of individuals, households, businesses and other groups at the subnational level |
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Q:
Macroeconomics |
A:
The study of how economic activities at all levels create a national and global economic environment |
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Q:
Macro Economy |
A:
An economic system whose boundaries are normally understood to be the boundaries of a nation |
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Q:
Global Economy |
A:
The system of economic rules, norms and interactions by which global economic actors and actions are connected |
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Q:
Economic Actor (Agent) |
A:
An individual, group or organization that is involved in economic activities |
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Econ 200 Ch.1
Q: Short Run |
A:
Short term economic Fluctuations |
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Econ 200 Ch.1
Q: Long Run |
A:
Long term economic trends |
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Econ 200 Ch.1
Q: Positive Questions |
A:
Questions about how things are. (facts) |
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Econ 200 Ch.1
Q:Normative Questions |
A:
Questions about how things should be. (goals and values) |
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Econ 200 Ch.1
Q: Well being |
A:
The broad goal of promoting the sustenance and flourishing of life |
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Econ 200 Ch.1
Q: Three macroeconomic goals (of well being) |
A:
1. Good living standards 2. Stability and security 3. Sustainability |
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Econ 200 Ch.1
Q: Living standards growth (6) |
A:
Improvements in people's diet, housing, medical, education, working conditions and access to things |
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Econ 200 Ch.1
Q: GDP |
A:
Gross Domestic Product |
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Econ 200 Ch.1
Q: Economic Growth |
A:
Increase in the level of production in a country or region |
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Econ 200 Ch.1
Q: Economic development |
A:
Moving from poverty to plenty through changes in the organization of work |
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Econ 200 Ch.1
Q: labor productivity |
A:
The level of output that can be produced per worker |
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Econ 200 Ch.1
Q: per capita |
A:
per person |
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Econ 200 Ch.1
Q: GDP per capita |
A:
production per person |
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Econ 200 Ch.1
Q: global production increase from 1960-2003 |
A:
4.6 times |
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Econ 200 Ch.1
Q: global production per capita increase from 1960-2003 |
A:
2.2 times |
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Econ 200 Ch.1
Q: the three basic economic questions |
A:
1. What is produced? 2. How is it produced? 3. For whom is it produced? |
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Econ 200 Ch.1
Q: Business (trade) cycle |
A:
recurrent fluctuations in the level of national production, with alternating periods of recession and boom |
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Econ 200 Ch.1
Q: Precautionary Principal |
A:
The principle that we should err o the cautious side when dealing with natural systems or human health |
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Econ 200 Ch.1
Q: Classical Economics |
A:
School of economics started in the 18th century that focused growth & distribution based on an image of smoothly running markets |
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Econ 200 Ch.1
Q: Who is Adam Smith and what was his famous book? |
A:
Scottish classical economist. "An Inquiry Into the Nature and Causes of Wealth of Nations" |
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Econ 200 - Ch. 1
Q: Division of labor |
A:
an approach to production in which a process is broken down into smaller tasks with each worker assigned only one or few |
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Econ 200 - Ch. 1
Q: Specialization |
A:
in production, a system of organization in which each worker performs only one type of task |
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Econ 200 - Ch. 1
Q: laissez-faire economy |
A:
an economy with little government regulation |
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Econ 200 - Ch. 1
Q: Say's Law |
A:
the classical belief that "supply creates its own demand" |
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Econ 200 - Ch. 1
Q: aggregate demand |
A:
the total demand for all goods and services in a national economy |
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Econ 200 - Ch. 1
Q: Keynesian economics |
A:
the school of thought that argued for the active use of fiscal policy to keep aggregate demand high and employment rates up |
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Econ 200 - Ch. 1
Q: fiscal policy |
A:
the manipulation of levels of government spending and taxation to raise or lower the level of aggregate demand |
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Econ 200 - Ch. 1
Q: monetary policy |
A:
the use of tools controlled by the government, like banking regulations and currency issuance, to try to affect the levels of money supply, rates and credit |
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Econ 200 - Ch. 1
Q: monetarist economics |
A: the school that focused on the effects of monetary policy, and said governments should aim for steadiness in money supply rather than play an active role
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Econ 200 - Ch. 1
Q: OPEC |
A:
Organization of Petroleum Exporting Countries |
