vocabulary
Terms : Hide Images
| 1787738576 | Positive Statement | A statement of FACTS that can be verified. | 0 | |
| 1787738577 | Normative Statement | A statement of OPINION or BELIEF that cannot be verified. | 1 | |
| 1787738578 | macroeconomics | A study of how the MAJOR components interact. | 2 | |
| 1787738579 | 5 Macroeconomic areas studied: IIUST | Inflation, Interest Rate Policy, Unemployment, Spending and taxation policy of the government | 3 | |
| 1787738580 | Microeconomics | Study people and firms and the outcome of their decisions. | 4 | |
| 1787738581 | 3 Microeconomic areas studied: SCM | SUPPLY and demand of good, the COSTS of production, MARKET structures | 5 | |
| 1787830161 | Resources: | Physical or virtual entities that can be used to produce goods and services. | 6 | |
| 1787830162 | What are two other terms that mean the same things as resources? | factors of production, input | 7 | |
| 1787830163 | The resources available for production are s_________ | scarce | 8 | |
| 1787830164 | 4 categories of resources: CLEL | Capital, Labour, Enterprise, Land | 9 | |
| 1787830165 | __________ is made up of the tools, equipment, factories, and buildings used in the production process and is not to be confused with financial capital, such as money, stocks or bonds. | Capital | 10 | |
| 1787830166 | Enterprise = | entrepreneurship | 11 | |
| 1787830167 | Income earned from Capital is i_________ | interest | 12 | |
| 1787830168 | Income earned from LABOUR are w_______ | wages | 13 | |
| 1787830169 | Income earned from Enterprise (entrepreneurship) is p______ | profit | 14 | |
| 1787830170 | Income earned from land is | rent | 15 | |
| 1787830171 | How capital, labour, enterprise and land are combined is called t_______________ | technology | 16 | |
| 1787830172 | A t___________ does not necessarily imply the use of m__________ or c__________; it simply means a m________ of p_____________. | technology, machines, computers, method of production | 17 | |
| 1787830173 | We ___ _____ capable of producing everything that people want. | are not | 18 | |
| 1787830174 | Therefore, some kind of m______________ must be put into place to choose what will be p__________. | mechanism, produced | 19 | |
| 1787830175 | This mechanism is called the S________ of C_________. | Science of Choice | 20 | |
| 1787830176 | Because of these choices, the decision to p_________ one thing means that some other thing will not be produced. | produce, | 21 | |
| 1787830177 | The value of the next best alternative, that is given up as a result of making a particular choice is called o__________ c_____. | Opportunity cost (Should we spend money on education or war?) | 22 | |
| 1787830178 | Products that consumers use to satisfy their want and needs are called c___________ g_____ and s_________. | consumer goods and services | 23 | |
| 1787830179 | Scarcity f_______ choice which i_________ opportunity costs. | forces, involves | 24 | |
| 1787830180 | Efficiency = getting the m______ for the l_______. | most, least | 25 | |
| 1787830181 | Productive proficiency is a r____ that measures how much we can produce (output) by how much it took to produce it (input). | ratio | 26 | |
| 1787830182 | A lower rate results in a l_______ cost t of p__________. | lower of production | 27 | |
| 1787830183 | The right type of products produced is called the a_________ e___________. | allocative efficiency. (Why produce black and white TVs at $50 bucks a piece?) | 28 | |
| 1787830184 | A graphical representation of the various combinations of m___________ o________ that can be produced from the available r___________ and t____________ is called a production p___________ c___________. | maximum outputs, resources and technology, possibilities curve | 29 |
