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| 14824497410 | Economics - T1 | the study of mans behavior in producing, consuming, and exchanging goods and services | 0 | |
| 14824497411 | deductive reasoning | requires the creation of generalizations through education. Persons draw on casual observation, insight, logic, or intuition to frame a tentative untested principle called a hypothesis | 1 | |
| 14824500514 | inductive reasoning | the concept of reasoning from facts to theory, from the particular to the general. in this approach, an accumulation of facts is arranged systemically and analyzed to derive the underlying principle | 2 | |
| 14824500515 | economic theory | series of generalizations aimed at predicting man's economic behavior at some instant in time | 3 | |
| 14824506314 | Et Ceteris Paribus | holding everything else constant | 4 | |
| 14824509382 | Three Ways to Change a Theory | hold everything else constant and drop an assumption hold everything else constant and add an assumption hold everything else constant and add and drop an assumption | 5 | |
| 14824509383 | dual terminology - T2 | one word with more than one definition or two words or phrases with the same definition | 6 | |
| 14824525431 | returns to the factors of production: land, physical labor, mental labor, or entrepreneurial ability capital | 7 | ||
| 14824528318 | marginal | the extra unit firm that is going out of business | 8 | |
| 14824540191 | entrepreneurial ability or mental labor | the ability of the businessperson to put land, labor, and capital together to make a product | 9 | |
| 14824544284 | economic resources or factors of production | land, labor, capital | 10 | |
| 14824544285 | capital | machines to the economist | 11 | |
| 14824547621 | economic quackery | incorrect economic theories | 12 | |
| 14824547622 | macroeconomics | study of the ole or aggregate economy | 13 | |
| 14824552751 | after this because of this fallacy | states that if one event precedes another event the first event is the cause of the second event | 14 | |
| 14824555212 | Microeconomics | the study of the individual economic unit | 15 | |
| 14824555213 | fallacy of composition | assumption that what is good for the individual is necessarily good for the whole | 16 | |
| 14824561418 | fallacy of expectations | occurs when an economist builds a theory based on what he or she expects to occur | 17 | |
| 14824564493 | pitfalls of economics | dual terminology, economic quackery, after this because of this fallacy, fallacy of composition, fallacy of expectations | 18 | |
| 14824787826 | economic growth | increase or decrease in GDP or GNP from one period to another | 19 | |
| 14824790305 | goals of economics - T3 | economic freedom, economic growth, economic security, a more equitable distribution of income, price stability, | 20 | |
| 14824797182 | Gross Domestic Product (GDP) | the value of all goods and services made for the domestic economy | 21 | |
| 14824799036 | economic freedom | freedom to choose what and how an individual's economic resources are used | 22 | |
| 14824801392 | stagflation | high unemployment and rising prices | 23 | |
| 14824803979 | price stability | the goal is that inflation and deflation should not exist in the economy | 24 | |
| 14824805784 | unemployment | you are seeking a job but do not have a job | 25 | |
| 14824805785 | inflation | constantly rising prices | 26 | |
| 14824809556 | underemployment | you have a job at less than your skill level | 27 | |
| 14824809557 | deflation | constantly falling prices | 28 | |
| 14824813872 | creeping inflation | price rising 0-6% near full employment moderate economic growth | 29 | |
| 14824813873 | fiscal policy | changing government spending and taxes | 30 | |
| 14824827904 | fiscal and monetary policy is a deflation | monetary decrease interest rates increase money supply fiscal decrease taxes increase government spending | 31 | |
| 14824827905 | monetary policy | changing money supply and the interest rates | 32 | |
| 14824833082 | business cycle graph | 33 | ||
| 15238407610 | things that have been used as physical money - T4 | shells, cigarettes, gold, brass | 34 | |
| 15238407611 | store of value | money must be able to be stored and spent later | 35 | |
| 15238413689 | fiat money | describe the fact confidence in the government backs money | 36 | |
| 15238418990 | standard of value | money must be able to be stored and spent later | 37 | |
| 15238418991 | medium of exchange | must be readily accepted as a trade for a good or service | 38 | |
| 15238425646 | characteristics of money | medium of exchange, store of value, measure of value | 39 | |
| 15238425647 | M1 money | money supply composed of paper money, coins, demand deposits | 40 | |
| 15238434673 | general counsel committee | recommends new laws on financing to congress | 41 | |
| 15238438772 | quasi public corporation | each bank that received its charter from the federal government was required to purchase stock in the corporation | 42 | |
| 15238438773 | reserve ratio | minimum percent of reserves that must be kept in the federal reserve bank to cover checks that are clearing the system from an individual bank | 43 | |
| 15238447779 | open market operations committee | buys and sells bonds increasing and decreasing the interest rate | 44 | |
| 15238447780 | excess reserves | the amount of cash and reserves remaining after required reserves held by the federal reserve bank have been considered | 45 | |
| 15238454701 | not sufficient funds | 46 | ||
| 15238454702 | money multiplier | multiple of the excess reserves is created and GNP is increased by that multiplier times the change in the money supply | 47 | |
| 15238472980 | no such account | 48 | ||
| 15238473006 | qualitative monetary policy | changing selective credit controls, moral suasion, and changing the margin | 49 | |
| 15238480253 | legal line on a check | 50 | ||
| 15238486150 | quantitative monetary policy | changing the discount rate, reserve ratio, or buying and selling bonds | 51 | |
| 15238490960 | what backs your money | confidence in the government | 52 | |
| 15238504501 | list the qualitative and quantitative monetary policies you would use in an inflation | monies to near monies near monies: savings accounts, bonds, loans, stocks | 53 | |
| 15238516683 | graph changing money to near money and vice versa for an inflation and deflation | 54 | ||
| 15238525810 | list the qualitative and quantitative monetary policies you would use in a deflation | money: coins, paper money, demand deposits | 55 | |
| 15238533520 | draw the organization of the federal reserve | 56 | ||
| 15238538792 | another name for guns - T5 | government made goods | 57 | |
| 15238554692 | three economic systems and draw a production possibilities curve showing them | 58 | ||
| 15238554693 | another name for butter | consumer goods | 59 | |
| 15238560510 | define the basic consumer problem | the consumer wants to maximize his or her unlimited wants and subject to their scarce resources | 60 | |
| 15238569632 | show a change in technology effecting guns only on a PP curve | 61 | ||
| 15238576532 | show a change in technology effecting butter only on a PP curve | 62 | ||
| 15238576533 | unemployment on a PP curve | 63 | ||
| 15238584431 | definition of a round about production - T6 | producing more and more machines to make more and more product and increase productivity | 64 | |
| 15238584432 | laissez faire | little government as possible | 65 | |
| 15238595421 | definition of the market system | interaction of supply and demand to determine prices and quantities that will ration goods and services most efficiently | 66 | |
| 15238595422 | absolute advantage | one country or person is better at producing one good and the other country or person is better at producing the other good | 67 | |
| 15238600513 | economic freedom | a person should have the right to allocate his or her economic resources as they see fit | 68 | |
| 15238600514 | comparative advantage | country or person should produce the god or service that has the best advantage or least disadvantage | 69 | |
| 15238606628 | NAFTA | North American free trade act | 70 | |
| 15238606629 | advantages of specialization | increased dexterity saves time man is an innovator | 71 | |
| 15238615933 | entrepreneurial ability | ability of businessman to put land, labor, and capital (what consumers provide) together to produce a product | 72 | |
| 15238622454 | assumptions of absolute advantage | two goods are produced two persons or countered are the only producers each country spends the same percentage of time on each product one country or person is better at producing one good and the other country is better at producing the other good after specialization there must be more of one good and at least as much of the other good | 73 | |
| 15238626489 | characteristics of capitalism | invisible hand specialization round about production the market system economic freedom laissez faire | 74 | |
| 15238626490 | assumptions of comparative advantage | two goods are produced two persons or countries are the only producers each country spends the same amount of time on each product one country or person is better at producing both goods and the other country or person is worse at producing both goods after specialization there must be more of one good and at least as much of the other good | 75 | |
| 15238635493 | table of absolute advantage before specialization | Mexico corn = 30 and wheat = 10 USA corn = 20 and wheat = 20 | 76 | |
| 15238640757 | table of comparative advantage after specialization | Mexico corn = 0 and wheat = 30 USA corn = 60 and wheat = 0 | 77 | |
| 15238651290 | table of absolute advantage after specialization | Mexico corn = 90 and wheat = 0 USA corn = 0 and wheat = 30 | 78 | |
| 15506472515 | graph two and three sector flow charts | 79 | ||
| 15238695427 | demand - T7 | a schedule of the various amounts of a good or service that a consumer is willing and able to consume at a price within a set of prices at some specific time | 80 | |
| 15238700870 | graphically show a decrease in demand | down and to the left | 81 | |
| 15238700871 | law of demand | per unit price is inversely related to quantity demand. that is, as price increases (decreases) quantity demanded decreases (increases) | 82 | |
| 15238708351 | graphically show an increase in price on the demand curve | up the x axis | 83 | |
| 15238723034 | graphically show an increase in demand | up and to the right | 84 | |
| 15238726845 | list the basic determinants of demand | income for a normal good (Yn) income for an inferior good (Yi) price of a substitute good (Ps) price of a complementary good (Pc) number of buyers (#B) Tastes (T) expectations of changed in prices of income (EXPpy) price of the good itself (Px) | 85 | |
| 15238726846 | supply | a schedule of the various amounts of a good or service that a producer is willing and able to produce at a price within a et of prices at a specific time | 86 | |
| 15238735555 | seven steps of the hill method | 1) draw the graph of supply and demand 2) list the determinants 3) do the determinants change 4) draw the formula and fill in first three banks 5) change the graph and fill in the last 2 blanks 6) list the conclusion 7) justify the determinant | 87 | |
| 15238735556 | determinants of supply | Costs (C) technology (tech) number of sellers (#S) price of the good itself (Px) | 88 | |
| 15238777586 | reasons for the law of demand and supply | 89 | ||
| 15457674829 | law of supply | per unit price varied directly with quantity supplied. that is, as price increases (decreases) quantity supplied increases (decreases) | 90 | |
| 15457674830 | private good - T8 | good that the owner can exile others from enjoying the benefits of the good and the exclusion principle applies (ex: ipod) | 91 | |
| 15457678525 | externality | the good or service provide benefits to many people that can not be contained in a particular area or business | 92 | |
| 15457678526 | social good | good that the owner can not exclude others enjoying the benefits of the good exclusion principle does not apply (ex: police protection, fire truck) | 93 | |
| 15457686484 | marginal social cost and benefit rules | if the MSV > or + MSC; we get the good if the MSB < MSC; we don't get the good | 94 | |
| 15457729396 | merit good | good that has all the characteristics of a private good but is so meritorious that it is provided for by the government (ex: museum, school) | 95 | |
| 15457729397 | exclusion principle | if you can buy it you can exclude others from it | 96 | |
| 15457734290 | marginal | extra - extra benefit or cost to all of us | 97 | |
| 15457742695 | list the functions, sub functions of government and give an example | strengthening and facilitating the price system function - provide the rues of the game (ex: private property laws), maintain competition (ex: false advertising laws) supplement and modify the price system - provide for social goods (ex: police and fire protection), provide for social cost (ex: global warming treaties), provide for price stability (ex: monetary and fiscal policy), provide for a more equitable distribution of income (ex: social security) | 98 | |
| 15457766052 | marginal social benefit | extra benefit derived from the good for all society | 99 |
