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Economic theories

Questions on Chapter 18: Economic Policy

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US Gov and Politics
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Fiscal policy
macroeconomics
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Government budget deficit
Keynesian Economics
inflation
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Roman Caposino March 6th, 2014 Chapter 18 #1-5 AP Government & Politics When the economy is thriving, the government tends to spend more money. Unfortunately, when the economy is not thriving, or even if it is, the government still spends way more money than it makes, creating a huge deficit. Generally, voting behaviors of politicians and economic conditions are not always correlated, both at national and local levels. Politicians do not vote within their spending limit sometimes, because they know the federal government will pay for their deficit.

The function of an economy

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Economics
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Productivity
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Circular flow of income
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The function of an economy

The function of an economy Economy ? the system that trying to solve the basic economics problems. There are different type of economy like household economy, local economy, the national economy, and the international economy. Economists distinguish three parts to the economics problems What, How and For whom. To solve the problems, allocating the scarce resources to people with unlimited wants, people will decide what to product to fulfil most of the needs and desire of people. There will be allocation in resource to different group of people in the society. People will also decide how to product, which we will discuss in the next few chapters like division of labour. People will organise the productions according to what the workers best at.

The Basic Economics Problem

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Economics
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economics
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Microeconomics
Production–possibility frontier
macroeconomics
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The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

The Basic Economics Problem

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Economics
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economics
Economic theories
Microeconomics
Production–possibility frontier
macroeconomics
Welfare economics
The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.

Chapter 21 - Monetary Policy and Central Banking - test

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Economics
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economics
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Keynesian Economics
Expansionary monetary policy
Federal Reserve System
Business

Chapter 21 - Monetary Policy and Central Banking Answer: c Which of the following is not one of the basic functions of money? Store of value Unit of account Medium of barter Means of payment Answer: b Which of the following best describes ?money,? as the term is used in economics? The root of all evil A liquid asset A means of measuring velocity A unit of additivity Answer: d Which of the following items is included in M2, but not in M1? Currency Travelers checks Treasury bills (T-bills) Savings deposits Answer: d Which of the following represents a part of the U.S. money stock (M2)? A quarter received by a child for doing the dishes A corporation?s deposit of $1 billion in Bank of America

Macroeconomics complete course study guide

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Economics
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economics
Consumer theory
demand
Economic theories
macroeconomics
International economics
Crowding out
inflation
Supply and demand
Gross domestic product
Aggregate demand
deflation
Business

AP Macroeconomics Exam: Course Study Guide [ UNIT I ] What is economics? the systematic study of choice textbook definitions ? refer to the allocation of scarce resources in order to satisfy societal wants What is the basic problem of economics? scarcity scarcity is the problem in the world that humans invented economics in order to address ? scarcity CANNOT be solved, only addressed or accommodated ? scarcity is the state of affairs in the world where a finite amount of stuff exists to satisfy a virtually infinite amount of human wants ? [scarcity = wants > resources ] ? to be scarce, something must be both limited and desirable ? scarce ? scarcity Sometimes, definitions of economics incorporate the three basic questions of economics: What to make/produce?

AP Macroeconomics Unit 1 Study Guide

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Economics
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economics
Terminology
macroeconomics
Consumer theory
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Supply and demand
Gross domestic product
Economic equilibrium
Production–possibility frontier
Economic growth
supply
Business

AP Macroeconomics UNIT 1 Study Guide (Chapters 1-3) Part 1: Multiple Choice (36 questions, 2 points each) 1. Provide a definition for scarcity as it relates to economics 2. Understand the concept of opportunity cost and be able to apply it to a real life scenario (I.e. going out rather than studying for this test) 3. Provide a definition for the production possibilities curve as it relates to the allocation of resources in a society. 4. Describe the shape for a production possibilities curve as it relates to constant or increasing opportunity costs. 5. Provide a definition for the market mechanism. 6. Describe Karl Marx?s approach to the 3 basic economic questions

Economics Notes

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Economics
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Behavior
Economics
Economic theories
Scarcity
Human behavior
Value theory
Resource
Attachment theory
Social science
Business
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economics
Economic theories
Consumer theory
Marginal concepts
Microeconomics
Welfare economics
Supply and demand
Marginalism
Production–possibility frontier
Marginal utility
demand
Externality
Business

Crowding Out - is what happens when a mega sports event attracts fanatics but drive agnostics away Substitution - when consumers shift their spending, instead of increasing their overall consumption Leakage - the tendency for money to circulate out of rather than through a local economy Economics - Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants (study of how individuals and societies deal with scarcity) What is economics? -science of scarcity (the condition in which our wants are greater than our limited resources) -since we are unable to have everything we desire, we must make choices on how we use our resources -in economics we will study the choices of individuals, firms and governments

Chapter 11 (Industry) AP Human Geography: The Cultural Landscape

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Human Geography
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United Kingdom
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#AP Human Geography #APHG

Nick D?Souza Period 5 Chapter 11 Study Guide Industry is concentrated in three main regions: - Europe, North America, East Asia, ( 3 main) Brazil, and India James Watt patented steam engine in 1769, maker of mathematical instruments in Glasgow, Scotland. Connections: 2 connections are critical in determining the best location for a factory where the markets for the product are located where the resources needed to make the product are located Industrial Revolution: began in the late 1700s in the U.K.; a series of improvements in industrial technology that transformed the process of manufacturing, heavily impacted the industries of iron, coal, transportation, textiles, chemicals, and food processing

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