Notgrass economics Study guides, Class notes & Summaries

Notgrass Exploring Economics Unit 1-5(Qs & As) The Greek word form which we get the word economics is: Correct answer oikonomos Microeconomics is: Correct answer the examination of how individual households and companies make decisions and how buyers and sellers interact in the market A market economy: Correct answer people participating in the market of buying/selling goods and services make decisions (who gets what for what price)

absolute advantage - when one person or country can produce goods with a smaller input of resources than another business cycle - expansion, peak, recession, trough capital gains - the increase in value of capital assets cause market failures - monopolies, taxes, regulations closed shop laws - require that in certain industries, workers have to be members of a labor union comparative advantage - when one producer has a smaller opportunity cost of producing a good or service compared to an...

Notgrass Exploring Economics Unit 13 (Qs & As) moral hazard Correct answer The tendency of people to engage in riskier behavior if other people bear or share the cost of that behavior is: Medicare Correct answer A federal program that provides medical coverage for the elderly Medicaid Correct answer A federal program that provides medical coverage for the poor Affordable Care Act of 2010 Correct answer Mandates that every American with few exceptions must have health insurance coverage...

Notgrass Exploring Economics Unit 7 (Qs & As) so that you can make purchases in the future Correct answer Money gives you a store of value when paper money that a government issues represents gold Correct answer A currency is based on the gold standard that has value not based on its relation to a commodity but by a nation's government declaring that its money is legal tender Correct answer Fiat currency is money loaning out the majority of money that it has on deposit Correct answer ...

_________________ is an economic system in which a government encourages and assists businessmen in establishing __________________ outposts. - mercantilism, colonial ____________________ economies try to insure significant growth while sacrificing the possibility of stability. - market a benefit that motivates action - economic incentive a central bank for the United States established by Congress in 1913 - Federal Reserve System A cigarette warning label is an example of a ______________...

Notgrass Exploring Economics Unit 14 (Qs & As) Land Grant Correct answer __________________ universities aided farming by conducting scientific research satellite Correct answer Advancements in _______________ technology have helped to increase farm yields corn Correct answer America's largest crop is ______________ ethanol Correct answer Companies produce ______________________ from America's largest crop Mandate Correct answer The Renewable Fuel ________________ Congress passed ...

aggregate demand - The total of all goods and services that all households, companies, and the government are willing and able to buy at any price in a given period of time balance of trade - The difference between a country's imports and exports benefits - Things of value that employers provide which are usually not taxable business cycle - A series of economic expansions and contractions cartel - A _____________ is a group of providers that engage in collusion to increase profits compar...

(Write a paragraph.) - On the exam, you will also be asked to summarize five main things you have learned from this Exploring Economics class. This question will be worth 14 points, so take time to look back over the curriculum and prepare to be able to give a complete, well-thought-out answer with five things you have learned. You may want to write them out in advance to study from. 2010 - The Affordable Care Act of __________ mandates that every American with few exceptions must have heal...

A group of workers who organize themselves and negotiate with business owners for higher wages and benefits is called what? - labor union Define poverty rate. - The percentage of the population that lives below what the government determines to be the minimum income to provide needed goods and services. Give 4 examples of how a country at war can negatively affect trade? - workers leave to become soldiers, workers are wounded or killed, factories destroyed, trade with other countries disrup...

absolute advantage - the situation in which one person or country can produce goods with a smaller input of resources than another arbitrage - a term used for taking advantage of price difference balance of trade - the difference between a country's imports and exports comparative advantage - the situation in which one producer has a smaller opportunity cost of producing a good or service compared to another producer currency exchange rate - the price of one country's currency expressed ...