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Economics Final Exam Review Guide|83 Questions & Answers
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Economics Final Exam ReviewGuide|83 Questions & Answers
What is economics? - -The study of how individuals and societies satisfy their unlimited wants with limited resources. -Scarcity - -Situation that exists when there are not enough resources to meet human needs -What is the land resource? - -All the natural resources on or under the ground that are used to produce goods and services. -What is the labor resource? - -All the human time, effort, and talent used to
produce goods and services. -What is the capital resource? - -All the resources people make and use to produce and distribute goods and services. -What is the entrepreneurship resource? - -The combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses. -What is the circular flow model? - -Visualizes how interactions occur in a market economy. -What are product markets?
Who is the supplier? - -The market for goods and services
Businesses, offer goods and services -What are factor markets?
Who are the suppliers? - -The market for the factors of production, land labor capital entrepreneurship Businesses are the customers and the individual serves them. -What is the US economic system? - -Capitalist -What is capitalism? - -Economic system based on private ownership of factors of production. -What happens in a free enterprise system? - -Producers can produce whatever the consumers want. Anyone is free to start a business or enterprise. -What is the definition of opportunity cost? - -The value of something that is
given up by choosing one alternative over another. What you lose when you choose. -What is the definition of Ceteribus Paribus? - -All things being equal or held
constant. -What are the three economic questions? - -What will be produced?
How will it be produced?
For whom will it be produced? -What is a production possibilities curve? - -Graph used to illustrate the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources. -What are the four assumptions of the PPC model? - -1. Resources are fixed
2. All resources are fully employed
3. Only two things can be produced. 4. Technology is fixed. -What does increasing opportunity costs on a PPC curve look like?
What does a constant one look like? - -When it bows out like half of a circle.
One that is a straight line. Increases by the same amount every time. -What causes the PPC curve to shift on the outside?
What points on the inside of the PPC curve? - -Unattainable point. Addition of
new resources or more technology
Unefficent, unemployment -What is the law of demand? - -States that when the price of a good or service goes down, quantity demanded increases, and when the prices go up, quantity demanded falls. -What is a demand curve? - -Graph shows how much of a good or service an
individual will buy at each price. -What is a market demand curve? - -Shows quantity that all consumers, or market as a whole, are willing and able to buy at each price. -What is a normal good? - -Goods that consumers demand more when their incomes rise. -What is a substitute good? - -Products that can be used in place of other products to satisfy consumer wants.
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