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Econ Exam 1
Module 1
| Question | Answer |
|---|---|
| What is economics? | The study of how people use limited resources to fulfill unlimited needs |
| What is an entrepreneur? | Business owner/Organizer of the factors of production |
| What are the factors of production? | Land, Labor, Capital |
| What is labor? | Actions, work, or activities people do to produce a good or service |
| What is capital? | Any human made resource that is used in the production of a good or service |
| What is human capital? | Knowledge and skills a worker gains through education and experience |
| Why do trade-offs have to be made? | Scarce resources |
| What is the basic problem of economics? | Scarcity |
| What is the existence of limited resources? | Scarcity |
| What is classic example of a trade-off that all countries must make? | Guns v. Butter |
| What is the graph used to illustrate the impact of scarcity on an economy | A Production Possibilities Curve |
| What is opportunity cost? | The most desirable alternative given up a result of a decision |
| In which economic system are clearly defined and enforced property rights essential? | Market Economy |
| In which economic system are decisions based on long held customs and beliefs? | Traditional Economy |
| In which type of economy system are all decisions made by the government? | Command Economy (centrally planned economy) |
| Which economic system combines elements of more than one type? | Mixed Economy |
| In which economic system is there no private property rights? | Communism |
| What are the three big questions answered by economic systems? | What should be produced? How should it be produced? For whom should it be produced? |
| Which economist believed that if everyone did what was best for themselves (self-interest) everyone would be better off? | Adam Smith |
| Who wrote the Communist Manifesto? | Karl Marx |
| Who wrote about population growth? | Thomas Malthus |
| Who was so influential that they had a school of economics named after them? | John Keynes |
| Who was philosophically opposed to John Keynes? | Hayek |
| What is profit-motive? | Key incentive which drives people to improve their material well-being |
| What is voluntary exchange? | Exchange of goods or services, freely and willing, where both parties are better off |
| Economists explain human behavior through... | Positive and negative incentives |
| What is economic efficiency? | Goal to maximum the use of resources and prevent waste |
| What is socialism? | An economic system where the government plays a important role in the economy but markets and private property still exist but in a limited role |
Created by:
daniel.owen
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