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Econ_Quiz 1

RMU Econ Quiz 1

QuestionAnswer
Economics The study of how best to allocate scarce resources among competing uses
Opportunity Cost The most desired goods and services that are forgone in order to obtain something else.
Factors of production Resource inputs used to produce goods and services; for example land, labor capital, entrepreneurship
Scarcity Lack of enough resources o satisfy all desired uses of those resources.
Production possibilities The alternative combinations and goods and services that could be produced in a given time period with all available resources and technology
Investment Expenditures on (production of) new plant and equipment (capital) in a given time period, plus changes in business inventories.
Economic Growth An increase in output (real GDP): an expansion of production possibilities.
Market Mechanism The use of market prices and sales to signal desired outputs (or resource allocations).
Laissez Faire The doctrine of "leave it alone" of non intervention by gov't in the market mechanism.
Mixed Economy An economy that uses both market and non-market signals to allocate goods and resources.
Market failure An imperfection in the market mechanism that prevents optimal outcomes.
Externalities Costs (or benefits) of a market activity borne by a third party; the difference between social and private costs (or benefits) of a market activity.
Government Failure Government intervention that fails to improve economic outcomes.
Macroeconomics The study of aggregate economic behavior, of the economy as a whole.
Microeconomics The study of individual behavior in the economy, of the components of the larger economy
Ceteris Paribus The assumption that nothing else changes.
Created by: murph25
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