Jonhson NLC
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| An economy is the set of social arrangments that answer three fundamental questions: 1. What is produced? 2. How is it produced, 3....? | For who is it produced?
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| Economies of Scale | a term referrring to the fact that for many goods ,as the level of production icreases the average cost of producting each individual unit declines.
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| Because of their relatuveky small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, an Canda to take full advantage of specialization. | International Trade
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| Which of the following refers to an economy in which most economi decision are made by buyers and sellers, who may be individuals or firm? | Market-oriented economy
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| In the first chapter of the wealth of nation, Smith introduces the idea of the ...., which means the way in which the work required to produce a good or service is divided into a number of tasks that are performed by different workers | Division of Labor
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| Command Economy | An economy in which the goverment either makes or strongly inflluence most economic decisisons.
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| Specialization | When workers or firm focus on particular tasks in the overall production process for which they are well-suited
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| Globalization | The trend in which buying and selling in markets have increasingly crossed national borders
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| Imports | Goods and services produced abroad and sold domestically.
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| Circular flow of income | Business buy resources from the goverment and households buy goods and service from buisnesses.
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| What is not a characteristic of capitalism | Central Planning
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| Market-Oriented economy | Most economic decisions wbout what to produced, how to produce it and form whom to produce it are made by buyers and selllers.
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| In what countires, does the command economy predominates. | Libya and North Korea
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| The financial Capital Market | Indiviual of firms who save money and makes financial investmets are suppilers of financial capital.
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| Opportunity Set | Another name of budget constranit
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| What name is given to rise in the overall level of prices> | Price inflation
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| Allocative efficiency | It is necessary to give up some of one good to gain more od the other good.
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| Marginal analysis | Comparing the benefit and costs of choosing a little more or a little less of a good.
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| Law of diminshing marginal utillity | Given to a person who revives more of a good, the marginal utility from each additonal unit of the good is smaller than the previous unit.
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| A lended demands an intreset rate in part to compensate for any expected ........ so that the money that is repaid in the future will have at least as much buying power as the money that was orignally loaned. | Inflation
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| Gomer decided to spend an hour playing basketbak rather than studying. What is his opportunity costs is: | The benefit to his grade from studying for an hour.
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| Alpha can produce either 18 orange or 9 apples an hour, while Beta can produce either 16 irange or 4 apple an hour, Which of the following statements is true. | If Alpha specialises in growing apples and Beta specialises in growing oranges, they could both gain by specialization and trade.
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| Colombia proudces coffee with less labior and land than any other country: it therefore necessarily has | An absoulte advantage in coffee production
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| The idea behind comparative advantage reflects the possibilty that one party | may be able to proudce something at a lower opportuniyy cost than another party
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| Intra-industry trade between similar trading partners allow the gaines from ...... that arise when firmes and workers specilaise in the proudction of a certain product | Learning and innovation
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| If a nation has a comparative disadvantage in the production of some commodity | It can still gain from international trade in that commodity, by getting it at a lower opportunity cost than if it produced it domestically.
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| Jethro has a in all aspects of camping : he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tent, making a meal, and washing up. | Absolute advantage
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| According to the law of supply | There is a direct relationship between price and the quantity supplied.
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| A change in price of a good or service typically causes .... for that specific good or services | A change along the supply curve
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| Andy view beer and pizza as complements to one another. if the price of pizza decreases economists would expect | Andy's demand for beer to increase
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| What term is used to describe the total number of units of a good or service purchased at a certain price. | Quantity demanded
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| Ceteris parbus | All variables except those specifed are constant
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| After widespread press report about the danger of contraction "Mad cow disease by consuming beef from Canda the likely economic effect on the U.S demand curve for beed from Candad is: | A shift of the demand curve for beef to the left
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| What name is given to goods where the quanity demanded rises as income rises | Normal Good
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| What term is used to decribe a law that prevents a price from falling below a certain level | Price floor
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| Deadweight loss | Used to describe the loss in social surplus that occurs when a market produces an inefficient quanity.
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| If an increase in the prices of Good X causes a decrease in the demand for Good Y we can conclude that | Goods X and Y are complement goods.
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