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Chapters 1-3 - Flashcards

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Class:ECO 2013 - PRINCIPLES OF ECONOMICS I
Subject:Economics
University:Florida Agricultural and Mechanical University
Term:Fall 2011
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opportunity cost A
Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen.
utility In economics, utility is a measure of relative satisfaction.
marginal analysis Marginalism refers to the use of marginal concepts in economic theory.
scientific method Scientific method refers to a body of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge.
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economic principle a statement about economic behavior or the economy that enables prediction of the probable effects of certain actions
generalizations economic principles are generalizations relating to economic behavior or the economy itself
microeconomics
positive economics focus on cause and effect relationships
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normative economics it incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal (policy economics)
economizing problem the need to make choices because economic wants exceed economic means will enhance your understanding of economic models and the difference between micro economic and macroeconomic analysis
budget line A budget constraint represents the combinations of goods and services that a consumer can purchase given current prices with his or her income.
economic resources all natural human and manufactured resources that go into the production of goods and services
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land all natural resources - gifts of nature
labor consists of the physical and mental talents of individuals used in producing goods and services .
capital includes all manufactured aids used in producing consumer goods and services - all factory storage transportatoin and distribution facilities as well as tools and machinery
investments the purchase of capital goods
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entrepreneurial ability the special human resource distinct from labor
full employment the economy is employing all its available resources
fixed resources the quantity and quality of the factors of production are fixed
fixed technology the state of technology the methods used to produce output -
the state of technology is constant
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two goods the economy is producing only two goods: consumer and capital

consumer : products that satisfy our wants directly


capital products that satisfy our wants indirectly by making possible more efficent production of consumer goods
production possibilities curve In economics, a production-possibility frontier, sometimes called a production-possibility curve or product transformation curve, is a graph that compares the production rates of two commodities that share the same factors of production.


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 opportunity costA
Opportunity cost is the cost of any activity measured in terms of the value of the best alternative that is not chosen.
 utilityIn economics, utility is a measure of relative satisfaction.
 marginal analysisMarginalism refers to the use of marginal concepts in economic theory.
 scientific methodScientific method refers to a body of techniques for investigating phenomena, acquiring new knowledge, or correcting and integrating previous knowledge.
 economic principlea statement about economic behavior or the economy that enables prediction of the probable effects of certain actions
 generalizationseconomic principles are generalizations relating to economic behavior or the economy itself
 microeconomics
 positive economicsfocus on cause and effect relationships
 normative economicsit incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal (policy economics)
 economizing problemthe need to make choices because economic wants exceed economic means will enhance your understanding of economic models and the difference between micro economic and macroeconomic analysis
 budget lineA budget constraint represents the combinations of goods and services that a consumer can purchase given current prices with his or her income.
 economic resourcesall natural human and manufactured resources that go into the production of goods and services
 landall natural resources - gifts of nature
 laborconsists of the physical and mental talents of individuals used in producing goods and services .
 capitalincludes all manufactured aids used in producing consumer goods and services - all factory storage transportatoin and distribution facilities as well as tools and machinery
 investmentsthe purchase of capital goods
 entrepreneurial abilitythe special human resource distinct from labor
 full employmentthe economy is employing all its available resources
 fixed resourcesthe quantity and quality of the factors of production are fixed
 fixed technologythe state of technology the methods used to produce output -
the state of technology is constant
 two goodsthe economy is producing only two goods: consumer and capital

consumer : products that satisfy our wants directly


capital products that satisfy our wants indirectly by making possible more efficent production of consumer goods
 production possibilities curveIn economics, a production-possibility frontier, sometimes called a production-possibility curve or product transformation curve, is a graph that compares the production rates of two commodities that share the same factors of production.


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