The Definition of Economics?

economics is the study of allocutions of the means of production trying to satisfy the population

The basic questions of economics are:

-What shall we produce?

-How shall we produce it?

-for whom shall we produce?

The three types of economic systems are:

-Command Economics

-Mixed Economics

-Market Economics

The means of production ?

-land

-capital

-entrepreneurship

-labor

What Did John Maynard Keynes Believe was the way to Cure An Economic Depression?

Government Spending

What does the theory of "Supply-Side Economics" espouse and how would they do it?

The theory of supply side economic is that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services

– they would do it by: lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation

What is the Consumer Price Index and how is it used?

 - The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

-it is used as an economic indicator, as a deflator, as means of adjusting dollar values.

Absolute Advantage?

   is when one region/company has an advantage over another region/company because they are significantly better at making a certain product than the other company

Capital?

is the money put in to a good that is devoted for production

Comparative Advantage?

      is The ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity

Entrepreneur

  is a person who creates a company tying together the other three means of production: land, labor, and capital.

Full Employment

refers to a certain percent that is considered the unemployment. Example:

6% unemployment is considered full employment for the conservatives. And for liberals its 4%

Inflation

basically when the prices usually increase due to the changes of economy.

Laissez- Faire

   is that government should not interfere in commercial affairs

Macroeconomics

Is The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity

McJobs

is slang for a low-paying, low-prestige job that requires few skills

Opportunity Cost

    is a benefit, profit, or value of something that must be given up to acquire or achieve something else.

Production Curve

Specialization

Specialization is basically a region/company that focuses on a “scope” of goods/products increasing the efficiency

Stagflation

Stagflation is when there is high inflation combined with high unemployment and stagnant demand in a country's economy.

The Invisable Hand

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The invisible hand is an economic guidance system where everything ends up okay. The self-interest thought derived from this theory

What Stimulated the economy in 1910s?

WWI

What new concept stimulated the US economy in the Roaring 20s?

New Technology were developed... such as Automobiles

How did we finally get out of the great depression in the 1930s?

world war 2, provided jobs in factories producing products necessary for war.

What two things (one event and one social phenomenon) stimulated the US economy in the 1940s?

How did television help stimulate the economy in the 1950s?

What two things (one internal and one external) stimulated the US economy in the 1960s?

What helped cause the inflation of the 1970s?

What great political even with economic consequences happened in the 1980s?

What was the general economic trend in the 1990s?

What major economic even happened in the 2000s?

US has been in its longest recession ever since the great depression

Why is the study of economics important to you?