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Economics
Ch.1
38
Economics
Undergraduate 1
11/12/2008

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Term
Economics
Definition
the "STUDY" in which societies produce and distribute "GOODS AND SERVICES"
Term
Economics assumes:
Definition
people make rational choices in the face of scarcity
Term
a market
Definition
enables buyers and sellers to come together and engage in transactions
Term
a place where goods and services and the factors of production are bought and sold
Definition
market
Term
factors of production
Definition
raw materials, labor, and plant and equipment
Term
economic activity
Definition
when people buy and sell labor, products, and services in exchange for money.
Term
Macroeconomics
Definition
focuses on whole economies and large sectors of economies and on broad levels of economic activity, overal income, relationships among sectors of the economy
Term
Microeconomics
Definition
focuses on individual economic entities, such as a single business or household, or on specific economic activities such as employment or prices
Term
helps the president address economic issues
Definition
the council of economic advisors
Term
us and international organizations that build and implement programs to develop and stabalize economies of less developed nations around the world
Definition
such as world bank
Term
econometrics
Definition
focuses on forcecasting economic activity
Term
observe behavior and outcomes, systematically catalog those observations and identify patterns and trends
Definition
Economists
Term
economic policies
Definition
measures that a government takes to help stabilize or grow its economy. increasing or decreasing government spending and borrowing, adjusting certain interst rates, and increasing or decreasing taxes
Term
must assume that people are making rational rather than irrational economic decisions
Definition
economists
Term
the sum of all of the transactions that people in an economy have made regarding where they will work and for how much
Definition
employment activity
Term
three organizations of economies
Definition
Command, Market, and Mixed Economies
Term
Market economy
Definition
consumers and businesses decide what they want to produce and purchase in the market place.
Term
pure market economy "laissez-faire"
Definition
government plays a very limited role in what is produced
Term
command economy
Definition
"planned Economy" the government largely determines what is produced and in what amounts. associated with socialism and communism
Term
characterized by collective ownership of the means of production and central planning functions that try to produce what people want and need, in the quantities and at the time required.
Definition
Socialism and Communism
Term
in a mixed economy ---------- determine which goods and services are produced and how the are distributed
Definition
both market forces and government decisions
Term
Welfare
Definition
refers to government efforts to provide for people's needs. help comes from the public sector. government sponsored work projects.
Term
something that everyone wants but no one wants to pay for, such as clean air or well-educated populace
Definition
Public Goods
Term
three most important economists
Definition
Adam Smith, Karl Marx, John Maynard Keynes
Term
founder of modern economics
Definition
Adam smith
Term
Adam Smith lived from
Definition
1723-1790
Term
who wrote the wealth of nations? published -----, year of what
Definition
Adam Smith, 1776, the year of America's Decleration of Independence
Term
the key doctrine of classical economics is that :
Definition
laissez-fair attitude by government toward the marketplace will allow the "invisible hand" to guide everyone in there economic endeavors and generate economic growth
Term
individuals in society, each acting in his own self-interest, manage to produce and purchase goods and services that they as a society require... is known as
Definition
the invisible hand
Term
believed that the prevailing economic system at a given time determines the way people think
Definition
Karl Marx
Term
lived from 1818-1883, was very arrogant. looked at capitalism from a more pessimistic and revolutionary viewpoint
Definition
Karl Marx
Term
a british economist and financial genious who lived from -------- came up with very influential views on capitalism
Definition
John Maynard Keynes
Term
an approach to economic policies that favors using the governments power to spend, tax, and borrow to keep the economy stable and growing
Definition
Keynesian Economics
Term
founded and formulated the science of economics and basic theory of Capitalism
Definition
Adam Smith
Term
Challenged capitalism and had such a forceful impact on society and politics
Definition
Karl Marx
Term
prompted new practices as well as new theories of economic policy.
Definition
John Maynard Keynes
Term
A stable society needs an orderly system of producing and distributing goods and services--------is the study of these systems, and of peoples individual and collective behavior within those systems
Definition
Economics
Term
assumes that people make rational choices and express preferences by engaging in transactions in the marketplace, which employs prices, valued in money, as its exchange mechanism
Definition
Economics
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