Term
|
Definition
| things that are critical to life but have little value |
|
|
Term
|
Definition
| what, how and who from should goods be produced? |
|
|
Term
|
Definition
| a good product used in another good |
|
|
Term
|
Definition
| goods produced for final use |
|
|
Term
|
Definition
|
|
Term
|
Definition
| individuals impacting others in the economy |
|
|
Term
|
Definition
| produced limited quantity |
|
|
Term
|
Definition
| the science of limited resources vs. unlimited wants |
|
|
Term
|
Definition
|
|
Term
|
Definition
| lots of ebundance, availible to unlimited amounts |
|
|
Term
|
Definition
| looks at the larger scale |
|
|
Term
|
Definition
| individual family or buisness |
|
|
Term
|
Definition
| something required for survival |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| unlimited human wants when sources are limited |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| the worth an individual gives to an item |
|
|
Term
|
Definition
|
|
Term
| What was Smith's important book? |
|
Definition
|
|
Term
| What did Smith believe about differed wage rates? |
|
Definition
| it should be higher for those who are in more dangerous jobs |
|
|
Term
| What type of economic system did Smith believe in? |
|
Definition
|
|
Term
| What role did Smith feel the gov. should play in the economy? |
|
Definition
| that gov. and the people should play a role and protect personal ideas |
|
|
Term
| Marx is known as the founder of what economic and political system? |
|
Definition
|
|
Term
| What did Marx believe would cause the fall of capotalism? |
|
Definition
| conception of surplus value and exploitation |
|
|
Term
| how important was Keynes? |
|
Definition
| very. an entire economic thought was named after him. known as "Keynese economics" |
|
|
Term
| Keynes is credited for ideas in what branch of economics? |
|
Definition
|
|
Term
| why did keynes resign from Versailles? |
|
Definition
| because it wasn't fair to germany |
|
|
Term
| What and why is the general theory important? |
|
Definition
1) introduced the notion of aggregate demand as the sum of consumption
2) showed that full employment can be maintained only with the help of gov. spending |
|
|
Term
| When did the gov. need to intervine in the market and when would the free market take over? |
|
Definition
| the gov. should take over when unemployment can be reached |
|
|
Term
| What is the main concept of wealth? |
|
Definition
| more money increases prises, DOES NOT make anyone richer |
|
|
Term
|
Definition
|
|
Term
| What are the two facts of freedom of contract? |
|
Definition
| agreement and give and take |
|
|
Term
| Zero sum is balanced by what? |
|
Definition
|
|
Term
| what is in the tradition economic system? |
|
Definition
| low employment rate and low crime rate, little use of $$ |
|
|
Term
| Who manages in a command economy? |
|
Definition
|
|
Term
| what is controlled by the market in a market economy? |
|
Definition
| production, price and distribution |
|
|
Term
| buisnesses and consumers will decide what for themselves in a market economy? |
|
Definition
| what they will purchase and produce |
|
|
Term
| who owns land, buisnesses, etc. in a mixed economy? |
|
Definition
| both private and state ownership |
|
|
Term
| in the circular flow model: "Fignewtons In Peanut Butter Gross!" means what? |
|
Definition
| Factor market, Individuals, Product Market, Buisness, and Government. |
|
|
Term
| I.C.R.C stands for what in the circular flow model? |
|
Definition
| Income, Consumer spending, Reveneue, and Costs |
|
|
Term
| L.F.G.L stands for what in the circular flow model? |
|
Definition
| Land, Finished goods, Goods, and Labor |
|
|
