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Economics/Snyder
midterm review
34
Geography
9th Grade
01/21/2008

Additional Geography Flashcards

 


 

Cards

Term

 

 

 What is capital? 

Definition

 

 

 

Any resources made by human and used to create other goods and services 

Term

 The resources used to make all

goods and services is called what? 

Definition

 

 

factors of production 

Term

 

 What is the purpose of a production

possibilities curve? 

Definition

 

 to show alternative ways to use an economy's resources 

Term

 An economy that uses its resources

to make the most goods and services would be considered ____________

Definition

 

 

efficient 

Term

 

 What does a guns or butter decision involve? 

Definition

 

 increased military spending or increase societal programs 

Term

 

On what type of graph would you examine the opportunity cost of a decision? 

Definition

 

 production possibilities graph 

Term

 

 Why are all goods and services scarce? 

Definition

 

 All resources are scarce 

Term

 

 What is the difference between scarcity

and shortage? 

Definition

 

 shortages are temporary

scarcity always exists 

Term

 

 What is physical capital?  Give an example. 

Definition

 

 the knowledge and skills a worker gains

use of stethoscopes 

Term

 

 

What is an entrepreneur?

Definition

 

 ambitious leaders who decide how to

combine the factors of production.

 

 

 

Term

 

 What things does an economist

consider to be land? 

Definition

 

 actula land, natural resources, water 

Term

 

 

Describe a centrally planned economy. 

Definition

 

 

Gov't controls every aspet of the econ. 

Term

 

 Why do producers compete? 

Definition

 

 

to make profits 

Term

 

 

why do producers compete?

Definition

 

 

to make profits

Term

 

 What are the three key economic

questions?

Definition

 

 What, How and Who

Term

 

 How does specialization benefit

an economy?

Definition

 

 

Makes it efficient

 

Term

 

 

Describe a traditional economy.

Definition

 

 

 

Little surplus, little trade

subsistance farming

 

Term

 

 

What happens in a product market?

Definition

 

 

Households purchase the goods and services

that firms produce

Term

 

What happens in a factor market?

Definition

 

firms purchase the factors or production

from households

Term

 

 What is the function of an economic system?

Definition

 

 to produce and distribute goods

and services

Term

 

 Why does the government offer safety nets?

Definition

 

 to help those who experience

 financial difficulties

Term

 

What is the basic principle for the

 law of demand?

Definition
  
Term

 

 What does a shift in the demand

curve indicate?

Definition

 

 Change in quantity demanded at every price

Term

 

What table lists how much we would buy

at different prices?

Definition

 

 Demand schedule

Term

 

How is future price related to

current demand?

 

 

Definition

 

 

See #31

Term

 What is the different between a maket

demand schedule and a demand schedule?

Definition

 

 

Market demand schedule - all consumer's

demand

demand schedule - 1 person's demand

Term

 

What is the basic principle behind the

law of demand?

 

Definition

 

 

as price goes up demand goes down

as price goes down demand goes up

 

Term

 How does income affect a consumer's

purchase of inferior and normal goods?

Definition

 

 

up income: down inferior, up normal

 

down income: up inferior, down normal

 

Term

 When looking at a demand

 schedule,what is the

only thing that is taken into account

when that schedule is made?

Definition

 

 Price

Term

 

List several things that could cause a shift

in demand

 

Definition

 Income, consumer expectation and taste,

population, advertising

Term

 How does the future expectation of

 prices affect the demand curve?

Definition

 

 

expect up price, current demand up

 

expect down price, current demand down

Term

 

 What is the basic principle

 behind the law of supply?

Definition

 

 as price is up, supply is up

 

as price is down, supply is down

Term

 

 How does the government influence supply?

Definition

 subsidies, taxes, regulation,

future expectation

of prices

Term

 

How does the future expectation of  prices affect the supply curve?

Definition

 

 expect up price, current supply down

 

expect down price, current supply up

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