Etar 1

Study online at quizlet.com/_3o17vm

1. capital goods are processors of raw materials 15. engel's law ernst engel
long lasting as income ^, percentage of income spent
reusable of consumption is slower in comparison
to income rise
2. command - the govt knows best
investment
- socialism/communism
- centralized 16. equilibrium another objective of econ
- govt owns resources
17. explicit cost actual out of pocket expenditure

(+) 18. f right of curve refers to inside, impossible

no rich/poor point, and the need to borrow. t/f
19. f distinction between L and K does not lie
(-) in the function in production process. t/f
no freedom
20. f financial capital is a factor in production.
3. comparative look at advantages and disadvantages of diff t/f
economic econ systems
21. free goods are natural, free, w/o exchange value, no
systems
opportunity cost, and is of original state,
4. consumption 2 types of goods based on engel's law abundant
investment
22. inferior goods are normal for the poor
goods
as income ^ demand v
5. cost what we give up to obtain something
23. inflation sustained increase in general level of
6. demand refers to needs, wants, and buyers prices
7. douglass nobel prize,stated 24. inputs LNEK as well as those that can't be
north Y= f(LNESU) encompassed by LNEK
S - state of affairs not all ___ are resources
U - error/sociocultural millue (gov't insti; irma is anything generally
adelman)
25. K physical/human capital (capital goods
8. E risk takers/innovators and skills and knowledge)
9. econometrics statistics for functional relations stock
aim to give empirical content to econ 26. L raw materials, natural resources, receivers
relations of action
10. economic things people pay to avoid. eg bail, ransom, 27. land (L) 4 factors of production
bad vaccine labor (N)
11. economic studies poverty capital (K)
development entrepreneu (E)

12. economic are man made, with prices, exchange value, 28. limited characteristics of resources
goods opportunity cost, and human intervention, varying
scarce, w/in man's commerce subject to
alternative use
13. economics a social science dealing with the study of
can be
how scarce human/non human resources can
combined
be efficiently [satisfy man's unlimited
needs/wants (objective)] 29. macroeconomics refer to economy as a whole

14. efficient refer to fundamental economic decisions like

resource what to produce
allocation how to produce
how much to produce
for whom to produce
30. market - i know whats best for me 45. production each point on this graph, show how each
- decentralized possibility curve product can be produced
- laissez fair
46. public goods are nonexcludable
- adam smith
no cost
- private ownership and competition
no rival consumption
- available to all, supplying to extra cost
(+)
=0
progress
non rejectable once supplied
efficiency
choices in variety 47. resources a set of inputs that go in production,
innovation satisfying needs and wants
special inputs
(-) 48. subject [classification of needs and wants]
inequity public
high surplus/starvation private
exploitation
49. supply refers to goods/services and sellers
31. microeconomics refer to econ as applied to individuals
50. t left of curve means inside and is
32. mixed - will always have 1 predominant system inefficient. t/f
- what to prod is determined by consumer
51. t all resources are inputs. t/f?
preference/govt
- how to prod is made by producers 52. t all needs are created needs except basic
seeking profit/govt needs. t/f?
- for whom is determined by purchasing 53. traditional - economy wherein customs and
power/govt preference traditions are basis for decision
33. money a means of exchange - agriculture/ hunting based
stored value - no modernization/ tried and tested
measure of value - exp is best teacher (girl lol jk)
34. N number of hrs worked
(+)
35. need a lack of something requisite personal relations
36. normal goods are for the well off preservation of environment
as income ^ demand ^ high values

37. normative refer to what should be in economics

(-)
economics prescribe solutions
no innovation
38. oikonomia management of household (gk) suscept to envi changes
39. opportunity value of the best product one had to give 54. unlimited human needs and wants characteristics
cost up varying
alternative
40. origin [classification of needs and wants]
basic (food shelter clothing) 55. veblen/giffen positional goods
essential to decent/comfy living goods consumption ^ as price ^
luxury (neither basic or essential)
56. want preference for certain things
41. originality [classification of needs and wants]
original need (inborn)
created needs
42. physical capital capital stock consisting of goods,
machinery, equipment, factories,
computers, and etc.
43. positive values neutral
economics relate to what is happening in economics
44. private goods excludable
rival consumption
rejectable