Economia

Cards
Term Which of the following are the four categories of resources? |
| Definition labor, entrepreneurial ability, capital, and natural resources |
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Term   | Which of the following is an example of human capital? |
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| Definition college education |
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Term Scarcity is best defined as |
| Definition insufficient resources to satisfy unlimited wants |
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|Term Economics is best defined as the study of how |
| Definition individuals decide to use scarce resources in an attempt to satisfy their unlimited wants |
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Term When economists refer to capital, they might mean |
| Definition human skills used in production |
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Term Which of the four types of decision makers in the U.S. economy plays the largest role? |
| Definition U.S.households, as buyers in product markets and sellers in resource markets |
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Term Which of the following is a normative statement? |
| Definition Congress must recognize that the growing national debt is the most serious problem that the country faces. |
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Term Someone who committed the association-is-causation fallacy might conclude that |
| Definition event B, which followsevent A, was caused by the event A |
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Term Someone who commits the fallacy of composition is likely to assume that |
| Definition what is true for the individual is also true for the group |
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Term Opportunity cost exists because |
| Definition resources are scarce but wants are unlimited |
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Term Opportunity cost is defined |
| Definition as the value of thebest alternative not chosen |
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Term The opportunity cost of a particular activity |
| Definition varies from person to person |
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Term Sunk costs |
| Definition should not be considered when making economic decisions |
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Term John takes 10 minutes to iron a shirt and 20 minutes to type a paper. Harry takes 10 minutes to iron a shirt and 30 minutes to type a paper.Which of the following statements is correct? |
| Definition Harry has a comparative advantage in ironing. |
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Term Society's production possibilities frontier |
| Definition is based on simplifying assumptions, but is still useful for illustrating scarcity, opportunity cost, and economic growth |
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Term If all resources are used efficiently to produce goods and services, anation will find itself producing |
| Definition somewhere on its production possibilities frontier |
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Term A point outside the production possibilities frontier |
| Definition cannot be reached using the available technology |
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Term The mixed economy is the dominant economic system in the world because |
| Definition there is private ownership of property but governmentregulation of individuals reduces some of the flaws of pure capitalism |
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Term Which of the four types of economic decision makers is most important? |
| Definition households, because they demand goods and services and supply resources |
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Term Households act as demanders when they demand |
| Definition goods and services from firms and the government |
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Term Which ofthe following is one of the chief reasons for the increased number of married women in the U.S. work force? |
| Definition The opportunity cost of household work has increased. |
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Term Utility |
| Definition satisfaction |
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Term The statement "Households maximize utility" means that households |
| Definition are assumed to do what they think will increase theirsatisfaction |
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Term Which of the following is a major advantage of the sole proprietorship? |
| Definition ease of start-up |
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Term Firms are organized in one of three ways: |
| Definition As a sole proprietorship, as a partnership, as a corporation |
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Term The term "fiscal policy" refers to |
| Definition spending and taxing by governments |
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Term The main...