Hanes' EPF Final Exam Fall 22-23

Front

economics

Back

the study of how people seek to satisfy their needs and wants by making choices and how society manages scarce resources

Front

macroeconomics

Back

the study of the economy as a whole, including topics such as inflation, unemployment and economic growth

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microeconomics

Back

the study of the economic behavior and decision making of small units, such as individuals, families and businesses

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scarcity

Back

unlimited wants and limited resources

Front

opportunity cost

Back

what we give up when we make a choice

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capital

Back

previously manufactured goods used to make other goods and services

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market economy

Back

economy in which producers own the factors of productions, producers and consumers determine what gets made, how, and for whom using voluntary exchanges

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mixed economy

Back

economy that includes both command and market economy elements

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product market

Back

a market in the economy where goods and services are exchanged for money

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factor market

Back

a market in the economy where productive resources are bought and sold (labor is bought and sold)