Econ Final 21-22

What is economics?

• gross domestic product on a per person basis; can be expressed in current or constant dollars

• technique used by the Federal Reserve to keep interest rates low and encourage banks to take on more loans to stimulate the economy

• people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur

• the social science that studies the production, distribution, and consumption of goods and services.

What is a need?

• Something that is required to survive

• something we would like to have but is not necessary for survival

• something that improves quality of life

• something that decreases quality of life

What is a service?

• tangible economic product that is useful, transferable to others, and used to satisfy wants and needs

• Something that somebody would like to have but not required

• Something needed for survival

• Action one person does for another

What is scarcity?

• An item that is rare and hard to find

• Limited quantity of resources

• Items that are in abundance

• Items that are slightly less than abundance

What is labor in economics?

• Intense work

• Delivering a baby

• The work force

• Tolerating someone

What is land in economics?

• A German state

• A place where you put your business

• The work force

• Another name for a country

What is a good when it comes to economics?

• Physical object that one can purchase

• Action one does for another

• Something that benefits people

• Something that is malicious for people

What is a shortage?

• When there is a less than desirable quantity of resources

• When producers can’t or will not offer goods and services at current prices

• When there is scarcity

• When there is too much of a good

What does efficiency mean in terms of economics?

• using resources to make the greatest number of goods without waste

• using resources quickly

• using resources to make the least number of goods without waste

• using resources to make the greatest number of goods with the most waste

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Who was Adam Smith?

• philosopher that wrote Das Kapital

• philosopher that wrote The Republic

• philosopher that wrote Wealth of Nations

• philosopher that wrote Capital in the 21st century