Hanes' EPF Final Exam Fall 22-23

economics

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

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

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

• unlimited wants and limited resources

• what we give up when we make a choice

macroeconomics

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

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

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

• unlimited wants and limited resources

• what we give up when we make a choice

microeconomics

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

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

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

• unlimited wants and limited resources

• what we give up when we make a choice

scarcity

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

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

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

• unlimited wants and limited resources

• what we give up when we make a choice

opportunity cost

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

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

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

• unlimited wants and limited resources

• what we give up when we make a choice

capital

• previously manufactured goods used to make other goods and services

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

• economy that includes both command and market economy elements

market economy

• previously manufactured goods used to make other goods and services

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

• economy that includes both command and market economy elements

mixed economy

• previously manufactured goods used to make other goods and services

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

• economy that includes both command and market economy elements

product market

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

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

• price and quantity demanded move in opposite directions

• goods where one can take the place of another good

• items that are bought together

factor market

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

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

• price and quantity demanded move in opposite directions

• goods where one can take the place of another good

• items that are bought together