econ 2

Card Set Information

Author:
Anonymous
ID:
136824
Filename:
econ 2
Updated:
2012-02-21 18:10:48
Tags:
econ test
Folders:

Description:
econ test 2
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Anonymous on FreezingBlue Flashcards. What would you like to do?


  1. 4 factors of production
    • land
    • labor
    • capital
    • entrepreneurial ability
  2. 4 econ. goals
    • price level stability
    • balance economical growth
    • full employment
    • economic freedom
  3. 3 functions of money
    • medium of exchange
    • unit of account
    • store of value
  4. 2 substitute goods
    • coke & pepsi
    • nike & rebox
  5. 2 complementary goods
    • gas & suv
    • hot dogs & buns
  6. economic prospective
    economic way of thinking
  7. theoretical economics
    formulating theories,law, or principals and using them to explain economic behavior
  8. policy economics
    using theories to fix economic problems or promote economic goals
  9. GDP formula
    • C + Ig + Xn + G
    • [private] [public]
  10. 5 fundemental economic questions
    • What G/S will be produce
    • How will the G/S be produce
    • Who will get the G/S
    • How will the system accommodate change
    • How will the system promote progress
  11. synonomus terms
    • free enterprise system
    • private enterprise system
    • Capitalist system
    • Laissez Faire system
  12. E>1 demand is
    elastic
  13. E=1 demand is
    unit elastic
  14. E<1 demand is
    inelastic
  15. horizontal line on chart
    • perfect elastic demand
    • small change increases Qty demand
  16. vertical line on chart
    • perfect inelastic demand
    • ppl will buy no matter the price
    • ex. incelin
  17. cross elasticity of demand
    if # is positive
    substitute good
  18. cross elasticisty of demand
    if number is negitive
    complementary good
  19. income elasticity of demand
    + =______
    - =______
    • normal good
    • inferior good
  20. utility
    enjoyment pleasure and satisfaction a comsumer gets from a G/S
  21. marginal
    extra, additional, change in
  22. ceterius paribus
    other things equal assumption
  23. productive efficentcy
    produce in least costly way
  24. allocative efficentcy
    rigt mix of G/S most wanted by society

What would you like to do?

Home > Flashcards > Print Preview