2-MICROECONOMICS - Assignment Essays %

question

DISTRIBUTION

answer

The way an economy allocates to consumers the goods and services it produces

question

3 BASIC ECONOMIC ?

answer

What goods and services are to be produced? How are these goods and services to be produced? Who will receive these goods and services?

question

CAPITALIST/MARKET ECONOMY

answer

Private individuals and firms own most of the resources

question

US ECONOMY

answer

Not a pure laissez faire (leave it alone or minimal gvt) more of a mixed economy with many regulations and an extended role for government

question

PLANNED ECONOMY

answer

Socialist and communist. Most of the productive resources are owned by the state and most economic decisions are made by central gvts

question

PRODUCTION

answer

The process of converting resources (factors of production) -land, labor, capital, and entrepreneurship ability- into goods and services

question

RESOURCES

answer

Productive resources include land, labor,capital, and entrepreneurial ability (factors of production)

question

LAND

answer

Land and natural resources. The payment to land as a resource is called rent. Mineral deposits, oil, natural gas, water, land.

question

LABOR

answer

Mental and physical talents of people. The payment to labor is called wages

question

CAPITAL

answer

Manufactured products used to produce other products. The payment to capital is called interest. Tractors, welding equipment, computers.

question

ENTREPRENEURS

answer

Combine land, labor, and capital to produce goods and services. Risky. Profits received

question

PRODUCTION EFFICIENCY

answer

When the mix of goods is produced at the lowest possible resource or opportunity cost

question

ALLOCATIVE EFFICIENCY

answer

When the mix of goods and services produced is the most desired by society

question

INVESTMENT IN HUMAN CAPITAL

answer

rather than increasing the number of people working, the labor factor is increased by improving workers' skills

question

WAYS TO STIMULATE ECONOMIC GROWTH

answer

expanding resources, technological change (improvements)

question

ABSOLUTE ADVANTAGE

answer

one country can produce more of a good than another country

question

COMPARITIVE ADVANTAGE

answer

one country has a lower opportunity cost of producing a good than another country

question

GAINS FROM TRADE

answer

result when a country specializes in the production of goods in which it has a comparative advantage, and trades these goods with another country

question

INPUTS

answer

that which goes into the production process to create finished products: land, labor, capital, and entrepreneurial ability

question

PPF

answer

production possibilities frontier; shows the combinations of two goods that are possible for a society to produce at full employment.

question

OPPORTUNITY COST

answer

the cost paid for one product in terms of the output (consumption) of another product that must be forgone

question

3 TYPES OF ECONOMY

answer

capitalist, socialist, communist

1 of 22

question

DISTRIBUTION

answer

The way an economy allocates to consumers the goods and services it produces

question

3 BASIC ECONOMIC ?

answer

What goods and services are to be produced? How are these goods and services to be produced? Who will receive these goods and services?

question

CAPITALIST/MARKET ECONOMY

answer

Private individuals and firms own most of the resources

question

US ECONOMY

answer

Not a pure laissez faire (leave it alone or minimal gvt) more of a mixed economy with many regulations and an extended role for government

question

PLANNED ECONOMY

answer

Socialist and communist. Most of the productive resources are owned by the state and most economic decisions are made by central gvts

question

PRODUCTION

answer

The process of converting resources (factors of production) -land, labor, capital, and entrepreneurship ability- into goods and services

question

RESOURCES

answer

Productive resources include land, labor,capital, and entrepreneurial ability (factors of production)

question

LAND

answer

Land and natural resources. The payment to land as a resource is called rent. Mineral deposits, oil, natural gas, water, land.

question

LABOR

answer

Mental and physical talents of people. The payment to labor is called wages

question

CAPITAL

answer

Manufactured products used to produce other products. The payment to capital is called interest. Tractors, welding equipment, computers.

question

ENTREPRENEURS

answer

Combine land, labor, and capital to produce goods and services. Risky. Profits received

question

PRODUCTION EFFICIENCY

answer

When the mix of goods is produced at the lowest possible resource or opportunity cost

question

ALLOCATIVE EFFICIENCY

answer

When the mix of goods and services produced is the most desired by society

question

INVESTMENT IN HUMAN CAPITAL

answer

rather than increasing the number of people working, the labor factor is increased by improving workers' skills

question

WAYS TO STIMULATE ECONOMIC GROWTH

answer

expanding resources, technological change (improvements)

question

ABSOLUTE ADVANTAGE

answer

one country can produce more of a good than another country

question

COMPARITIVE ADVANTAGE

answer

one country has a lower opportunity cost of producing a good than another country

question

GAINS FROM TRADE

answer

result when a country specializes in the production of goods in which it has a comparative advantage, and trades these goods with another country

question

INPUTS

answer

that which goes into the production process to create finished products: land, labor, capital, and entrepreneurial ability

question

PPF

answer

production possibilities frontier; shows the combinations of two goods that are possible for a society to produce at full employment.

question

OPPORTUNITY COST

answer

the cost paid for one product in terms of the output (consumption) of another product that must be forgone

question

3 TYPES OF ECONOMY

answer

capitalist, socialist, communist

Order an Essay Now & Get These Features For Free:

Place an Order