ECON 1
What is the study of how society manages its scarce resources
Economics
A type of economic system based on customs
Traditional economy
What term means the ability of an individual to own and exercise control over scarce resources called?
Property rights
What is the study of how individual households and firms make decisions and how they interact in specific markets?
Microeconomics
What is the study of large scale economic phenomena like in the federal government borrowing from another country?
Macroeconomics
The factors of production.. FOP ?
What are land, labor, entrepreneurship, and capitol
The concept in Econ of happiness or usefulness
Utility
Externality
What is it called when the impact of one person's actions on the well-being of a bystander?
Economists FAVORTIE indicator
GDP Gross Domestic Product
Where one business or firm controls a majority of an industry
Monopoly
The next valued alternative that you give up to make a choice?
Opportunity cost
In a Free Market people will try to make each other happy with trade
Invisible hand
What is the ability of a single economic actor to have a substantial influence on market prices called?
Market power
the Bank of the Banks
The Federal Reserve or the Fed.
What is small incremental adjustments to a plan of action called?
Marginal changes
The 3 economic indicators for the heath of the economy
GPD, Unemployment, Inflation
Inflation
What is the term for an increase in the overall level of prices in the economy?
The best food available
Tacos
What is the term that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services?
Market economy
Who can enact Fiscal Policy
Congress or the president
How inflation is measured
CPI (Consumer Price Index) or estimated average American market basket
The formula to add up GDP
C + I + G + X