inputs are resources that are factors of production. outputs are goods and services
What is the difference between inputs and outputs?
100
win win situation
Examples of voluntary exchange
100
market failure
Market is left on its own and fails to allocate societies scarce resources
200
macro-study of the behavior of the whole economy Ex: overall prices rising and unemployment
micro-study of the behavior of the small parts of the economy Ex: US gas prices and more nursing jobs available
What is the difference between micro and macro econ and give examples
200
land labor capital and entrepreneurship (Ex:farm,skills,barn/buildings,business ppl)
What are the four types of inputs and examples?
200
the cost of giving up for an alternative (ex: loosing sleep,spending more money for an education)
What is opportunity cost?
200
externalities (taxes) market power
What 2 categories is market failures split into?
300
let them past (let ppl do as they choose)
What is "laissez fare"?
300
part1. Final goods and services
Part2. intermediate goods and services
If outputs are consumed they are called _ _ _ _ and if they are used in the production of another product they are called _ _ _
300
standby ticket cost less
What is an example for marginal analysis?
300
productivity
the amount of output per unit of input utilized in production
400
socialism,capitalism and mix economy
What are the different types of systems?
400
Economic profits are always _ than accounting profits and economic costs are always _ than accounting costs
lesss.....greater
400
over taxation
What are examples of incentives?
400
when overall prices in the economy rise
What is inflation?
500
how to produce? for whom to produce it for? what to produce?
What are the three fundamental economic questions?
500
buy one get one free
Examples of trade off?
500
markets are ways to organize economic activity. Market economy is an economy that allocates resources through participants.
What are markets and market economy?
500
Phillips curve
curve that shows the inverse relationship between the unemployment rate and inflation rate
(normally downwards sloping)