Definitions
What is the term for a, "study of choices when there is scarcity?"
Economics
Human effort, including both physical and mental, used to produce goods and services.
Labor
We should invest in healthcare to help people
Normative
Which question looks at if the products expensive/inexpensive, what sector of the market, etc.
What
What do economic models explore in regards to people?
Choices
What is the term for, "the resources used to produce goods and services"
Factors of Production
Resources provided by nature and used to produce goods and services.
Natural Resources
Taxes going up will raise money for the government
Which question looks at age, gender, race, etc?
Who
What do economic models use to display their data?
Graphs
What term is , "The resources we use to produce goods and services are limited."
Scarcity
The effort used to coordinate the factors of production—natural resources, labor, physical capital, and human capital—to produce and sell products.
Entrepreneurship
Which type of analysis would be used to evaluate whether a new tax on sugary drinks has led to a decrease in consumption?
Positive
Which questions looks at Factory or handmade, mass produced or limited number, what/where kind of materials?
How
What is the term for a ban on imports from another country?
Embargo
What term is, "the choices made by individuals, companies, and governments answer the following questions?"
3 Key Economic Questions
The stock of equipment, machines, structures, and infrastructure that is used to produce goods and services
Physical Capital
Which type of analysis would be used to argue that the government should increase funding for public transportation
Normative
If hospital does more heart transplants, fewer resources to care for premature babies is an example of which question?
What
Who is the current head of the Federal Reserve?
Jerome Powell
What term explores the choices that people make and the consequences of those choices?
Economic Models
The knowledge and skills acquired by a worker through education and experience and used to produce goods and services.
Human Capital
"Higher taxes on cigarettes will reduce smoking rates and should make the next generation healthier"
Positive and Normative
Professor teaching in big lecture hall vs. small classroom is an example of which economic question?
How
Janet Yellen