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The Nature of Economics
Introduction to Microeconomics
Introduction to Microeconomics
ECONOMISTS
EXTRAS
100
THE ECONOMIST THAT IS BELIEVED THAT HISTORY WAS A SERIES OF CLASS STRUGGLES BETWEEN EXPLOITERS AND THE EXPLOITED.
KARL MARX
100
THE POINT OF STABILITY IN THE MARKET WHERE SUPPLY EQUALS DEMAND
Market Equilibruim
100
WHAT ARE THE APPROACHS FOR CALCULATING GDP?
EXPENDITURE APPROACH: ADDS TOTAL EXPENDITURES ON GOODS AND SERVICES PRODUCED INCOME APPROACH: CALCULATES THE TOTAL NCOME RECEIVED AS A RESULT OF PRODUCING THOSE SAME GOODS AND SERVICES
100
IN 1759 PUBLISHED THE THEORY OF MORAL SENTIMENTS
ADAM SMITH
100
THREE TYPES OF UNEMPLOYMENTS
FRICTIONAL UNEMPLOYMENT SEASONAL UNEMPLOYMENT STRUCTUAL UNEMPLOYMENT
200
WHAT ARE THE THREE FACTORS OF PRODUCTION?
LAND, LABOUR, CAPITAL
200
WHAT ARE THE FACTORS AFFECTING DEMAND?
THE INCOME EFFECT THE SUBSTITUTION EFFECT TASTE AND PREFERENCES CONSUMER EXPECTATIONS
200
WHAT IS NOT INCLUDED IN GDP?
LUMBER, ANYTHING CONSIDERED THAT IS REUSED
200
WAS MADE FAMOUS BY THE 2007 Great Recession CAUSED BY GHD SUBPRIME-MORTAGE CRISIS
HYMAN MINSKY
200
DEFINE INFLATION AND THE THREE FACTORS
THE RATE AT WHICH THE GENERAL LEVEL OF PRICES FOR GOODS AND SERVICES IS RISING AND CONSEQUENTLY THE PURCHASING POWER OF CURRENCY FALLING HYPER MILD CORE
300
WHAT IS THE DIFFERENCE BETWEEN POSITIVE AND NORMATIVE STATEMENTS?
NORMATIVE IS BASED ON ECONOMISTS THOUGHTS OR JUDGEMENTS, WHILE POSITIVE DEALS WITH FACTS AND DIRECT OBSERVATIONS.
300
WHAT IS THE IMPORTANCE OF DEMOGRAPHICS IN BOTH BUSSINESS AND GOVERNEMENT?
USE DEMOGRAPHICS TO BUILD A CONSUMER PROFILES (BUSSINESSES) USED TO BETTER UNDERSTAND THEIR VOTERS AND PLAN A CAMPAIGN
300
THE DIFFERENCE BETWEEN DEBT VS DEFICIT
DEBT: THE SUM OF THE PREVIOUS YEARS OF DEFICITS DEFICIT: WHEN GOVERNMENT SPENDS MORE MONEY THAN THE REVENUE GENERATED IN THE YEAR
300
WHAT IS THE THEORY OF THE COMPARATIVE ADVANTAGE OF TRADE AND WHO CREATED IT?
DAVID RICARDO While most recognized that one community may have efficiencies in producing wheat over another. The other community might have efficiencies in producing wool. As a result, these communities would engage in trade creating an absolute advantage for both communities.
300
FOUR STAGES OF CPS
CLARIFY IDEATE DEVELOP IMPLEMENT
400
WHAT ARE THE FOUR ECONOMIC SYSTEMS AND LIST THE PRO AND CONS OF ONE?
PROS COMMAND: PLANNING CAUSES STABILITY AND ALSO REDUCES WASTE MIXED: LESS GOVENEMENT CONTROL MARKET: VARITY OF GOODS AVAIBLE, MAX AMOUNT OF FREEDOM TRADITIONAL: LOW WASTE, MINIMAL CHANGE, LITTLE DAMAGE TO THE ENVIRONMENT CONS COMMAND:LIMITS INDIVIDUAL CHOICE, INFLEXIBLE MIXED: TAXES GO UP, VERY UNPREDICTABLE MARKET:BUSINESS CYCLE SLOWS DOWN, LARGE PRODUCERS CAN INFLUENCE PRICE TRADITIONAL:NOT PROGRESSTIVE, NO LONG-TERM PLANNING, LIMITED VARITY OF GOODS
400
WHAT ARE OUR ECONOMIC RESPONSIBILITIES AS CANADIAN CITIZENS?
PAYING TAXES BEING AWARE OF ECONOMIC ISSUES WHILE VOTING ENVIRONMENTAL STEWARDSHIP THROUGH SAVING RESOURCES AND LIMITING POLLUTION
400
EXPANSIONARY VS CONTRACTIONARY
EXPANSIONARY: LESS TAX REVENUE AND INCREASED EXPENDITURES USUALLY TRANSLATED INTO GOVERNMENT DEFICITS AND INCREASED DEBT CONTRACTIONARY: RAISES TAXES OR DECREASING GOVERNMENT SPENDING.
400
GRADUATED FROM BARNARD COLLEGE AT A YOUNG AGE OF 18
ANNA SCHWARTZ
400
LAST SUMMER AN ICE CREAM CONE COST $1.50 F0R ONE SCOOP NOW COSTS $1.75. WHAT IS THE RATE OF INFLATION ON THE ICE CREAM CONE?
16%
500
WHAT IS THIS AND EXPLAIN WHAT ITS PURPOSE?
500
WHAT IS A SUPPLY AND DEMAND CURVE? AND WHEN IS IT USED?
500
WHAT IS A MONETARY POLICY AND HOW DOES IT AFFECT THE ECONOMY?
IS THE SET OF DECISIONS A GOVERNMENT MAKES USALLY THROUGH ITS CENTRAL BANK, ABOUT THE AMOUNT OF MONEY IN A CIRCULATION IN THE ECONOMY. AFFECTS: IF BANKS FEARS HIGH INFLATION ADOPTS TIGHT MONEY POLICY. INTEREST RATES COUNTRIES MONEY SUPPLY IS REDUCED
500
NAME ALL THE ECONOMIST
ADAM SMITH THOMAS ROBERT MALTHUS DAVID RICARDO KARL MARX JOHN MEYNARD KEYNES JOHN KENNETH GALBRAITH MILTON FRIEDMAN ANNA SCHWARTZ HYMAN MINSKY
500
DEFINE BANK OF CANADA AND THE FUNCTIONS OF THE BANK
CREATED WITH THE PURPOSE OF BRINGING STABILITY AND SECURITY TO THE BANKING SYSTEM WHERE BANKS GET MONEY BANKERS FOR THE FEDERAL GOVERNMENT ISSUES PAPER CURRENCY DIRECTOR OF CANADIAN MONETARY POLICY