Andy Oung
Flashcards by Andy Oung, updated more than 1 year ago
Andy Oung
Created by Andy Oung almost 8 years ago


GRE principle of economics Flashcards on Untitled_2, created by Andy Oung on 06/11/2013.

Resource summary

Question Answer
To begin with generalization which are then tested against real world observations is known as the: deductive method
the institution of private property is sustained over time by: the right to bequeath
economics principle are necessarily abstraction T/F True
Economic development is: implies an improvement in lifestyle
economic growth deals with: expansion
increase in resources or improvements in technology will tend to cause a society's production possibilities curve to: shift outward or to the right
PPC stands for: production possibilities curve
what are the 3 basic economic question: are what, how and for whom to produce.
Analysis that does not impose the value judgments of one individual on the decisions of others is called positive analysis. T/F TRUE
underemployment is: being over valued for your position
LFPR stand for? labor force participation rate
what is the empowering force that gives others its own value? capital, labor, or land labor
what is deductive reasoning based on general to specific
inductive reasoning based on specific to general idea
descriptive economics is what? the gathering of data
what are the 4 ways to use the same idea? words schedule/table equations graphs
Analysis of what is positive analysis
any item for which we would pay to have less. economic bad
the mistaken assumption that what applies in the case of one applies to the case of many. fallacy of composition
a good for which there is no scarcity. free good
analsis of what ought to be normative analysis
any item that is scarce economic good
the shortage that exists when less of something is available than is wanted at a zero price. scarcity
products such as machinery and equipment that are used in production. capital
The study of economics at the level of the individual. microeconomics
the physical and intellectual services of people, including the training, education, and abilities of the individual in the society. labor
The study of the economy as a whole. Macroeconomics
The means by which people choose the options that give them the greatest amount of satisfaction. Rational self-Interest
What are the three resource of economics? Land, Labor, and Capital
what is land labor and Capital? DEFINE: Land: include all natural reasource Labor:refer to the intellectual and physical service of people. Capital: refer to using machinery and equipment
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