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| 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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