Flashcards
Untitled_2
Flashcards do conjunto (30)
- 1To begin with generalization which are then tested against real world observations is known as the:deductive method
- 2the institution of private property is sustained over time by:the right to bequeath
- 3economics principle are necessarily abstraction T/FTrue
- 4Economic development is:implies an improvement in lifestyle
- 5economic growth deals with:expansion
- 6increase in resources or improvements in technology will tend to cause a society's production possibilities curve to:shift outward or to the right
- 7PPC stands for:production possibilities curve
- 8what are the 3 basic economic question:are what, how and for whom to produce.
- 9Analysis that does not impose the value judgments of one individual on the decisions of others is called positive analysis. T/FTRUE
- 10underemployment is:being over valued for your position
- 11LFPR stand for?labor force participation rate
- 12what is the empowering force that gives others its own value? capital, labor, or landlabor
- 13what is deductive reasoningbased on general to specific
- 14inductive reasoningbased on specific to general idea
- 15descriptive economics is what?the gathering of data
- 16what are the 4 ways to use the same idea?words
schedule/table
equations
graphs - 17Analysis of what ispositive analysis
- 18any item for which we would pay to have less.economic bad
- 19the mistaken assumption that what applies in the case of one applies to the case of many.fallacy of composition
- 20a good for which there is no scarcity.free good
- 21analsis of what ought to benormative analysis
- 22any item that is scarceeconomic good
- 23the shortage that exists when less of something is available than is wanted at a zero price.scarcity
- 24products such as machinery and equipment that are used in production.capital
- 25The study of economics at the level of the individual.microeconomics
- 26the physical and intellectual services of people, including the training, education, and abilities of the individual in the society.labor
- 27The study of the economy as a whole.Macroeconomics
- 28The means by which people choose the options that give them the greatest amount of satisfaction.Rational self-Interest
- 29What are the three resource of economics?Land, Labor, and Capital
- 30what 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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- Descrição
- GRE principle of economics FlashCards sobre Untitled_2, criado por Andy Oung em 11-06-2013.
- Criado por
- Andy Oung · jun 2013
- Atualizado
- 1 jun 2016
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