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Economics Unit One, The Second Quiz

Economics Unit One, The Second Quiz . Review . What is Macroeconomics? . What is Macroeconomics? . The study of the impact of changes on the economy as a whole. . What is Microeconomics? . What is Microeconomics? .

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Economics Unit One, The Second Quiz

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  1. EconomicsUnit One,The Second Quiz Review

  2. What is Macroeconomics?

  3. What is Macroeconomics? The study of the impact of changes on the economy as a whole.

  4. What is Microeconomics?

  5. What is Microeconomics? The study of the effects of economic forces on individual parts of the economy.

  6. What is Economics?

  7. What is Economics? A study of how we allocate our limited resources among our unlimited wants or desires.

  8. How does money provide a store of value?

  9. How does money provide a store of value? We can save it up and use it later to buy stuff

  10. How is money a medium of exchange?

  11. How is money a medium of exchange? When it is accepted by all for payment.

  12. What is the main problem with the barter system?

  13. What is the main problem with the barter system? In order for it to work, you need to find someone who has what you want and at the same time, has what you have to offer, called the double coincidence of want. Which is why most economies don’t use it.

  14. What does standard of living mean?

  15. What does standard of living mean? The amount of goods and resources available in an economy…we generally want our children to enjoy a better one that us.

  16. What are the factors of production?

  17. What are the factors of production? Land; everything is made on land or out of land Labor; people do the work some way to make a product or service Capital; money or materials use to make other goods

  18. What are the three fundamental questions of economics?

  19. What are the three fundamental questions of economics? What products gets made? How do we make the product? Who gets the products that we do make?

  20. What’s the difference between shortage and scarcity?

  21. What’s the difference between shortage and scarcity? Scarcity exists in nature as all resources are limited, but shortage is the result of poor planning, strike, snow storms, the bridge is out, some such thing.

  22. What does Ceteris Paribus mean?

  23. What does Ceteris Paribus mean? All things being equal, important because it allows economists to look at the economy, make predictions while understanding that there are other variables.

  24. What are economic models?

  25. What are economic models? Pictures and graphs of economic factors that allow economists to better illustrate economic principles and to make somewhat accurate predictions regarding the economy.

  26. What are the two worlds of economics?

  27. What are the two worlds of economics? The world that is (or was) and The world that ought to be

  28. What are trade offs?

  29. What are trade offs? Giving up one good or service for another… chicken soup or a meat ball sub.

  30. THE END

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