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eco test #1 | ECO 156 - Prin of Economics (Macro), Quizzes of Economics

chaps 1,2,3,4,5 of principles of economics Class: ECO 156 - Prin of Economics (Macro); Subject: Economics; University: Farmingdale State College; Term: Spring 2010;

Typology: Quizzes

2009/2010

Uploaded on 03/02/2010

jreid28
jreid28 🇺🇸

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TERM 1
economics
DEFINITION 1
the study of the allocation of our limited resources to satisfy
our unlimited wants
TERM 2
resources
DEFINITION 2
inputs used to produce goods and services
TERM 3
scarcity
DEFINITION 3
exists when human wants exceed human needs
TERM 4
theory
DEFINITION 4
is an established explanation that accounts for known facts
or phenomena
TERM 5
hypothesis
DEFINITION 5
a testable proposition
pf3
pf4
pf5

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economics

the study of the allocation of our limited resources to satisfy

our unlimited wants

TERM 2

resources

DEFINITION 2

inputs used to produce goods and services

TERM 3

scarcity

DEFINITION 3

exists when human wants exceed human needs

TERM 4

theory

DEFINITION 4

is an established explanation that accounts for known facts

or phenomena

TERM 5

hypothesis

DEFINITION 5

a testable proposition

micro-economics

the study of household and firm behavior and how they

interact in the market place

TERM 7

macro-economics

DEFINITION 7

the study of the whole economy including topics of inflation

unemployment and economics

TERM 8

fallicy of

composition

DEFINITION 8

the incorrect view that what is true for the individual is

always true for the group

TERM 9

positive analysis

DEFINITION 9

an objective, testable statement that describes what

happens and why it happens

TERM 10

normative analysis

DEFINITION 10

a subjective, contestable, statement that attempts to

describe what should be done

what can expand a p.p.

curve?

-Advancement in technology -improvements in labor -new

sources of natural resources

TERM 17

law of demand

DEFINITION 17

the quality of a good or service varies immensely with it's

price

TERM 18

Market demand curve

DEFINITION 18

the horizontal summation of individual demand curves

TERM 19

non-price determinants of a demand curve

DEFINITION 19

-price of related goods -income -number of buyers -tastes -

expectations

TERM 20

law of supply

DEFINITION 20

the higher the price of the good the greater the quantity

supplied

market supply curve

a graphical representation of the amount of the amount of

goods and services that supplies are willing and able to

supply at various prices

TERM 22

non-price determinants of a supply curve

DEFINITION 22

-input prices -prices of substitutes -expectations -number of

suppliers -technology regulation -taxes and substitutes -

weather

TERM 23

market equil.

DEFINITION 23

the point at which the market supply and market demand

curves intersect

TERM 24

equilibrium price

DEFINITION 24

the price at the intersection of the Marketing supply and

demand curves; at this price the quantity demanded equals

the quantity supplied