It’s quite easy to create a memory that would save information, constantly fueled by the power from the network or battery. It’s more difficult to come up with a way to store information without a power source. And these devices must have a large amount of memory, quickly write and read information and to be inexpensive for the cost. One of those “devices” are flashcards or information cards and in our case – its a learning guides for studying economics. You can use it for various reasons: to learn about audit, business, financial or managerial purposes. But if you’re a student, you can use it as test help, study guide, save different kinds of starting materials, as well as teaching materials.
During several years, flashcards became a very useful tool to study. For exam help and learning in economics, use information cards, as they have many advantages:
• Compactness. Flashcards allow you to store up the information related to economics and its branches. Now you don’t need to read the wordage books. Just have a glance at the card and recollect all data.
• Economical. Flashcard has one of the best prices – they are free. They will make your education cheap.
• Reliability. The information is always up to date and is based on the relevant facts.
Economics flash cards are the leaders among books, music, films, documents for business or education. Let’s imagine a situation that you are required to read 100 pages in order to understand the topic and write a really good summary. What should you do? We have an answer! All that you need is to use those magnificent flashcards as they will save your time and nerves.
What is opportunity cost? what you give up in order to get something else A college cost $20,000 per year. The job you give up to go to college pays $30,000 a year. What is the opportunity cost of going to college? $50,000 Demand has a negative slope true A Read more…
Microeconomics individual units that comprise the economy ex. a person choosing b/t taking a job in GA or FL ex. firm choosing to open another factory Macroeconomics the study of the broader economy ex. inflation ex. economic growth and productivity ex. unemployment Macro- broad outlook Micro- individual units
microeconomics the study of how households and firms make decisions and how they interact in markets macroeconomics the study of economy-wide phenomena, including inflation, unemployment, and economic growth expenditure for an economy as a whole, income must equal _____ gross domestic product the market value of all final goods and Read more…
Economy How society manages it’s scarce resources – or all it’s resources Scarcity The limited nature of society’s resources Efficiency The property of society getting the most it can from its scarce resources Equality The property of distributing economic prosperity uniformly among the members of society Opportunity cost Whatever must Read more…
The aim of study of macroeconomics is to examine the economy’s behavior. Which best describes why a government’s actions are important within macroeconomics Government can use policy to influence the economy. This is a graph showing price and total output in the short and long run. According to this graph, Read more…
Purchasing Power Parity (PPP) A method of comparing income by looking at the domestic purchasing power of money in differnent countries. Restructuring Changing the underlying economic institutions. Dual Economy The existence of two sectors: a traditional sector and an internationally oreinted modern market sector. Regime Change A change in the Read more…
aggregate demand curve a curve depicting the relationship between real GDP demanded (i.e., expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right. aggregate supply curve a curve defining the relationship between real production and price level. business cycles fluctuations in real Read more…
Unemployment Occurs when a worker who is not currently employed is searching for a job without success Unemployment Rate (equation) Unemployed ____________ X100 labor force creative destruction occurs when the introduction of new products and technologies lead to the end of other industries and jobs structural unemployment unemployment caused by Read more…
What role does the Federal Reserve play? Check all that apply. 1,2,5 The most common measure of inflation is a statistic called the Consumer Price Index As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Check all that apply. Read more…
Okun’s Law For every 1% increase in unemployment there is a 2% decrease in GDP Unemployment rate plus inflation rate Misery Index What shifts aggregate demand Changes in C, I, G, Xn What shifts aggregate supply Changes in input costs or input availability Fiscal policy Fiscal policy is deficit spending Read more…
Microeconomics Study of how individuals choose to allocate the scarce resources available to them. Macroeconomics The study of how groups of individuals choose to allocate the scarce resources available to them. Aggregate “Total” Scarcity Lack of enough resources to satisfy all desired uses of those resources. Opportunity Cost The value Read more…
Short run in Macro versus Micro Short run in macro is a couple years or so while in micro, the short run is equal to the time where firms can’t change their amount of fixed capital. Long run in Macro versus micro Long run in macro is decade to decade Read more…
Which best describes what occurs in the product market? the exchange of goods and services for money Macroeconomic equilibrium occurs when aggregate supply and aggregate demand meet. What does this indicate about society? Society’s supply and demand have stagnated. In microeconomics, what occurs when equilibrium is reached? c This is Read more…
What is macroeconomics? The branch of economics that deals with the economy as a whole. It uses whole measures of output, income, prices, and employment. What is GDP? The dollar value of all final goods and services produced within a country’s borders in a given year. It’s a way to Read more…
The aim of the study of macroeconomics is to examine The economy’s behavior Which best describes the purpose served by economic models within an economic system? Models identify patterns Why are imports, which bring goods into a country, considered a leakage factor? The money paid to producers of imports leaves Read more…
What is economics? the study of how people use their scarce resources to satisfy their unlimited wants What is Land and what is the payment for it? Land is also known as natural resources, and the payment is either rent or gift of nature What is Labor and it’s payment? Read more…
Macroeconomics is mostly focused on: the economy as a whole. The two topics of primary concern in macroeconomics are: short-run fluctuations in output and employment and long-run economic growth. The business cycle depicts: short-run fluctuations in output and employment. The term “recession” describes a situation where: output and living standards Read more…
Investment spending in macroeconomics refers to: adding to physical capital. National savings is the sum of private savings and: the budget balance. One difference between a closed and an open economy is that: in the latter, foreign savings complement domestic savings in financing investment spending. (Table: Investment Spending, Private Spending, Read more…
Factors of Production (CFIE) The components needed by firms in order to produce useful things (goods and services) What are the Factors of Production (CFIE) Capital, Land, Labor, and Entrepreneurship What do firms pay for Factors of Production? (CFIE) Rents What do households provide in the factor market? (CFIE) Factors Read more…
opportunity cost the value of the best alternative that is given up in order to do or get something a price ceiling means that? government is imposing a legal price that is typically below the equilibrium price the study of economics is primarily concerned with? choices that are made in Read more…