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17 Cards in this Set

  • Front
  • Back
Economics
a social science that deals with how soncumers producers and societies choose among teh alternative uses of scarcde resoucres in teh process of produing exchanging and consuming goods
Ag Economics
an applied social science that deals with how producers consumers and societies use scarce resources in the production processing and marketing and consumption of food and fiber products
Joseph
Considered first Ag Economist....interpreeted the dreams of the Pharoah
Microeconomics
meaning small or pertaining to smaller segments of a neconomy or agriculture.
Macroeconomics
an area of econoimic activity which deal with subjects large in scope or in aggregate.
Positive Economics
deal with WHAT IS or WHAT WOULD HAPPEN IF and WHAT CAN BE......Decisions aer made on the basis of info and data
Normative Economics
deal with Value Judgements....a reommendation is made on the belief that one should attempt to take a particular action.
Fallacy of Composition
economic reasoning that is ture for one individual situation might not be true in the aggregate.
Economic System
Is defined as the institutional means by which resources are used to satisfy human desires
Institutional
refers to laws habits ethics and customs of the nations citizens
Capitalism
is a FREE MARKET ECONOMIC SYSTEM.... in which individuals own resources and have the right to employ their time and resources
Socialism
Economic system in which resources are generally or collectively owned and goernment decides through central planning how human and nonhuman resources are to be utilized in defferent secotr of the economy
Mixed Econoic System
system in which markets are not entirely free to determine preice in some markets but are in others....Government contols selected markets
Production
examine resouce demand by businesses and their supply responce
Market
focus on flow of food and fiber through market channels to its final destination and the determination of prices at each stage
financial
are concerned with issues related teh financing of businesses and the supply of capital to these firms
Resource
focus on the use and preservation of our nations natural