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23 Cards in this Set
- Front
- Back
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The current U.S. Secretary of Agriculture is
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Tom Villsach
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The current Commissioner of Agriculture of Texas is?
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Todd Staples
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The index most frequently used by economists to measure inflation is the
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(CPI) Consumer Price Index
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The chairman of the Federal Reserve System is
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Ben Bernanke
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What are the three Scarce Resources?
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Natural and Biological
Human Manufactured |
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What is Opportunity cost?
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it is the profit of the next best alternative
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Macroeconomics
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Branch of economics that focuses on the broad aggregates such as the growth of gross domestic product, the money supply, the stability of prices, and the level if employment.
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Microeconomics
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branch of economics that focuses on the economic actions of individuals or specific groups of individuals
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Normative economics
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A branch of economics that focuses on determining what-should-be issues and questions.
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Positive Economics
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a branch of economics that focuses on what-is and what-would-happen-if questions and issues; does not involve value judgements or policy prescriptions to reach a particular objective
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Agricultural economics
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an applied social science that deals with how producers, consumers, and socities use scarce resources in the production, processing, marketing, and consumption of food and fiber products
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Capitalism
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A free market economic system in which individuals own resources and have the right to employ their time and resources however they choose, with minimal legal constraints from government
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Economics
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A social science that studies how consumers, producers, and societies choose among the alternative uses of scarse resources in the process of producing, exchanging, and consuming goods and services
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Fallacy of Composition
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economic reasoning that is true for one individual but not for the entire society
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Food and fiber industry
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Consiti of business entities that are involved in one way or another with the supply of food and fiber products to consumers
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Human resources
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the services provided by laborers and management to the production of goods and services
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Manufactured resources
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resources such as plows, tractors, tools, buildings, and other improvememts to land that are manufactured by human beings; often refered to as captial
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Mixed economic systems
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and economic system in which markets are not entirely free to determine price in some markets but are in others. Government controls in selected markets and welfare programs are indicative of a mixed economic system
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Natural resources
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Resources such as land and mineral deposits, which are available without additional effort on the part of the owner
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Opportunity Cost
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the cost of producing a goodas measured by the ammount of a second good that must be forgone to release just enough resources to produce one additional unit of the first good
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Scarce resource
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a finite quanity of resources that are avaiable to meet societys needs
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Specialization
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The seperation of productive activities between persons or geographical areas in such a manner that none of these persons or regoins is completely self-sufficient
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Socialism
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An economic system in which resources are generally collectively owned and government decides through central planning how human and non-human resources are to be utilized in different sectors of the economy;prices are largely set by the government and administered to consumers and producers
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