Econ

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Economics are the science of

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Choice

Front 2

Science always begins with a

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Conversation

Front 3

Choices are

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Necessary

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In economics, instability refers to the fact that all have

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Unlimited wants

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Without scarcity, there would be no need for

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Economics

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Because of scarcity, people must consider

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Opportunity cost

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Scarcity can be a limited availability of something that does not

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satisfy all wants

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Society makes choices in reference to tax policy and

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Government programs

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Individuals make choice in what to purchase and

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Where to live

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choices at the margin is

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Choosing to do a little bit more or less

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Free goods are

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Free

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The science of how and why

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Economics

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Used as a basis to predict future events

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Observation

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Mathew 6:24

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Says that we can't serve 2 masters

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Mathew 6:33

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Seek first the kingdom

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Scarcity

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Requires that we make choices among alternatives

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Scarce good

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Requires that you give up other alternative options

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Fresh air is an example of a

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Free good

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Opportunity cost

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The value of the best option is given up in choices

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Recognized that voluntary transactions benefit the seller

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Adam smith

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Choices at the margin

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Example:eating 12 chips instead of 10 and vice versa

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Microeconomics

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Deals with choices made by individuals

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Macroeconomics

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Examines large scale economics choices by business

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Positive economics

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Approach of observing and predicting economics

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Normative economics

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Making value judgements about existing policies

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Genesis 1:28

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Have domination over all creation

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Also called a scheldule

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Tabular model

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Production possibilities curve

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Ppc

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Producers

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Business firms

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Consumers

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Households

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All the goods bought and sold

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gdp

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Machines and factories

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Physical capital

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Education and skills

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Human capital

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Includes all payments for property use

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Rent

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Includes all payments for labor

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Wages

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Difference money received and money spent

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Profit

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When spending exceeds money received

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Budget deficit

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When money received exceeds spending

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Budget surplus

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monitors food and drugs

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FDA

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Monitors labels and advertising

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FTC

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The economy is always in

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Motion

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Business firms need resources to produce

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Goods and services

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Anything that is directly used in the production of goods or services

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Factors of production

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All natural resources and raw materials

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Land

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Entrepreneurship combines natural resources and

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Human labor

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....................... provide the factors of production but without cost

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Households

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Refers to all levels of civil authority

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Government

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Transfering social security to retired citizens account

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Transfer payment

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The main function of the financial market is to

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Circulate money

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Proverbs 31:16-18 speaks of Christians being wise

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Stewards

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If it costs less to make a good, there will be more

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Profit

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If it costs more to make a good, the will be less

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Profit

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New technology will almost always lower

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Costs of production

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Taxes will increase the cost of ................. of a good

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Production

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Subsidies is free money which ................. the cost of production

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Lowers

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..................... Denotes a condition of balance

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Equilibrium

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................ when the supplier raises the quantity but consumers buys less.

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Surplus occurs

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One type of carrying cost

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Storage

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Name 2 possible solutions to surplus problems

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Decrease demand, and increase supply

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What is it called when a company cuts production

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Decrease supply

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The lack of or ability to purchase any product due to no supply

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Shortage

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................ exist with an excess of unsold products

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Surplus

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Equipment used to to produce goods

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Capital goods

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Capital intensive

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Relies more on human workers

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From each according to his ability to each his need

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The communist manifeto

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Distribution of income based on equality of each individual

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Egalitarian fairness

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Relies more on human workers than equipment

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Labor intensive

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Distribution of income based on individual productivity

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Libertarian fairness

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Source of funds for businesses to produce productive equip

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Savings

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Exists when people do not work

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Unemployment

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Genesis 2:2

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Creation was gods work

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Genesis 3:10

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God put Adam in the garden to till and keep it

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When prices are too high

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Inflation

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When prices are falling

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Deflation

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Where businesses are able to increase more land, labor, fin

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Extensive growth

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Those that customers purchase for personal use

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Consumer goods

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What will the nation produce

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Output question

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How will a nation produce it's goods

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Input question

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Who will receive what the nation produces

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Distribution question

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Equally distributing the nation's wealth to all citizens

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Economic leveling

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Business increases production through existing factors

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Intensive growth

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The economic problem of society is how to best accomplish its

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Economic goals

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Economic growth refers to an increase in the quantity of goods and nation

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Produces

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Invention and innovations promote intensive growth by developing ways to be more

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Efficient

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Every nation must decide the

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Output question

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Another name for capital goods is

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Real capital

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Policymakers decide not only the proportion of consumer goods produced but also the items it will

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Manufacture

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The most popular business model in the United States today is the

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Sole proprietorship

Front 89

What book of the Bible gives much advice about personal financial practices

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Proverbs

Front 90

In the eyes of the law, a corporation possesses which important qualities

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Individuality and immortality

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Many law and accounting firms use the partnership model because of its ability to

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Retain competent empeloyeed