Econ Partial Exam 1

Front 1

Full Employment

Back 1

When 5% or less of the labor force over 15 years of age are looking for work

Front 2

Economic Stability

Back 2

When an economy looks to avoid swings in performance

Front 3

Economic Security

Back 3

Every memeber in society should have their basic needs satisfied. Food, shelter, clothing, health, edcation, water & sanitation

Front 4

Economic Justice

Back 4

Every member in society should have equal opportunities for economic success.

Front 5

Conspicuous/Ostentatious Commodities

Back 5

Those that consumers associate due to high price to high social class. Makes them feel ahead of others socially

Front 6

Jone's Commodities

Back 6

consumed because of peer pressure, to not feel that they are socially falling behind.

Front 7

Non-Substitute/Absolute necessity goods

Back 7

Those that have no easily available alternatives, or perceived indespinsibility.

Front 8

Opportunity/Alternative Cost

Back 8

The cost of using resources for a purpose, measured by the cost of not producing an alternative good.

Front 9

Complementary

Back 9

Completes a lack in something (a bagel and cream cheese)

Front 10

Complimentary

Back 10

Given without cost (Free Hotel Breakfast)

Front 11

Oîkos

Back 11

Home

Front 12

Nomos

Back 12

Management

Front 13

Microeconomics

Back 13

Studyies the behaviors of consumers and firms, and the determination of market prices. It analyzes the scarcity of economic resources and identify their strategic uses

Front 14

Macroeconomics

Back 14

Study of the aggregate economic activity. It analyzes how the economy as a whole works, identifying national income/output levels, growth, inflation, employment, money, prices, and international trade.

Employs use of fiscal policy, monetary policy, and commercial policy.