Economics Test One Chapter One

Front 1

the study of how best to allocate scarce resources among competing uses

Back 1

economics

Front 2

lack of enough resources to satisfy all desired uses of those resources

Back 2

scarcity

Front 3

resource inputs used to produce goods and services such as land labor capital and entrepreneur ship

Back 3

factors of production

Front 4

final goods produced for use in teh production of other goods such as equipment structures.

Back 4

capital

Front 5

the assembling of resources to produce new or improved products and technologies

Back 5

entrepreneurship

Front 6

the most desired goods or services that are forgone to obtain sometheing else.

Back 6

opportunity cost

Front 7

the alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology

Back 7

production possibilities

Front 8

maximum output of a good from the resources used in production

Back 8

efficiency

Front 9

and increase in output an expansion of production possibilites

Back 9

economic growth

Front 10

the use of market prices and sales to signal desired outputs

Back 10

market mechanism

Front 11

the doctrine of leave it alont of non intervention by government in the market mechanism

Back 11

laissez faire

Front 12

an economy that uses both market signals and government directives to allocate goods and resources

Back 12

mixed economy

Front 13

an imperfection in the market mechanism that prevents optimal outcomes

Back 13

market failure

Front 14

government intervention that fails to improves economic outcomes

Back 14

governt failure

Front 15

the study of aggregate economic behavior, of teh economy as a whole.

Back 15

macroeconomics

Front 16

the study of individual behavior in the economy, of the components of the larger economy

Back 16

microeconomics

Front 17

the assumption of nothings else changing

Back 17

ceteris paribus