Economic Activity in Context - Chapter 1

Helpfulness: 0
Set Details Share
created 7 years ago by miderry
351 views
Contains the vocabulary for chapter 1 in the text Economics in Context 3rd ed. by Goodwin, Harris, Nelson, Roach and Torras
updated 7 years ago by miderry
Grade levels:
College: Second year
show moreless
Page to share:
Embed this setcancel
COPY
code changes based on your size selection
Size:
X
Show:
1

_____ is the study of how people manage their resources to meet their needs and enhance their well- being.

Economics

2

The sub field of economics that focuses on the economy as a whole is called _____.

Macroeconomics

3

______ is the subfield of economics that focuses on activities that take place within and among the major economic actors and organizations of a society.

Microeconomics

4

A good quality of life is commonly called _____.

Well- being

5

Economic statements that can be proven to be right or wrong are called ________ economic statements.

Positive

6

Economic statements that reflect a belief of how things should be are called ______ economic statements.

Normative

7

A _____ goal does not need any further justification it is an end in itself.

Final

8

The net value of all material and financial assets owned by an individual is called _____.

Wealth

9

Property owned by an individual or organization are called _____.

Assets

10

The use of resources or inputs, such that they yield the highest possible value of output or the production for a given level of output using the lowest possible value of inputs is called _____ _____.

Economic Efficiency

11

An individual or organization involved in the economic activities of resource maintenance or the production, distribution, or consumption of goods and services is called an ______ _______.

Economic actor

12

A _____ is an unintended consequence or side- effect of economic activity that affects those not directly involved in the transaction.

Externality

13

A harmful side- effect or unintended consequence of economic activity that adversely affects those not involved in the economic activity is a _____ externality.

Negative

14

A beneficial side- effect or unintended consequence of economic activity that accrues to those not involved in the economic activity is a _____ externality.

Positive

15

The economic activity of _____ _______ refers to the preservation or improvement of resources that contribute to the enhancement of well- being.

Resource Maintenance

16

________ is the conversion of resources into goods and services.

Production

17

______ are the resources that go into proeuction.

Inputs

18

_____ are the results of the production process.

Outputs

19

Resources that can not be used for consumption or in a further production process are called _____ _____.

Waste Products

20

______ refers to the allocation of products and resouces among economic actors.

Distribution

21

______ is the trading of one thing for another.

Exchange

22

______ is the giving of something with nothing specific expected in return.

Transfer

23

Non- monetary transfers that require acceptance in a specific form is called a(n) _______ ______.

In- kind transfer

24

_______ is the final use of a good or service.

Consumption

25

Refraining from consumption during the current period is engaging in ______.

Saving

26

A quantity of any resource that is valued for its potential economic contribution is a(n) _____ _____.

Capital Stock

27

_____ ______ are physical assets provided by nature.

Natural Capital

28

Physical assets generated by applying human productive activities to natural capital are _____ _____.

Manufactured Capital

29

_____ _____ refers to people's capacity for work and their individual knowledge and skills.

Human Capital

30

The institutions and the stock of trust, mutual understanding, shared values, and socially held knowledge that facilitates and coordinates economic activity is known as ____ _____.

Social Capital

31

_____ ____ are the funds of purchasing power available to economic actors.

Financial Capital

32

Actions taken to increase the quantity or quality of a resource over time is called ______.

Investment

33

If resources are plentiful in supply they are called _______.

Abundant

34

The concept that resources are not sufficient to accomplish all goals at once is referred to as _____.

Scarcity

35

The maximum amount of two outputs that can be produced by a society given a set of inputs over a specified period of time is illustrated by the _____ _____ ______.

Production Possibilities Frontier

36

When you make a decision, the best alternative that is foregone is the ______ _____ of your decision.

Opportunity Cost

37

The development of new methods of converting inputs into outpus is called _____ ______.

Technological Progress