midterm review - Midterm Review 26 September 2005 Chapter 1...

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Midterm Review 26 September 2005 Chapter 1: What are the economic goals of the U.S.? (8 terms on page 8) o Economic growth o Full employment o Economic efficiency o Price-level stability o Economic freedom o Equitable distribution of income o Economic security o Balance of trade What is microeconomics? o The study of one unit in the economy What is macroeconomics? o The study of the economy as a whole What really is economics? o The study of scarce resources What is scarcity? o Our wants exceed available resources Why do we study economics? o To be knowledgeable citizens What is the prospect of economics? What is positive/normative economics? o Positive: economic perspective that focuses on facts and gives specific information o Normative: economic perspective that makes a value judgment Chapter 2: What is command econo my? – (AKA communism) When the government acts only as a firm (it produces everything and doesn’t buy anything). What is mixed economy? o There is some government intervention in the economy 2 questions about opportunity costs o The alternative choice, marginal analysis Unlimited wants verse scarcity What is the market syste? Factors of production (p.23) o Labor o Capital o Entrepreneurial ability
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o Land 2 questions on productions possibility curve What is capital?
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