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Study Review Micro Ch. 1 Essay

Words: 678, Paragraphs: 4, Pages: 3

Paper type: Review

Is the discipline of economics concerned with individual units such as a person, household, firm, or industry True Communism exhibits all the characteristics of a command system Which of the following describe a command system? Government ownwershiop of most or all property resources A government appointed central planning board Economics is a social Science concerned with the allocation of scarce Resources to meet the unlimited wants Of the members of a given society. Marginal analysis involves the comparison or evaluation of: * The incremental cost versus the incremental benefit of a decision * An good economic system must address the following questions: * What gods are to be produced? * How they are to be produced? Who gets what is produced? * * An equitable outcome is one where each individual affected is treated faily * * The economic question of what to produce is about decisions related to the mix of goods and services to make available in a given economy * * Which of the following results from scarcity with respect to economic resources? * The production of limited goods and services * The economic question of how to produce is about decisions related to the mix factor input land, labor, capital used to produce gods and services. * * True: In a command system, the government decides how a country’s resources will best be utilized * * A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as an: economic theory, and economic principle *

* Due to scarce resources, every individual, whether rich or poor, is faced with an implicit cost when choosing to produce or consume more of one good over another. * False: Economcis, as a social science, is concerned with how to make money? * * Macroeconomics is the discipline that examines either the economy as a whole or in the aggregate. * * When comparing the additional or incremental cost verses additional or incremental benefits of a decision, one is engaging in: marginal analysis * * Which of the following describe the role of government in the United States form of capitalism? * Modifies the distribution of income, provides certain goods and services that would otherwise be underproduced or not produced at all. Promotes economic stability and growth * Pure capitablism is also known as laissez-faire capitalism. * * False: the three main decision that msut be addressed by an economic system include what gods are to be produced, who will produce them, and where they will be produced. * * An economic system is a particular sset of institution arrangements and a coordinating mechansism that respons to the allocation of scarece resources to meet unlimited wants and needs. * * Natural resources, labor, human capital, physical capital and entrepreneurshop are all scarce resources priatley or collectibely owned by members of society.

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Where these scarce resources are used to produce goods or services, there is a cost borne by society in utilizing these resources to produce any good or service and no free lunch * * Private property rights, coupled with the freedom to negotiate binding legal documents enables individuals and businesses to obtain, use, and dispose of property resources as they see fit. * * False: Governemtn owns most of the property resouces usch as land and capital in a market system. * * Consumers derive personal satisfaction from goods and services by: acting in a their own self interest.

Allocating their time, energy, money and other resources so as to maximize their satisfaction from consuming these goods * * The term “laissez-faire refers to keeping government form interfering in the economy. * * A central planning board sets the division of output between capital and consumer goods in a command system? * * Positive economic analysis concernes what is, whereas normative economic analysis represent subjective statement about what ought to be. * * Which of the following gare all possible because of private property rights in a market system? * Economic growth, investment, maintenance of property, innovation, exchange

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