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Economics

Reese McDermott ∙

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Term1/19

What is the amount of a good or service that a consumer is willing to buy called

Definition1/19

Demand is considered what consumers are willing and able to buy. If the product or service is too expensive, then people won't buy it because they can't afford it and there will be no demand. If it's affordable but people don't see the use, they still won't buy it and there will still be no demand. In order to create demand, a product has to be both useful and affordable. The more useful and affordable it is, the more demand there will be.

Term1/19

Under this economic theory the government does not get involved in the economy

Definition1/19

Laissez-Faire

Term1/19

What role do businesses that go to the market play in the circular flow model

Definition1/19

Businesses go to the market to sell their product.

Term1/19

What part of the economy is involved in the study of macroeconomics

Definition1/19

All parts

Term1/19

At the end of the nineteenth century there were many notable advances in chemical manufacturing which led to the development of new products

Definition1/19

True

Term1/19

The economic policy of John Maynard Keynes called for government assistance so there could be full employment

Definition1/19

true

Term1/19

This type of economics addresses the question what is

Definition1/19

Pure economics addresses this question.

Term1/19

In which direction does the demand curve on a graph slant

Definition1/19

Downward left to right

Term1/19

Is it true that by 1840 great britain had fewer than half of its labor force producing food

Definition1/19

true

Yes or True ;)
True
Without doubt. It was down to 36% by 1800.

Term1/19

In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Definition1/19

Agriculture

Term1/19

Which of these should happen in order for a country to increase capital effectively

Definition1/19

More money invested and/or saved.

Term1/19

What type of view of economics did the rational expectation school of economics headed by lucas and sargent take

Definition1/19

macroeconomic

Term1/19

Which of these countries led England in commerce during the seventeenth century

Definition1/19

The Netherlands.

Term1/19

What do the inner arrows of the circular flow model represent

Definition1/19

flow of money payments(Kaylop)
Factor services ( From household to firms) &

Goods & Services (From firms to households).

[in a 2 sector economy)

Term1/19

The interaction of the producer and the consumer establishes a price

Definition1/19

True.

Term1/19

Administers programs in which the government guarantees loans made by private lenders

Definition1/19

Housing and urban developement

Term1/19

Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil

Definition1/19

true!!!!

Term1/19

What department operates US Custom Service that collects duties on imports combats smuggling and other international crimes

Definition1/19

Treasury

Term1/19

Which of these described they economic view of the Chicago school of economists

Definition1/19

microeconomic

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Cards in this guide (19)

What is the amount of a good or service that a consumer is willing to buy called

Under this economic theory the government does not get involved in the economy

Laissez-Faire

What role do businesses that go to the market play in the circular flow model

Businesses go to the market to sell their product.

What part of the economy is involved in the study of macroeconomics

All parts

At the end of the nineteenth century there were many notable advances in chemical manufacturing which led to the development of new products

True

The economic policy of John Maynard Keynes called for government assistance so there could be full employment

true

This type of economics addresses the question what is

Pure economics addresses this question.

In which direction does the demand curve on a graph slant

Downward left to right

Is it true that by 1840 great britain had fewer than half of its labor force producing food

true

Yes or True ;)
True
Without doubt. It was down to 36% by 1800.

In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Agriculture

Which of these should happen in order for a country to increase capital effectively

More money invested and/or saved.

What type of view of economics did the rational expectation school of economics headed by lucas and sargent take

macroeconomic

Which of these countries led England in commerce during the seventeenth century

The Netherlands.

What do the inner arrows of the circular flow model represent

flow of money payments(Kaylop)
Factor services ( From household to firms) &

Goods & Services (From firms to households).

[in a 2 sector economy)

The interaction of the producer and the consumer establishes a price

True.

Administers programs in which the government guarantees loans made by private lenders

Housing and urban developement

Malthus believed that as the labor force increases extra food will only be produced by farming less fertile soil

true!!!!

Between 1890 and 1930 what type of economy caused leading economists to be critical of the inequalities that it had created among the people

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Economics

Rate this Study Guide:

Economics

What is the amount of a good or service that a consumer is willing to buy called

Under this economic theory the government does not get involved in the economy

What role do businesses that go to the market play in the circular flow model

What part of the economy is involved in the study of macroeconomics

Economics

What is the amount of a good or service that a consumer is willing to buy called

This type of economics addresses the question what is

In which direction does the demand curve on a graph slant

Is it true that by 1840 great britain had fewer than half of its labor force producing food

Economics

What is the amount of a good or service that a consumer is willing to buy called

This type of economics addresses the question what is

In which direction does the demand curve on a graph slant

In this department the Food Safety and Inspection Service inspects food and meat processing plants to make sure the products are safe for consumers

Economics

What is the amount of a good or service that a consumer is willing to buy called

What is money in a checking account called

What is the simplest way to create capital

On which type of form can the best indicators of wealth be shown

Economics

What is the amount of a good or service that a consumer is willing to buy called

What part of the economy is involved in the study of macroeconomics

Keynes believed that the government must get involved in the economy to bring the country out of the Great Depression

Between 1890 and 1930 what type of economy caused leading economists to be critical of the inequalities that it had created among the people

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