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Economics

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Carmella Mosciski

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Term1/18
What best describes the organization of labor and capital
Definition1/18

production

Term1/18
When was Thorstein Veblen born
Definition1/18

Thorstein Veblen was born on July 30, 1857.

Term1/18
What is the purpose of tableau
Definition1/18

tableau's purpose is to tell a story or convey a message

Term1/18
Which of the following most accurately explain why commodity money has value
Definition1/18

Commodity money is a good that can be used as a medium of exchange or for some other purpose.

Term1/18
Which factor of production is used by manufacturing firms for a physical location
Definition1/18

land

Term1/18
What are the main sources of capital for the national state and local governments
Definition1/18

taxes

Term1/18
Which economic theorist believed that the division of labor could make workers become like machines
Definition1/18

Karl Marx A+

Term1/18
Which economist believed that the division of labor could cause workers to become generally more ignorant
Definition1/18

Adam Smith.

Term1/18
Which of these methods calculates the market value of all final goods and services produced within a country's borders in a given year
Definition1/18

Gross Domestic Product

Term1/18
Which of these describes how real GDP is calculated
Definition1/18

based on previous year pricing with adjustments made to accommodate for inflation.

Term1/18
Which of these would not be included as government spending when calculating the GDP
Definition1/18

unemployment benefits A+

Term1/18
If money supply growth exceeds the growth of the overall economy what will be the result
Definition1/18

inflation

Term1/18
Which of these is not a benefit of using an assembly line to produce goods
Definition1/18

it allows workers to only learn one task A+

Term1/18
What describes the private investment component of the GDP
Definition1/18

the sum of all non-financial business investments

Term1/18
Which of these is not a service provided by the government using revenue from taxes
Definition1/18

Private Schools (A+)

Term1/18
The nation's economic health is currently calculated by using what
Definition1/18

Gross Domestic Product

Term1/18
The works of which economist lead to a more quantitative study of economics
Definition1/18

François Quesnay

Term1/18
Which form of exchange is used in simple societies and does not involve money
Definition1/18

Barter

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Cards in this guide (18)
What best describes the organization of labor and capital

production

When was Thorstein Veblen born

Thorstein Veblen was born on July 30, 1857.

What is the purpose of tableau

tableau's purpose is to tell a story or convey a message

Which of the following most accurately explain why commodity money has value

Commodity money is a good that can be used as a medium of exchange or for some other purpose.

Which factor of production is used by manufacturing firms for a physical location

land

What are the main sources of capital for the national state and local governments

taxes

Which economic theorist believed that the division of labor could make workers become like machines

Karl Marx A+

Which economist believed that the division of labor could cause workers to become generally more ignorant

Adam Smith.

Which of these methods calculates the market value of all final goods and services produced within a country's borders in a given year

Gross Domestic Product

Which of these describes how real GDP is calculated

based on previous year pricing with adjustments made to accommodate for inflation.

Which of these would not be included as government spending when calculating the GDP

unemployment benefits A+

If money supply growth exceeds the growth of the overall economy what will be the result

inflation

Which of these is not a benefit of using an assembly line to produce goods

it allows workers to only learn one task A+

What describes the private investment component of the GDP

the sum of all non-financial business investments

Which of these is not a service provided by the government using revenue from taxes

Private Schools (A+)

The nation's economic health is currently calculated by using what

Gross Domestic Product

The works of which economist lead to a more quantitative study of economics

François Quesnay

Which form of exchange is used in simple societies and does not involve money

Barter

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