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Economics

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Mac O'Connell

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2y ago
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Cards in this guide (17)
Under this economic theory the government does not get involved in the economy

Laissez-Faire

Conducting a survey to determine the current status of a welfare program

pure economics

In socialism but not in communism the government plays a strong role

False! false

This type of economics addresses the question what is

Pure economics addresses this question.

This branch of economics focuses on individual areas and units of the economy

microeconomics(kaylop)

If you left Promontory point Utah and traveled to San Francisco in which direction would you be traveling

West

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)

What does the flow of money determine in the circular flow model

The allocation of resources. :P

Developing an economic plan to achieve the goal of fixing all of the main water lines in your town

applied economics

The effect of the cutting of the old-growth forests on the ancient cultures and traditions of the people

athropologist

This is the study of all aspects of the economy

macroeconomics

In the circular flow model economic resources is both production and the factors of production

true
true

This type of economics addresses the question how can you achieve the goals that have been established

Applied Economics A+

Which term applies to this definition

The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.

To which person would this event be of concern A business because the old-growth forest was not cut down

economist

Which group would be concerned with pollution of the river after cutting of the old forest

Environmentalists.

Which term applies to this situation failure to return a book to the library on time an paying a fine

Secondary Effect

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