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WorksheetsEconomics Review Mid
Total questions: 85
Worksheet time: 1hrs 24mins
The word economic's comes from two Greek words, "Eco" meaning _____ and "Nomos" meaning _____
Home/Account
House/Account
System/Home
Want/Need
Economic ______ means an inprovement in the quality of life and living standards
Growth
Prosper
Development
Increase
What are 3 basic economic questions?
Demand function (Equation)
Between buyers and sellers so that preferences can be indicated and goods and services offered for sale.
Means of "Communication"
Mode of "Communication"
Medium of "Communication"
Meaning of "Communication"
Economic ____ means an increase in real national income / national output
growth
development
efficiency
freedom
What are the 4 Economic systems?
Is a social science that deals with the study of proper allocation of scarce resources
(a)
We have to consider our ____ or other available alternative
choices
wants
needs
luxury
_____ Is said to be the main reason for us to study Economics
Scarcity
Scarsity
Varsity
A (a) is something that we can live without but we still use or opt to have for convenience or comfort.
Foundations of Economics, Analysis, also the First American to receive the Nobel Prize in Economics
Paul Samuelson
James Tobin
Kenneth Arrow
Alfred Marshall
is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region of country.
(a)
A (a) is something that we cannot live without
• The oldest type of an economy found around the world
• Is based upon a people's belief and customs
• What they produce is also what they consume
Mixed Economy
Market Economy
Command Economy
Traditional Economy
Finally, all societies need to decide who will benefit from the output from its economic activity, how much they will get.
(a)
Father of Economics, Wealth of Nations, The Bible in Economics
Adam Smith
John Stuart Mill
David Ricardo
Karl Marx
3 importance is studying economics
Societies also have to decide the best combination of factors to create the desired output of goods and services.
How to produce?
What to produce?
For whom to produce?
When to produce?
Principles of Political Economy
Adam Smith
Rod Stewart
Little Stuart
John Stuart Mill
Theory on wages and profit, labor theory of value, theory of comparative advantage, and theory of rents.
David Ricardo
David Off
David Salon
Craig David
Societies have to decide the best combination of goods and services to meet their varied wants and needs
When to produce?
How to produce?
What to produce?
Whom to Produce
Das Kapital
Adam Smith
David Ricardo
John Stuart Mill
Karl Marx
2 methods of Economics
He developed the idea of marginal utility and the general equilibrium theory
Leon Walras
Alfred Marshall
Leon Guerero
James Tobin
____ ____ or financial security is the condition of having stable income or other resources to support a standard of living now and in the foreseeable future.
(a)
An economic blending elements of market economies with elements of planned economies, free market with state interventionism, or private enterprise with public interprise.
(a)
Principles of Economics, First to develop the standard supply, and demand graph
Alfred Marshall
Alfred Vargas
Alfred Marciall
Alfred Marchall
He is often credited with providing the first clear and simple explanation of the economic problem
(a)
This is a study of individuals, household and firms, behaviour in decision making and allocation resources.
(a)
Father of "Modern" Economics, The General Theory of Employment, Interest and money
John Maynard Keynes
Alfred Marshall
Leon Walras
John Hicks
What are 2 divisions of economics
Investment - savings (IS) - (Liquidity preference money supply) LM model
John Hicks
James Toney
John Stuart Mill
Paul Samuelson
_____ _____ is the independency experienced by individuals within a a given society to pursue their interest
(a)
Studied the relationships between the financial market and macroeconomics, developed the porfolio selection theory and proposed tax currency exchange transaction
James Tobin
Adam Smith
John Stuart Mill
David Ricardo
• A system where pricing decisions are decentralized and activities are unplanned
• Prices arise naturally in a market economy based upon on supply and demand
(a)
He is the America's first Nobel Prize winner for economics
(a)
Contributed to the study of general equilibrium analysis and welfare economics
Kenneth Arrow
Leon Walras
John Maynard Keynes
James Tobin
Is a branch of Economics dealing with the performance, structure, behaviour, and decision - making of an economy as a whole.
(a)
______ _______ assumes minimum cost for the production of a good or a service, maximum output, and maximum surplus from the operation of the market
(a)
Is a stream of economics that focuses on the description, quanitification, and explanation of economic development, expectations and asscoiated phenomena.
(a)
This focuses on the idealogical, opinion - oriented, prescriptive, value judgements, and scenarios
(a)
This enables buyers to convert to convert their wants or needs into 'Effective Demand'
Purchasing power
Purchasing buyer
Purchasing seller
Purchaser
What are the 4 types of economics
_____ Economics is objective and fact based where the statements are precise, descriptive, and clearly measurable.
Positive
Negative
Devided
Descriptive
A ____ ____ which enables both buyers and sellers to be protected through civil law, such as contracts, and through criminal lw, such as laws against theft.
(a)
_____ Economics is subjective and value based, originating from personal perspectives.
Normative
Positive
Negative
Narrative
Importance of Studying Economics
Understand the Global Affairs
Understand the society
To be an informed voter
To be a good citizen of the republic
All of the above
The fundamental economic problem is the issue of (a) and how best to produce and distribute these scarce resources.
• Is based on goals passed down from a central ruler or ruling class
• Can be found in many Communist countries
• In theory, this economic system maybe beneficial if the government has the best interest of its people in mind
(a)
_______ _____ is the absence of excessive fluctuation in the macroeconomy
(a)
______ ______ is an economic situation in which all available labor resources are being used in the most efficient way possible.
(a)
What are the 3 Macroeconomic Goals?
What are the 3 Microeconomic Goals
____ Who expect a pay - off in terms of the satisfaction of a want or a need - refered as utility
Consumer
Sellers
Buyer
Purchaser
_____ Who expect a pay-off, firstly in terms of the revenue they need to cover their production cost
Sellers
Purchasing power
Buyers
Merchant
Is a table that shows the quantity demanded of a good or service at different price levels.
Demand Schedule
Law of Demand
Demand Function
Supply and Demand
(a) is balanced between buyers and sellers, so that one partly cannot persistently exploit the other party by withholding relevant information
_____ ______ _____ to facilitate a market transaction - namely, money, or credit.
(a)
Markets require a _____ _____ to enable individuals and firms to borrow if they need to and to save when they have surplus funds.
(a)
A (a) is an arrangement between buyers and sellers to exchange goods or services
Markets are the fundamental means by which scarce resources are allocated a price, and are essential to the operation of the _______ _______
(a)
The law of ____ says that at higher prices, sellers will supply more of an economic good
Supply
Demand
The law of ____ says that at higher prices, buyers will demand less of an economic good
Demand
Supply
Refers to the quantity or amount of goods and services that buyers are willing and able to buy at a given price in a specific period of time.
(a)
States that price and quantity demanded (QD) are negatively related or inversely proportional.
Law of Demand
Law of Supply
Demand function
Demand schedule
A mathematica equation which expresses the demand of a product or service as a function of its price and other factors such as the prices of the substitutes and complementary goods, income, etc.
Demand function
QD = 240 - 2P.
Demand Schedule
Demand
(QD) means?
(a)
Demand function - Mathematical Equation
QD = 240 - 2P.
QD = 360 - 2P
QD = 480 - 2P
QD = 1080 - 2P
QD = 240 - 2P
= 240 - 2 (10)
= 240 - 20
= ????
(a)
QD = 240 - 2P.
= 240 - 2 (20)
= 240 - 40
= ?????
(a)
A _____ ____ is a graph depicting the relationship between the price of a certain commodity and the quantity of that commodity that is demanded at that price.
(a)
The demand curve is always slope ______ because of the negative relationship of price and QD
Downward
Upward
Forward
Sideward
Refers to the quantity or amount of goods and services that sellers are willing and able to sell
(a)
States that price and quantity supplied (QS) are positively related or direct proportional.
Law of supply
Law of demand
Demand Function
Law of schedule
Is a Mathematical equation which expresses the supply of a product or service as a function of its price and other factors.
Supply Function
Law of Demand
Law of Supply
Demand Schedule
Is a table that shows the quantity supplied of a good or service at different price levels.
Supply schedule
Law of supply
Demand supply
Supply function
Supply function (Equation for QS)
QS = 40 + 30P
QS = 40 - 30P
QS = 40 × 30P
QS = 40 ÷ 30P
QS = 40 + 30P
= 40 + 30 (10)
= 40 + 300
QS = ??????????
(a)
QS = 40 + 30P
= 40 + 30 (20)
= 40 + 600
QS = ?????????
(a)
Graph dipicting the relationship between the price of a certain commodity and the quantity of that commodity that is supplied at that price
(a)
The supply curve is always slope _____ because of the positive relationship of orice and QS
upward
downward
forward
sideward
(a) Is defined as a state of balance or stable situation where opposing forces cancel each other out and where no change are occuring
Economic theory suggest that, in a free market, a single price will exist which brings the demand and supply into equilibrium, called ______ ______
(a)
These two laws interact to determine the actual market prices and volume of goods that are traded on the market
Law of supply
Law of demand
