Top Economics Flashcards

If you’re a social sciences major you may well have come across economics as part of your studies. A word derived from ancient Greece, the term economics is used to describe economic activity and the rate and value at which goods and services are sold. A study of numbers and data, production, consumption and investment, economics is an expansive subject often split into two areas, macro and micro. Microeconomics focuses on individual elements such as a certain market, while macro economics takes a more global view, factoring aspects of the economy in its entirety and the issues or elements that surround it.

As well as production and consumption, economics also consider factors such as unemployment, growth, inflation and governmental policies such as taxation. Economics is a complex and expansive field, so use our flashcards to help you memorize key facts and information as well as fill in any gaps in your knowledge of this fascinating subject. 
Can You Answer The Following Public Economics Terms Flashcards
Cards: 42| Attempts: 259| Last updated: Sep 30, 2020
  Consider A Society With Only Two People, Rich...
  No, It Does Not Follow That The Tax Will Be P...
  Use A General Equilibrium Framework To Discus...
  If A Tax Is Placed On Cigarettes, Markets Oth...
  In An Effort To Reduce Alochol Consumption, T...
  A) Before-tax Equilibrium:  P = $10 And ...
  Suppose That The Income Tax In A Certain Nati...
  A) A Part-time Worker With Annual Income Of $...
What Are Product Life Cycle Stages Flashcards
Cards: 16| Attempts: 213| Last updated: Mar 31, 2021
  In Which Stage Of The Product Life Cycle Shou...
  A
  Which Of The Following Would Likely Cause A C...
  A
  A Product's Life Cycle Is Divided Into Four S...
  D
  In Which Stage Of The Product Life Cycle Shou...
  B
What Do You Know About Economics Of Consumer Sovereignty Flashcards
Cards: 30| Attempts: 209| Last updated: Sep 23, 2020
  Consumer Sovereignty Refers To The
  Idea That The Decisions Of Producers And Reso...
  The Dollar Votes Of Consumers Ultimately Dete...
  Consumer Sovereignty.
  Which Of The Following Best Describes The Inv...
  The Desires Of Resource Suppliers And Produ...
  Two Major Virtues Of The Market System Are Th...
  Allocates Resources Efficiently And Allows Ec...

Answer The Microeconomics Concepts On Demand,supply And Equilibrium Flashcards
Cards: 30| Attempts: 178| Last updated: Sep 29, 2020
  Refer To The Above Table. Suppose That Demand...
  A Shortage Of 40 Units Would Occur.
  Refer To The Above Data. Equilibrium Price Wi...
  $2.00
  A Market Is In Equilibrium:
  If The Amount Producers Want To Sell Is Equal...
  The Rationing Function Of Prices Refers To Th...
  Capacity Of A Competitive Market To Equate Th...
Economics Chapter 6 Vocab
Cards: 12| Attempts: 82| Last updated: Sep 16, 2015
  Market Equilibrium
  Occurs When The Quantity Demanded And The Qua...
  Equilibrium Price
  Price At Which The Quantity Demanded And The ...
  Surplus
  The Result Of The Quantity Supplied Being Gre...
  Shortage
  The Result Of Quantity Demanded Being Greater...
Econ Chapter 18
Cards: 22| Attempts: 60| Last updated: Sep 22, 2015
  Founder Of The National Bureau Of Economic Re...
  Wesley Mitchell
  Why Are Business Cycles Of Agriculuture Diff ...
  -cuz Agricultural Econ Is Probably Close To A...
  Command Econ
  Having Gov Take Over Private Industry And Rep...
  Who Wrote The General Theory Of Employmnet, I...
  Keynes 
Define The Following Economics Terms Flashcards
Cards: 10| Attempts: 55| Last updated: Apr 6, 2020
  National Income
  Net National Product Less Indirect Business T...
  Gross Domestic Product
  Dollar Value Of All Final Goods. Services And...
  Gross National Product
  Dollar Value Of All Final Goods, Services And...
  Net National Product
  Calculated By Subtracting Depreciation From G...
What Do You Know About Elasticity Of Demand Flashcards
Cards: 20| Attempts: 50| Last updated: Mar 31, 2021
  With Reference To The Relevant Type Of Elasti...
  Elasticity Of Demand Concerns The Responsiven...
  Explain, Using A Normal Demand Curve, How Con...
  A Normal Demand Curve Slopes Downward From Le...
  With The Help Of Diagrams, Discuss Whether Co...
  An Indirect Tax Is A Tax On Consumption. An E...
  (a) Explain, With The Aid Of A Diagram, How C...
  Consumer Surplus Is The Excess The Consumer I...
Chapter 1: What Is Economics?
Cards: 33| Attempts: 50| Last updated: Sep 17, 2015
  Scarcity
  The Fundamental Economic Problem Facing All S...
    Economics
  The Study Of How People Try To Satisfy What A...
  Need
  A Basic Requirement For Survival And Includin...
  Want
  A Way Of Expressing A Need.
How Can You Explain Price Elasticity Of Demand Flashcards
Cards: 30| Attempts: 37| Last updated: Mar 31, 2021
  The Price Elasticity Of Demand Coefficient Me...
  Buyer Responsiveness To Price Changes.
  The Basic Formula For The Price Elasticity Of...
  Percentage Change In Quantity Demanded/percen...
  If The Price Elasticity Of Demand For A Produ...
  Increase The Quantity Demanded By About 25 Pe...
  Which Of The Following Is Not Characteristic ...
  The Elasticity Coefficient Is Less Than One.
ECON 101 Chapter 9
Cards: 22| Attempts: 36| Last updated: Sep 18, 2015
  Economic (opportunity) Cost
  A Payment That Must Be Made To Obtain And Ret...
  Explicit Cost
  The Monetary Payment A Firm Must Make To An O...
  Implicit Costs
  The Monetary Income A Firm Sacrifices When It...
  Normal Profit
  The Payment Made By A Firm To Obtain And Reta...
What Do You Understand By Cost Of Production Flashcards
Cards: 12| Attempts: 34| Last updated: Mar 27, 2020
  The Marginal Cost Curve First Declines And Th...
  Increasing Then Diminishing Marginal Returns
  The Vertical Distnace Between Atc And Avc Mea...
  Average Fixed Cost
  Atc:
  Afc+avc
  When The Marginal Cost Curve Lies
  Above The Atc Curve ATC Rises
Explain The Law Of Demand And Elasticity Flashcards
Cards: 24| Attempts: 34| Last updated: Mar 31, 2021
  Law Of Demand 
  When A Good's Price Is Low, Consumers Will Bu...
  Determents Of Demand
  1. Increase Income2. Tastes/Seasons/Advertisi...
  Elasticity Of Demand
  The Way Customers Respond To Changes In Price...
  Inelastic
  Demand For A Good That You Will Keep Buying D...
Econ Chapter 6
Cards: 28| Attempts: 30| Last updated: Sep 16, 2015
  THE PRICE ELASTICITY OF DEMAND COEFFICIENT ME...
  RESPONSIVENESS TO PRICE CHANGES.
  THE BASIC FORMULA FOR THE PRICE ELASTICITY OF...
  PERCENTAGE CHANGE IN QUANTITY DEMANDED/PERCEN...
   ...
  INCREASE THE QUANTITY DEMANDED BY ABOUT 25 PE...
     ...
  THE ELASTICITY COEFFICIENT IS LESS THAN ONE.
Economics Chapter 1 Test
Cards: 16| Attempts: 30| Last updated: Sep 22, 2015
  Principle 5
  Trade Can Make Everyone Better Off; Trade All...
  Principle 6
  Markets Are Usually A Good Way To Organize Ec...
  Market Economy
  An Economy That Allocates Resources Through T...
  Market Economy
  Firms And Households Make The Decisions That ...
Choose Correct Options For Foreign Exchange Markets Flashcards
Cards: 142| Attempts: 29| Last updated: Mar 31, 2021
   1.   &...
   A.   To Tra...
   2.   An Inc...
   A.   An Ap...
   3.   A Chan...
   A.   Deprec...
   4.   A Shor...
   A.   A Depr...
Economics Chapter 2 Terms
Cards: 23| Attempts: 25| Last updated: Mar 6, 2017
  Economic System
  A Particular Set Of Institutional Arrangement...
  Command System
  An Economic System In Which Most Property Res...
  Market System
  An Economic System In Which Property Resource...
  Private Property
  The Right Of Persons And Firms To Obtain, Own...
Define The Following Terms Of Business In Market Flashcards
Cards: 27| Attempts: 25| Last updated: Mar 31, 2021
  Perfect Competition
  Market Structure In Which A Large Number Of F...
  Commoditiy
  Product, Such As Petroleum Or Milk, That Is C...
  Barrier To Entry
  Any Factor That Makes It Difficult For A New ...
  Imperfect Competition
   Market Structure That Fails To Meet The Con...
Econ Chapter 8 And 9
Cards: 23| Attempts: 25| Last updated: Sep 30, 2015
  Labor Supply
  The Willingness And Ability To Work Specific ...
  Market Supply Of Labor
  The Total Quantity Of Labor That Worker Are W...
  Opportunity Cost
  The Most Desired Goods And Services That Are ...
  Demand For Labor
  The Quantities Of Labor Employers Are Willing...

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