TJC ECON EXAM BUNDLE

scarcity - ANSWERrefers to inherently limited nature of society's resources, given society's unlimited wants and needs economics - ANSWERstudy of how individuals and societies allocate limited resources to satisfy their practically unlimited wants entrepreneur - ANSWERA person who starts...

List the main characteristics of the market system - ANSWERprivate property, freedom on enterprise, freedom of choice, self-interest, competition, markets and prices, technology and capital goods, specialization, division of labor, geographic specialization, use of money, active/limited government ...

Economics - ANSWERsocial science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity Scarcity - ANSWERlimited supply of economic resources needed to make goods and services...demands choices; resources are scarce Opportunity cost -...

Gross Domestic Product (GDP) - ANSWERthe market value of all final goods and services produced within a country in a given period of time business cycle - ANSWERa short-run fluctuation in economic activity economic expansion - ANSWERa phase of the business cycle during which the economy is gro...

List the main characteristics of the market system - ANSWERprivate property, freedom on enterprise, freedom of choice, self-interest, competition, markets and prices, technology and capital goods, specialization, division of labor, geographic specialization, use of money, active/limited government ...

Production function - ANSWERDescribes the relationship between the imputs the firms use and the output it creates Convergence - ANSWERThe idea that per capita GDPs across nations equalize as nations approach the steady state Depreciation - ANSWERA fall in the value of a resource over time N...

Gross Domestic Product (GDP) - ANSWERthe market value of all final goods and services produced within a country during a specific period per capita GDP - ANSWERGDP per person inflation - ANSWERthe growth in the overall level of prices ina n economy real GDP - ANSWERGDP adjusted for changes ...

What did the Organization of Petroleum Exporting Countries (OPEC) do to punish the United States for supporting Israel during the Yom Kippur War? - ANSWERIt cut off oil shipments to the United States. Which of the following statements accurately characterizes the period of the 1960s and early 197...

The single most important stimulant to the postwar economy was - ANSWERcold war-related military spending. What stance did Eisenhower take in terms of New Deal programs? - ANSWERHe retained most New Deal programs and even expanded some of them, while also working to rid the government of the "...