Math homework Essay

1. Economics is the study of the choices that we make in the allocation of scarce resources.

2. In choosing whether or not to go to a particular concert … if the marginal benefit (marginal utility) gained is greater than the marginal cost, then it would be “rational” to go.

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3. A real cost of choosing to attend a concert is not only the out-of-pocket $ $ $ cost, but also the opportunity (lost wages or maybe extra sleep). Every activity we undertake requires us to not pursue other opportunities.

4. Inflation is when more money is paid for the same amount of goods and services than in a previous time period.

5. In the Resource (or Factor) Markets of the Circular Flow model, Households provide Entrepreneurship to the Business sector in exchange for Profits.

6. In the Product Markets of the Circular Flow model, Households provide Consumption Spending (or Revenues) to the Business sector in exchange for Goods and Services.

7. Over a reasonable period of time a nation must choose to balance its trade within the global markets in order to prosper.

8. Allocation is concerned with how we choose to use our scarce resources on a limited variety of projects.

9. Stability is the goal of economics seeking to allocate resources so that an economy does not experience high inflation.

10. Critical reasoning in economics is an activity which considers alternative courses of action and the expected results (benefits) relative to the costs of each action.

11. Full Employment is the goal seeking the full use of all available workers who are willing and able to work.

12. There are many variables which determine(s) how much individuals are able to make during their careers and (using “ceteris paribus” based studies) the major variable turns out to be their education.

13. In the Resource (or Factor) Markets of the Circular Flow model, Households provide Land (natural resources) to the Business sector in exchange for Rent.

14. The Principles of Economics are the generally accepted theories about resource allocation.

15. In choosing whether or not to go to a particular concert … if the marginal cost is less than the marginal benefit (marginal utility) gained, then it would be “rational” to go to the concert.

16 The statement, “The government should choose a policy to create a lower rate of inflation”, is a Normative economic statement.

17. A balance of responsibilities taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.

18. Freedom for citizens is a goal of economics within Capitalism.

19. Microeconomics analyzes how we choose to use our resources on a smaller scale and includes measures of performance such as both b. and c. (business costs, consumer utility patterns)

20. In order to evaluate the choices that must be made toward providing value for people, it is assumed that all parties to the process are rational

21. Policy Economics is the application of the Principles of Economics to decision making. (choices) by the various arms of the government.

22. Economics is the study of the choices we make in the allocation of scarce resources.

23. In choosing whether or not to go to a particular concert … if the marginal cost is greater than the marginal benefit (marginal utility) gained, then it would be “rational” to not go to the concert.

24. Critical reasoning in economics is the ability to analyze the allocation process logically and evaluate the outcomes (benefits and costs) expected from alternative courses of action.

25. A balance of responsibilities taken on by all people in each sector of the economy results in fairness of opportunity (equity) for all people.

26. In the Resource (or Factor) Markets of the Circular Flow model, Households provide Labor to the Business sector in exchange for Wages.

27. Over a reasonable period of time a nation must choose to balance its trade within the global markets in order to prosper.

28. “Allocation” is concerned with how we choose to use our limited resources on some variety of different projects.

29. The Principles of Economics are the generally accepted theories about resource allocation

30. In the Resource (or Factor) Markets of the Circular Flow model, Households provide Capital (tools) to the Business sector in exchange for Interest

31. In order to evaluate the choices that must be made toward providing value for people, it is assumed that all parties to the process are rational.

32. The actual goal of Full Employment is to have an optimum (balanced) level of employment which will be discussed in a later lesson.

33. Growth and Full employment are complementary economic goals.

34. The goals of Macroeconomics relate to the allocation of resources to achieve a optimized (balanced) higher standard of living for a nation.

35. Economists emphasize the importance of changing only one variable at a time. This is called ceteris paribus.

36. The balance of trade is the difference between the monetary cost of the goods and services that a nation exports and the monetary cost of what it imports.

37. Anytime we receive a benefit from the allocation of a(n) resource, it comes at a cost because we could have allocated that resource toward another opportunity.

38. The concept of scarcity implies that we have a limited amount of all resources (or assets) compared to our desire to have more of everything which they can provide.

39. Growth and Stability are conflicting economic goals.

40. Inflation is when more money is paid for the same amount of service and goods than in a previous time period.

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