Podcast
Questions and Answers
In the term 'conservation,' what does the root 'con' signify?
In the term 'conservation,' what does the root 'con' signify?
- House
- To keep
- Together (correct)
- Manage
What term describes the ability of a single entity or small group to significantly influence market prices?
What term describes the ability of a single entity or small group to significantly influence market prices?
- Market power (correct)
- Externality
- Economic power
- Price power
Which type of economy distributes resources through decentralized interactions between firms and households in markets?
Which type of economy distributes resources through decentralized interactions between firms and households in markets?
- Market economy (correct)
- Urban economy
- Planned economy
- Rural economy
Within the concept of 'conservation', what does the root 'servare' denote?
Within the concept of 'conservation', what does the root 'servare' denote?
Which statement accurately reflects the fundamental assumptions in economics regarding wants and resources?
Which statement accurately reflects the fundamental assumptions in economics regarding wants and resources?
What economic condition is defined as a general increase in the price level of an economy?
What economic condition is defined as a general increase in the price level of an economy?
What relationship is graphically represented by the Phillips curve?
What relationship is graphically represented by the Phillips curve?
In the context of the word 'economics,' what is the meaning of the root 'oikos'?
In the context of the word 'economics,' what is the meaning of the root 'oikos'?
When do most rational decisions occur?
When do most rational decisions occur?
What kind of input costs do not involve a direct monetary outlay?
What kind of input costs do not involve a direct monetary outlay?
Flashcards
Con in 'conservation'
Con in 'conservation'
In the word root for conservation, con stands for working 'together'.
Market power
Market power
The ability of a single economic actor, or small group of actors, to have a substantial influence on market prices.
Market economy
Market economy
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.
Servare in 'conservation'
Servare in 'conservation'
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Wants vs. Resources
Wants vs. Resources
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Inflation
Inflation
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Phillips Curve
Phillips Curve
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Oikos
Oikos
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Thinking at the margin
Thinking at the margin
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Implicit costs
Implicit costs
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Study Notes
- In the word root for conservation, "con" stands for together.
- The ability of a single economic actor to have a substantial influence on market prices is known as market power.
- An economy that allocates resources through the decentralized decisions of many firms and households is a market economy.
- In the word root for conservation, "servare" stands for to keep.
- Wants are unlimited, resources are limited.
- An increase in the overall level of prices in the economy is inflation.
- Phillips curve shows the relation between inflation rate and unemployment rate.
- In the word root for Economics, "oikos" stands for house.
- Most rational thinking occurs at the margin.
- Input costs that don't require an outlay of money are implicit costs.
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