Part 2A. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block letter of your choice under column"A" and match the definitions in column "B" with the meanings or examples or real world applications or facts or formulas in column "C" by writing the lower letter case of your choice under column "B".
I need only even-numbered questions. Thank you.
Chapter 1 What Economics is About: & Appendix A: Pre-Class & In-Class Activities Packet Name/I.D. Number: Section: Date: Part 2A. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block letter of your choice under column "A" and match the definitions in column "B" with the meanings or examples or real world applications or facts or formulas in column "C" by writing the lower letter case of your choice under column "B". Column "A" Column "B" Column "C" 1. Good A. Anything from which individuals receive a. All man made aids to production that facilitate the production of consumer (finished) utility or satisfaction. goods, It is divided into two: Financial (Money) and Real (in the sense that it is directly used in the production process as opposed to money used to buy real capital goods like machinery, 2. Utility B. The satisfaction one receives from a good. equipment, tools, tractors, combiners, warehouse & etc) . C. All natural resources, such as minerals, b. Tangible things that you can see, touch or feel that has the quality of satisfying human forests, water, and unimproved land. wants as opposed to services that are intangibles. It can also be classified as Economic 3. Bad D. The condition in which our wants are iphones, ipads, game consuls, cars, and household and industrial items) or Free (air & natural greater than the limited resources available to c. resources available by the free gifts of nature). The next best thing that a person gives up because of the choice she or he made. It can be satisfy those wants. 4. Disutility goods & services (G&S) that your money can buy or an activity that you missed or an effort or E. The physical and mental talents people emotional investment that you made as a result of good or bad choice. Example: the amount of contribute to the production process. morning sleep students sacrifice for an early morning class that starts at 8am. The benefit or use or levels of satisfaction that consumers get from a product (good or 5. Land F. The most highly valued opportunity or next d. best alternative forfeited (given up) when a service) or taking part in an activity ( such as a game of play, entertainment or concert). e . choice is made. The method of allocating goods and services (G&S) when there are shortages. For example: Restaurants assign seats on first come first serve basis or Gas is rationed out based 6. Labor G. A means for deciding who gets what of on the last digit or letter of a car plate on alternate days at times of shortages. available resources and goods. f. The opposite of a good (adj.) good (product) that causes harm to humans because of H. The dissatisfaction one receives from a ingestion or consumption or use. Example: pollution, chemical discharge, Second-hand 7. Capital bad. smoke (as opposed to smoking that has benefit by itself to the smoker at least for the time being.) I. Produced goods that can be used as inputs g. The study of how humans choose to use scarce resources to satisfy their wants and desires. It is also known as " the science of achieving efficiency". It is divided into two major 8. Entrepreneurship for further production: factories, machinery, categories: Microeconomics ("Micro" = Small) and Macroeconomics ("Macro"= Big). tools, computers, & etc. h. Pain, suffering, sickness or harm inflicted or caused by consuming or ingesting a bad. J. The science of scarcity; the science of how I. The availability or supply of G&S & resources in limited amount in relation to the demand for them. Also known as "Shortages" or "limited supply" or the opposite of "abundance". 9. Scarcity individuals and societies deal with the fact that wants are greater than the limited resources J. It is differently defined in economics to mean and include all natural resources provided available to satisfy those wants. by the free gifts of nature and untouched or untransformed by humans (such as oceans, seas, rivers, lands, forests, oil and minerals in the earth crust.) 10. Economics K. The talent that some people have for K. A special talent of human beings that is capable of taking risks associated with new organizing the resources of land, labor, and business idea and willing to organize a production activity by combining other resources such capital to produce goods, seek new business as labor, land and capital & set them in motion. Entrepreneur = is a person with this special 11. Rationing Device opportunities, and develop new ways of doing quality. All entrepreneurs are investors but not all investors are entrepreneurs. Example: things. Steve Jobs, Bill Gates, Elon Musk, as opposed to share holders in the stock market (investors). A special kind of resource or factor of production that is embodied in human beings that is L. Anything from which individuals receive 12. Opportunity Cost - associated with the physical (manual or "Blue collar" ) work Or Mental ( skilled, trained, disutility or dissatisfaction. professional or " White Collar ") work. In between these two , there is Semi-Skilled labor.Cont'd Chapter 1 What Economics is About & Appendix A: Pre-Class & In-Class Activities Packet Name/I.D. Number: Section: Date: Part 2A. Matching: Match the Key terms in Column "A" with the definitions in Column "B" by writing the block letter of your choice under column "A" and match the definitions in column "B" with the meanings or examples or real world applications or facts or formulas in column "C" by writing the lower letter case of your choice under column "B". Column "A" Column "B" Column "C" 13. Marginal Benefits M. Decision making characterized by weighing the M. The method used to describe the reality or the fact as it is. It tries to answer the specific additional (marginal) benefits of a change against & direct economic question: " what is"? Example: "the Federal minimum wage is set at $7.25/hr", instead of saying "it should be equal to the living wage" (i.e, about $10.25/hr) that 14. Marginal Costs the additional (marginal) costs of a change with respect to current conditions. involves subjective or value judgment (which is a normative statement). N. The condition when marginal benefits equal n. Voluntary act of exchange between two or more parties to better themselves. marginal costs. 0. The technique used to extract theory from a hypothesis or a set of related events. 15. Decisions at O. Additional costs; the costs connected with p. A set of ideas or principles that are tested and accepted, as opposed to a hypothesis. the Margin consuming one more unit of a good or undertaking For example: The earth is "round" in shape as opposed to saying it is "flat". There might be a one more unit of activity planet like earth that supports life (which is a hypothesis). 16. Efficiency P. The branch of economics that deals with human q- Extra units of satisfaction as a result of consuming extra unit(s) of a product. behavior and choices as they relate to highly r. The division of economics that deals with the study of the "Bigger" issues that affect aggregate markets. the entire economy. Examples include : Economic Growth, Unemployment , Money Supply, 17. Incentive Q. Something that encourages or motivates a Interest rate, Fiscal Polices (by the Federal and State governments) and Monetary Policies person to undertake an action. (by the Federal Reserve Bank). E.g. It is like studying about the "forest" as opposed to the 18. Exchange (Trade) R. The process (used in building a theory) of individual trees that make up the forest . focusing on a limited number of variables to explain S. The extra cost or burden or effort or hustle that is involved in consuming or using one or predict an event more unit of a good or service or taking part in one more unit of activity. 19. Ceteris Paribus S. The branch of economics that deals with human The division of economics that deals with the study of "Smaller" units (firms & behavior and choices as they relate to relatively households) that make up the economy or deals with issues that affect our day-to-day 20. Theory small units: an individual, a firm, an industry, a lives as consumers or business owners. It is like studying about the specific features of an single market. individual "tree" that make up the forest as opposed to the forest that contains the trees. 21. Abstraction * T. Additional benefits; the benefits connected with U. The state of the mind formed by comparing the extra cost & benefit associated with consuming one more unit of a good or using one good or bad choice before making a decision to take part in an activity. Example: the more unit of service. decision to agree to work for additional hours or to accept a second part time job. U. A Latin term meaning "all other things constant" V. The method that Involves subjective value judgment and it tries to answer the question 22. Positive or "nothing else changes." "what ought to be?" Example: "All households should live within their own means without economics V. An abstract representation of the real world being in debt , as opposed to saying, "the average U.S. household credit card debt is about $15,000 in 2015" (a description of the fact using a positive statement). 23. Normative designed with the intent to better understand it. W. The study of "what is" in economics. W. Doing the best with what we have. Achieving the best possible outcome among the different economics alternatives we have. Example: Farmers in developing countries are poor but know what to 24. Microeconomics do with their limited resources, implying that you can be poor and efficient. X. The giving up of one thing in return for X. Reason(s) that motivate people to do what they do best. Example: Allocation of extra 25. Macroeconomics something else. credit points for taking a survey in an economics class. Y. The study of "what should be" in economics. y. A compound Latin word used to simplify economic analysis between two or more *-ion is added . variables by suppressing changes in the other less important variables to the issue. 4
