Economics

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1. Economic Theories- generalizations based upon a careful observation of facts.

. Normative Statement- based upon value judgments.

. Positive Statement- what is

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4. Concept of Economic Efficiency- concerned w/ obtaining max output from available resources.

5. Fundamental Problem of Econ.- scarcity of productive resources relative to material wants.

6. Econ. Resources- Factors of Production

7. Market- an institution which brings together buyers and sellers.

8. When an economy is operating w/ max efficiency, the production of more of "A" and less of "B"

. Money payments made to land owners rent, wages, interest, and profits.

10. Production Possibility Curve- all resources of an economy are in use, more of one only if less of another.

11. Any point inside the production possibility curve indicates more output could be produced w/ available resources.

1. Construction of Curve the quantity of all resources, technology are fixed, full employment.

1. Lead to an inward shift in curve- emigration of workers, decline in birth rate, reduced availability of resources.

14. Mixed Economy- private and public sectors.

15. Graphically, the market demand curve- the sum of individual demand curves.

16. Demand- a particular price/quality combination on a stable demand curve.

17. An increase price of one product will reduce the amount of it purchased b/c consumers substitute

18. Complement Goods- consumed jointly.

1. Increase in Demand- product price has fallen so consumers move down to a new point on demand curve.

0. Law of Supply- producers will offer more of a product at high prices than they will at low prices.

1. Point where supply and demand curves intersect- quantity wanted to consume and quantity produced are same.

. Surplus- consumers buy less than what is produced.

. Excise Tax- decrease its supply, increase its price, decrease quantity sold.

4. Determinants of Demand- change in buyer taste, number of buyers, income, price of related goods, substitute good, complimentary goods, expectation.

5. Law of Demand- quantity demanded varies inversely w/ price.

6. Law of Supply- varies directly.

7. Demanded and Supplied- refer to movement from pt. to another pt.

8. Determinants of Supply- change in resource price, technology, taxes, subsides, expected price, number of sellers.

. Functional Distrib. of Income- how nat'l income is distributed among factors of production.

0. Personal Distrib. Of Income- how income is distrib. Among income classes.

1. U.S.- spends more on services.

. Plant, Firm Industy

. Gov't Purchaes- directly absorb or employ resource, resulting n production. Mililtary Equip.

4. Transfer Payment- make no contribution to output. Social Security Benefits

-Total Expenditures- Pensions and Income Security, Health, Nat'l defense.

-Total Tax Revenue- Personal Income, Payroll, Corp. Income Tax.

- State Expenditures- Education, Public Welfare

- State Tax Revenue- Sales and Excise, Personal Income.

- Local Expenditures- Education

- Local Tax Revenue- Property tax, Sales and Excise tax.

Economic Goals

- Econ. Growth, higher standard of living.

- Econ. Efficiency- max. benefit, min. costs

- Price Level Stability

- Economic Freedom- high degree of freedom, not perfect.

- Equitable distribution of income.

- Full Employment, unemployment-6.%

- Balance of Trade- Export = Import

- Economic Security

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