Quiz in Econ

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   ________________-Invisible hand concept  ________________-Focused on the distribution of income among land owners, workers and capitalists  ________________-Focuses on the behavior and interactions of economic agents and economies work.  _________________   –   microeconomic techniques are used to analyze various pricing decisions including transfer pricing, joint product pricing, price discrimination, price elasticity estimations, and choosing the optimum pricing method.  ________________ - it is small  _________________   –    investment theory is used to examine a firm’s capital purchasing decisions.  _________________  –   various models are used to quantify risk and asymmetric information and to employ them in decision rules to manage risk.  ________________-is important for a firm as its revenue, profits and income of its employees depend on it.  ________________-Economics is a science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth.  _______________- it is ideal  ________________-Approach to legal theory that applies methods of economics to law  ________________-Discusses potential benefits of specialization by division of labor  ________________-Das Kapital  ________________-Concept of Diminishing Returns (this explains our low living standard)  ________________-He remarks making economics an approach rather than a subject matter but with great specificity as to the “choice process and the type of social interaction that analysis involves.”   _________________ -It is about business Economics  _________________-Nobel Memorial Prize in Economic Science  ________________-IS-LM Model  ________________-natural resources  ________________-are employed as consultants and in industry, including banking and finance. They also work for various government agencies. (The National Treasury, Central Bank and Bureau of Statistics)  _________________   –   microeconomic techniques are used to analyze production efficiency, optimum factor allocation, costs, economies of scale and to estimate the firm’s cost function.   ________________-Used to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests  ________________- example it is all about government  ________________- Pointed to a distinct difference between the market’s two roles: allocation of resources and distribution of income.   ________________-Economics is an inquiry into the nature and causes of the wealth of the nations.  _________________-It defines the market size for a commodity, and at a disaggregated level the composition of the customer base.  ________________-Studies questions such as how monopoly, rent-seeking behavior, and externalities should impact government policy  ________________-It studies factors that explain economic growth  –   the increase in output per capita of a country over a long period of time.  ________________-Includes topics related to energy supply and energy demand  ________________- Father of economics  ________________-down prices but up quantity demanded goes up  ________________-Theory of Surplus  ________________- The social responsibility of business should be “to use its resources and engage in activities designed to increase its profits through open and free competition without deception or fraud.”   ________________-The Wealth of the Nations  ________________-Economics is a science which studies human behavior as a relationship  between ends and scarce means which have alternative uses.  _________________- as should be  ________________-Economics is the study of man in the ordinary business of life. It enquires how he gets his income and how he uses it.  ________________- man power  _________________- is the willingness of potential customers to buy a commodity.  _________________-A social science concerned with the factors that determine the production, distribution and consumption of goods and services.  _________________-Combines economics, law and political science in explaining how political institutions, the political environment and the economic system influence each other  _________________ It is application of the economic concepts and economic analysis to the  problems of formulating rational managerial decisions.  ________________-Labor Theory of Value  ________________- as it is  ________________-man made goods  ________________- it is big  ________________-Economics is the science of production, distribution, and consumption of wealth.  ________________- economy as a whole  ________________-Includes the use of economic concepts to explain the effects of legal rules, to assess which legal rules are economically efficient, and to predict what the legal rules will be.  _______________- Economic analysis of law   ________________-Founder of scientific economics as to monetary, interest and value theory within a natural-law perspective  ________________- it is existing  ________________-Aggregate demand for goods might be insufficient during economic downturns, leading to unnecessarily high unemployment and losses of potential output.  ________________-the owner of business  ________________-up the prices but quantity demanded goes down   Managerial Decision Areas Include: Law and Economics: Managerial Economics is Most Commonly Applied to: Scope:
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