GEB Intro to Bussiness Chapter 2

  1. How does Economic conditions affect Businesses?
  2. Define Economics
  3. Define Resource Development
  4. Why was economics known as a " dismal science"?
  5. Explain who was Adam Smith .What did he do help Economics grow?
  6. How do businesses benefit the community?
  7. what is the difference between macroeconomics and microeconomics?
  8. What is better for economy than teaching a person to fish ?
  9. What does Adam Smith 's term invisible hand mean?
  10. How does the invisible hand create wealth for a country?
  11. Define Capitalism
  12. What are the foundation of capitalism ? Explain each one.
  13. What is one benefit with Capitalism?
  14. How do Free Markets Work?
  15. How are prices determine?
  16. Explain the following concepts:
    Supply and Demand , Equilibrium point
  17. What is Market price ?
  18. What are four degrees of competition? Explain each one.
  19. Why are monopolies forbidden in the U.S. ?
  20. What a re the benefits are the limits of free markets ?
  21. How are prices determined?
  22. Define Socialism
  23. How do business people know what to produce and in what quantity?
  24. What are some of the benefits of socialism?
  25. What are some Negative consequences of Socialism ?
  26. What is Brain Drain?
  27. Define Communism
  28. What are some of the benefits and problems with communism?
  29. What are trends for mixed economics ?
  30. Define: Free market ´╗┐economics and command ´╗┐economics. what are the silimarties? Differences?
  31. Define: Mixed economies
  32. what led to the emergence of socialism?
  33. What countries still practice communism ?
  34. What are the benefits and drawbacks of socialism?
  35. What are the Key economic indicators ?Explain each one.
  36. Define : Gross domestic Product , Unemployment rate ,Inflation, Disinflation, deflation,Producer price index, Consumer price, index, recession, depression.
  37. Explain the productivity in the U.S.
  38. Explain productivity in the service sector.
  39. What is a Business cycle?
  40. Explain how does the economy stabilize through Fiscal Policy ?
  41. Define: Monetary policy , national debt.
  42. explain how using the monetary policy keeps the economy growing.
  43. What organization is responsible for monetary policy ?
  44. What are the several kinds of unemployment?
  45. Compare and contrast the economics of despair with the economics growth.
  46. How does the monetary policy and fiscal policy affect the economy.
Card Set
GEB Intro to Bussiness Chapter 2
GEB Intro to Bussiness Chapter 2