Eco Chap2
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| Anything with a price is a ____? | Good
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| Something that costs you money to dispose of is a, | Economic bad
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| Opportunity Costs | The value of the next best thing. Forgone Opportunity or Benefits of the next alternative.
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| Trade Off | To sacrifice, one good or activity over another.
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| (PPC) Production possibilities curve | A graphical representation showing all possible combinations of quantities of goods and services that can be produced using the existing resources fully and efficiently.
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| Notes on PPC | Bigger countries, US, Russia, China are higher and further to the the left on the graph representing these countries spend more on defense goods and services than they do on their counties own.
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| Notes on PPC | Smaller, 3rd world countries with little or no government appear lower and to the right on the graph. This shows that they are more concerned in spending their time feeding and clothing their people than they are in making weapons to blow up foreigners.
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| F1 Position inside the curve | this point on the chart represents and under utilization of resources or miss-management.
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| G1 Position outside the curve | as a result of growth Impossible combination of Goods and Services, currently.
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| Specialization of trade Gains from trade | The difference between what can be produced and consumed without specialization and trade and with specialization and trade.
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| NOTE The marginal cost increases with ease successive increase of non-defense production. In other words, it gets more and more costly to produce non-defense goods. | none
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| Comparative advantage | "Self Comparison"
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| Absolute Advantage | comparing to others
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| Private Property Rights | The Right of Ownership
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| NOTE Specialize where is cost the lowest for opportunity." |
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| Positive analysis | Analysis of what is
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| Normative Analysis | Based on what ought to be. (opinion)
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| "Demand" Pg. 47 | (current) The amount of a product that people are willin and able to purchase at each possible price during a given period of time, everything else held constant.
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| "Law of Demand" | As the price of a good goes up, the demand for it goes down.
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| "Barter" | Direct exchange of goods and services without the use of money.
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| "Double Coincidence of wants" | this the probably the most difficult part of bartering. It means to have a good someone else wants and they have something you want.
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| "Quantity Demanded" past tense | The amount of a product that people are willing and able to purchase at a specific price.
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| "Demand Curve" Pg.49 Fig.3 | a graph pf a demand schedule that measures price on the vertical axis and quantity demanded on the horizontal axis.
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| "Determinants of Demand" | Factors other than the price of a good that influence demand- income, taxes
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| "Demand Schedule" Pg. 48 | A table or list of prices and the corresponding quantities demanded fora particular good or service. `
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| On Page know fig. 3 |
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| "Income" | The demand for any goods or services
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| "Normal Goods" | Goods for which prices goes up as income increases
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| "Inferior goods" | Goods for which demand decreases as income increases.
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| "Substitute Goods" i.e. Coke & Pepsi | Goods can be used in place of each other; as the price of one rises, the demand for the other rises.
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| "Complimentary Goods" | Products that are used to together. as the price of one rises, the demand for the other falls.
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| What is supply? | the amount of a good or service that producers are willing and able to offer for sale at each possible price during a period of time, everything else held constant.
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| "Quantity supplied" | the amount of the good or service that producers are willing and able to offer for sale at a specific price during a period of time, everything else is held constant.
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| "Law of Supply" | The quantity of a well-defined good or service that producers are willing and able to off for sale during a particular period of time increases as the price of the good or service increases, and decreases according.
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| A Market is, | A combined total of a) individuals and b) businesses
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| Equilibrium | The price and quantity at which quantity demanded and quantity supplied are equal
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| Equilibrium Study Fig.9 Pg. 58 & Fig.10 Pg.60 & 11 | Where quality and quantity meet.
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| Fig 12 Pg.62 shows the result of reduction in supply | The graph shifts to the left
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| "Price Floor" | A situation in which the price in not allowed to decrease below a certain level. This Floor is set by the Federal Government
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| "Price Ceiling" | Also set by the Federal
government. A situation in which the price is not allowed to rise above a certain level.
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| When looking at a Graph Showing equalibrium, the Price Floor can be found near the top of the graph and the Price Ceiling can be found near the bottom |
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