Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

ECO 2314 Exam 1

Texas State / Fall '10 / McClung

QuestionAnswer
ECONOMICS HOW ECO AGENTS (CONSUMERS) MAKE CHOICES UNDER CONDITIONS OF SCARCITY, AND THE RESULTS OF THOSE CHOICES.
SCARCITY PRINCIPAL ECO AGENTS HAVE UNLTD WANTS, BUT ONLY LTD RESOURCES TO FULFILL THEM.
COST-BENEFIT PRINCIPAL ECO AGENTS SHOULD TAKE AN ACTION IF EXTRA BENEFITS OF THE ACTION ARE GREATER THAN OR = TO THE EXTRA COST OF THE ACTION.
RATIONAL PERSON SOMEONE W. WELL DEFINED GOALS WHO SEEKS TO ACHIEVE THEM.
ECONOMIC SURPLUS TOTAL BENEFITS - TOTAL COST = NET BENEFIT. [ONLY TAKE ACTION IF ECO SURPLUS IS GREATER THAN OR = TO 0.]
THE FOREGONE ALTERNATIVE THE NEXT HIGHEST VALUED ALTERNATIVE NOT SELECTED, E.G. SLEEPING.
3 COMMON ERRORS OF DECISION MAKING 1) MEASURING COST BENEFITS AT % RATHER THAN ABSOLUTE AMOUNTS. 2)FAILURE TO INCLUDE OPP. COSTS, 3) FAILURE TO THINK @ THE MARGIN.
MEASURING COST BENEFITS AS % RATHER THAN ABSOLUTE AMOUNTS ONE OF THE THREE COMMON ERRORS OF DECISION MAKING. INCONVENIENCES AND INCIDENTALS (COST) CANNOT BE CALCULATED AS PERCENTAGES.
ECONOMIC SURPLUS TOTAL BENEFIT - TOTAL COST - OPPORTUNITY COST
FAILURE TO THINK AT THE MARGIN
SUNK COSTS ANY COST THAT IS UNRECOVERABLE AT THE TIME THE DECISION IS MADE.
AVERAGE BENEFITS ...OF ANY PARTICULAR ACTION = TOTAL BENEFITS/# UNITS
MARGINAL BENEFIT __ TOTAL BENEFITS / __ # UNITS
MARGINAL COSTS __ TOTAL COSTS / __ # UNITS
Created by: goldmeg89
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards