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EC 101: Widener
Macroeconomics
| Question | Answer |
|---|---|
| Economics | a social science concerned with making optimal choices under conditions of scarcity |
| Scarcity | not enough of anything, limited resources |
| Opportunity Cost | the one you didn't pick, what you gave up |
| Utility | how happy something makes you |
| Marginal Analysis | the cost to make one more |
| Other-things-equal Assumption | the assumption that factors other than those being considered did not change. (Also called the "ceteris paribus assumption.") |
| Microeconomics | the study of the individual consumer, firm, or market |
| Macroeconomics | the study of the entire economy or a major aggregate of the ceconomy |
| Positive Economics | economic statements that are factual |
| Normative Economics | economic statements that involve value judgement |
| 4 Categories of Economics | land, labor, captial (investment), and entrepreneurial ability |
| Land (Natural Resources) | includes all natural resources used in the production process |
| Labor | physical actions and mental activities that people contribute to production |
| Captial (Investment) | all manufactured aids used in production |
| Entrepreneurial Ability | special human resource distinct from labor |
| Bias in Economics | how did you form that opinion on economics |
| Different Types of Economics Systems | command system, free market system, and laisse-faire system |
| Command System | 100% of its economics is controlled by the government |
| Market System / Free Market System | government has between 99% and 10% of economic depending on the country |
| Laisse-Faire System | Little or no government interference in the economy, currently no country exists like this |
| Where is Price Discovered | in the interaction between buyers and sellers |
| Consumers must be | willing and able to purchase a product assuming; other things equal and individual demand |
| Law of Demand | other things equal, as price falls the quantity demanded rises, and as price rises the quantity demanded falls |
| What Type of Relationship is the Law of Demand | inverse |
| Determinants of Demand | change in consumer tastes and preferences, change in the number of buyers, change in income, change in prices of related goods, change in consumer expectations |
| X-Axis on the Supply and Demand chart is labeled what | Quantity; amount / time |
| Y-Axis on the Supply and Demand chart is labeled what | Price; $ / amount |
| Increase in Demand on the S&D Chart Looks Like What | up and to the right |
| Decrease in Demand on the S&D Chart Looks Like What | down and to the left |
| Increase in Supply on the S&D Chart Looks Like What | down and to the right |
| Decrease in Supply on the S&D Chart Looks Like What | up and to the left |
| Law of Supply | other things equal, as the price rises, the quantity supplied rises, as the price falls, the quantity supplied falls |
| What Type of Relationship is the Law of Supply | direct |
| The Demand Curve on the S&D Chart Looks Like What | goes from upper left to lower right |
| The Supply Curve on the S&D Chart Looks Like What | goes from lower left to upper right |
Created by:
sdavis801
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