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ECON 110 Exam 1

Midterm for MacroEcon

TermDefinition
Opportunity Cost The highest valued alternative given up to engage in an activity or consume a good
Comparative Advantage A nation has a comparative advantage if their opportunity cost of producing a good is lower than their trading partner’s
Law of Supply As Price increases, Quantity Supplied increases
Law of Demand As Price decreases, Quantity Demand increases, As Price increases, Quantity Demand decreases
Scarcity Unlimited wants for limited resources
Maximization Economic agents are trying to maximize a desired outcome
Positive Analysis "What is," facts/data
Normative Analysis “what should be” subjective statements/questions
PPF Production Possibilities Frontier
Extensive New resources
Intensive Better technology
Ceteris paribus assumption "all else equal”
Quantity Demand Total number of units consumers together purchase at a price
Price Whatever a consumer pays for a unit of a good or service, what firms receive for a unit of a good or service
Quantity Supplied Total number of units sold by firms
Equilibrium Price where all goods being sold by firms are being bought
Shortage Qd > Qs, More people want goods than what is being supplied
Surplus Qs > Qd, More firms want to sell a good than consumers want to buy
DWL Deadweight Loss, surplus not going to firms, consumers, or gov.
Consumer Surplus the amount consumers are willing to pay minus the amount they actually pay
Producer Surplus The amount firms receive minus what they would be willing to sell at
Price Controls government sets a minimum or maximum price to prevent “too high” or “too low” prices
Price Floors the lowest price one can legally pay/charge for a good/service (set above eq)
Price Ceiling the highest price one can legally pay/charge for a good/service (set below eq)
Created by: lexi.welte
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