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Stack #4531619

QuestionAnswer
Scarcity Resources are scarce Society has limited resources and therefore cannot produce all the goods and services people want
Economics The study of how society manages its scarce resources
Economists examine how people make choices Like how much they work, what they buy, how much they save, and how they invest
Microeconomics The study of how households and firms make decisions and how they interact in markets
Macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Positive statements how the world is Can be confirmed or refuted positively by examining evidence
Normative statements how the world ought to be Evaluation involves values as well as facts
Scientific Judgments Different hunches about the variability of alternative theories
Absolute Advantage The ability to produce a good using fewer inputs than another producer
Opportunity cost Whatever must be given up to obtain some item
Comparative advantage The ability to produce a good at a lower opportunity cost than another producer
Comparative Advantage and Trade Gains from specialization and trade
The Price of the Trade For both parties to gain from trade, the price at which they trade must lie between their opportunity costs
Imports Goods produced abroad and sold domestically
Exports Goods produced domestically and sold abroad
Supply and demand Words Economits use most often Forces that make market economies Refer to the behavior of people as they interact in competitive markets
Market A group of buyers and sellers of a particular good or service
Competitive market A market in which there are many buyers and many sellers Each has a negotiable impact on the market price
Perfectly Competive Market Goods offered for sale are all exactly the same Buyers and sellers are numerous
Monopoly The only seller in the market Sets the price
Law of Demand Other things being equal, when the price of a good rises, the quantity demanded falls, and when the price falls, the quantity demanded rises
Quantity demanded The Amount of a good that buyers are willing and able to purchase
Individual demand An individual's demand for a product
Demand schedule A table that shows the relationship between the price of a good and the quantity demanded
Demand Curve A graph of the relationship between the price of a good and the quantity demanded
Market demand The sum of all the individual demands for a particular good or service
Market demand curve Shows how the total quantity demanded of a good varies as its price changes, holding constant all the other factors that affect consumer purchases
Normal good An increase in income leads to an increase in demand
Inferior good An increase in income leads to a decrease in demand
Substitutes Pairs of goods that are used in place of each other Increase in the price of one leads to an increase inin the demand for the other
Complements Pairs of goods that are used together Increase in the price of one leads to a decrease in the demand for the other
Law of Supply Other things being equal when the price of a good rises the quantity supplied also rises, and when the price falls, the quantity supplied falls as well
Quantity supplied Amount of a good that sellers are willing and able to sell
Individual supply A sellers supply for a product
Supply schedule A table that shows the relationship between the price of a good and the quantity supplied
Supply curve A graph of the relationship between the price of a good and the quantity supplied
Market supply The sum of the supplies of all sellers
Market supply curve Shows how the total quantity supplied varies as the price varies, holding constant all other factors that influence producers' decisions about how much to sell
Equilibrium
Created by: user-1987170
 

 



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