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ECON 110

Exam 1

TermDefinition
economics Study of choices, decision making
microeconomics study of individuals, firms or markets
macroeconomics study of entire economy at an aggregate level
scarcity Unlimited wants and limited resources
opportunity cost highest valued alternative given up to engage in an activity or consume a good
division of Labor adam smith: divide tasks across individuals (delegate)Theorized division of labor would lead to increase in production
specialization focus on different areas, specialize in specific objectives, efficient
economies of scale as number of goods produced increase, average cost of producing falls
positive analysis based on facts and data, testable in principle
normative analysis subjective questions, opinions
extensive economic growth new resources
intensive economic growth better technology
comparative advantage their opportunity cost is relatively lower than their trading partners
absolute advantage when a country can produce more of a good given the same level of resources as another country
trading only works when... each country has a comparative advantage in producing a good
free trade trading between countries with little to no government restriction (NAFTA 1994)
protectionism use trade barriers to protect domestic firms from foreign competition
tariffs taxes on imports
quotas a limit on the qauntity that can be imported
quantity demand total number of units that all consumers purchase at a given price
quantity supply total number of units sold by all firms at a given price
law of demand as price decrease, quantity demand increases (vice versa), inverse relationship
law of supply as price increases, quantity supply increases
demand shifters taste/preferences, # of consumers, income, price (competitors, expectations)
supply shifters # of suppliers, technology advances, production costs, etc
surplus quantity supply > quantity demand
shortage quantity supply < quantity demand
Created by: kayleejh0829
 

 



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