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econ 2

TermDefinition
Non economic goods not scarce, do not require a trade off- (oxygen, gravity)
Economic goods scarce, require a trade off
Consumer goods directly satisfying consumer wants
Producer goods: land, labor, capital doesn't directly satisfy, allows for creation of more consumer goods (land: natural resources, labor: producer service one perfoms, capital: factors of production created by people)
Benefits of owning private property peacefully settle conflicting claims, formation of prices, efficient handling of resources
Tragedy of the Commons you don't own it so its value is less/not taken care of
What did locke say about private property humans are entitled to self ownership, they own "labor of his body and work of his hands"
Direct Exchange vs indirect exchange direct exchange- trading one good for the good that you need, indirect exchange- trading a good for another good that gets you the good that you want
Money Ease of transport, divisibility, durability, homogeneity
how are prices formed based on whether the demand for a product goes up or down
Law of Demand price of a product increases, demand decreases, and vice versa
Law of Supply increase in price means increase in supply and vice versa
Price floor minimum price paid
price ceiling maximum price paid
Causes or shortages and surpluses Shortages: More consumers than supply, Surplus: more supply than consumers
diff between supply and quantity supplied supply is the entire supply curve, quantity supplied is at a certain point
diff between demand and quantity demanded demand is the entire curve, quantity demanded is at a certain price point
causes of shifts in demand curves supply shift left- lesser popularity, population likely to buy drops, income drops, price of substitutes falls, price of complements rises, future expectations discourage buying , right- exact opposite of left
causes of shifts in supply curves right- favorable natural conditions, fall in input prices, improved technology, lower product taxes/ less costly regulations , left- exact opposite
Perfect competition many competitors, lots of sellers, no restrictions to enter, every product is identical
Monopolistic large number of firms, differentiated products, few restrictions
oligopoly small number of firms, many barriers, small number of sellers, differentiated products
duopoly oligopoly with 2 firms
monopoly no compeptition, firm= industry, impossible to enter, one seller
price taker determines prices
collusion cooperation between firms
cartel collusion but illegal
Mergers combination of two firms into one legal entity
Horizontal Merger direclty competing firms selling similar products
vertical merger 2 firms involved in different stages of production
conglomerate merger 2 completely different products
HHI Index gives a measure or market conentration
Created by: Oceanbreez
 

 



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