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econ exam 1

macro economics what to know

QuestionAnswer
Utility Satisfaction from consuming goods
Market where buyers and sellers meet
local market market limited to a geographic area
efficiency best use of resources
equity fairness in distribution
scarcity limited resources , unlimited wants
Opportunity Cost Next best alternative given up
Ceteris Paribus “All else equal”
Marginal Thinking Decisions based on one more/one less
Long-Run Growth More resources + better technology
PPF Shift Outward Economic growth
Productive Efficiency Any point on PPF
Allocative Efficiency One point society wants most
Opportunity Cost Slope of PPF
Increasing OC Bowed-out PPF
Straight-line PPF Constant OC
Inside PPF Inefficient
On PPF Efficient
Outside PPF Impossible now with the resources we have
Positive Econ Facts, can be tested
Normative Econ Opinions
MC ↑ (marginal cost) More production → higher cost
MB ↓ (marginal benefit) More consumption → lower benefit
Absolute Advantage Who produces more
Comparative Advantage Lower opportunity cost
Comparative Advantage Basis for free trade
Fair Trade Price Between opportunity costs
Who loses from trade Displaced workers
3 Macro Questions What, how, for whom
Adam Smith Wealth of Nations, invisible hand
Ricardo Comparative advantage, anti-Corn Laws
Invisible Hand Self-interest + competition
Law of Demand Price ↑ → Qd ↓
Law of Supply Price ↑ → Qs ↑
Surplus Price too high
Shortage Price too low
Determinants Shift curves
Double Shifts One known, one ambiguous
Households Supply labor, demand goods
Normal Goods Income ↑ → Demand ↑ A normal good is something people buy more of when their income increases.
Inferior Goods Income ↑ → Demand ↓ An inferior good is something people buy less of when their income increases.
Created by: user-2058608
 

 



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