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ECON 103 Midterm Stu

QuestionAnswer
Macroeconomics The study of the economy as a whole, including inflation, unemployment, and growth.
Microeconomics The study of how individuals and businesses make choices about limited resources.
Scarcity When resources are limited but people's wants and needs are unlimited.
Marginal Benefit The additional benefit received from consuming or doing one more thing.
Incentive A reward or penalty that influences someone's decisions or behavior (can be good or bad).
Rational Choice Making decisions by comparing costs and benefits to choose the best option.
Tradeoff Giving up one thing to get something else.
Benefit Something positive gained from a decision, action, or purchase.
Cost What you give up or pay to obtain something.
Surplus When the quantity supplied is greater than the quantity demanded.
Deficit When spending or needs exceed the available money or resources.
Capital Goods Tools, machines, and equipment used to produce other goods and services.
Luxury Goods Nonessential goods people often purchase more of when their income increases.
Perishable Goods Products that spoil or lose quality quickly, such as milk or fruit.
Consumption Goods Goods purchased by consumers for their personal use or enjoyment.
Land, Labor, Capital, Entrepreneurship The four production resources: natural resources, workers, equipment, and business organization.
Normative and Positive Statements Positive statements describe facts; normative statements express opinions about what should happen.
Production Concepts Efficiency avoids waste; inefficiency wastes resources; tradeoffs require sacrifice; free lunches have no cost.
Human Capital The knowledge, skills, education, and experience people use to work productively.
Households, Markets, Firms Households consume goods, markets connect buyers and sellers, and firms produce goods.
Imports and Exports Imports are goods bought from other countries; exports are goods sold abroad.
Ceteris Paribus All other factors remain constant while one factor changes.
PPF A graph showing the maximum combinations of goods an economy can produce.
Absolute Advantage vs. Comparative Advantage Absolute advantage means producing more; comparative advantage means producing at a lower opportunity cost.
Complements vs. Substitutes Complements are used together; substitutes can replace each other.
Normal Goods vs. Inferior Goods Demand for normal goods rises with income; demand for inferior goods falls.
Equilibrium The market point where quantity supplied equals quantity demanded.
Price Floors, Price Ceilings, Minimum Wage Law Floors set minimum prices; ceilings set maximum prices; minimum wage sets lowest legal pay.
Capitalism, Communism, Socialism Capitalism emphasizes private ownership; communism seeks collective ownership; socialism expands public or social ownership.
Flat, Progressive, Regressive Tax Structures Flat taxes use one rate; progressive rates rise with income; regressive taxes burden lower earners proportionally more.
Vertical and Horizontal Equity Taxes Horizontal equity treats similar taxpayers equally; vertical equity adjusts taxes based on ability to pay.
Created by: user-1747588
 

 



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