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Unemployment

Economics

QuestionAnswer
Macroeconomics the study of the nation's economy as a whole; it focuses on the issues of inflation, unemployment, and economic growth
Economics the social science dealing with the ways people make choices or decisions about the use of scarce resources.
Opportunity Cost the alternative use of resources that is given up when a decision is made to use the resources in one way rather than another.
Comparative Advantage The ability of one person or nation to produce a good at a lower opportunity cost than another person or nation.
Absolute Advantage The ability of one person or nation to produce a product at a lower resource cost than another person or nation.
Marginal Benefit The change in benefit resulting from a small change in the activity producing the benefits.
Marginal Cost The change in cost resulting from a small change in the activity producing the costs
Ceteris Paribus The Latin expression meaning other variables being held or fixed.
The Principle of Voluntary Exchange A voluntary exchange between two people that makes both people better of.
The Principle of Diminishing Returns Suppose output is produced with two or more inputs, and we increase one input while holding the other input or inputs fixed. Beyond some point - called the point of diminishing returns- output will increase at a decreasing rate.
Quantity Demanded The amount of a commodity that buyers are willing and able to offer to buy at one price of the commodity.
Demand A schedule showing the quantity of a commodity demanded at all prices of the commodity.
Factor that can cause change in quantity demanded PRICE of the commodity ONLY
Factors or variable that can cause a chang in demanded Number of buyers, buyers income, buyers "tastes & preferences", New info on comm.,change in price of a sub. good, change in price of a complement good, buyers' expectations.
Quantity Supplied The amount of a commodity that sellers are willing and able to offer to sell at one price of the commodity
Supply A schedule showing the quantity of a commodity supplied at all prices of th commodity
Factor or variables tha can cause a change in quantity supplied PRICE of the commodity ONLY
Factors or variables that can cause a change in supply number of sellers; costs of production (materials, wages); change in the price of goods that are sub. in prod.(choc. glazed vs. plain); price of goods that are comp. in prod.(beef &leather)
Equilibrium Equiibrium occurs when no one in the market - i.e. buyer or seller - has any reason to change his/her behavior
Market Clearing Same as equilibrium. Quantity supplied just equal to quantity demanded at the current market price. No disappointed buyers or sellers
Disequilibrium Not in equilibrium. Any time any buyer or any seller believes he can make himself better off by changing any aspect of his market behavior
Bid Price The price a buyer is willing to pay
Offer Price The price a seller is willing to accept; the price at which the seller is willing to"offer" to sell the commodity.
Market Shortage A situation in which quantity demanded is greater than quantity supplied at the current market price. Some buyers are not able to obtain all of the commodity they are willing to pay for -- disappointed buyers
Market Surplus A situation in which quantity supplied is greater than quantity demanded at the current market price. Some sellers are not able to sell all of the commodity they offer for sale -- disappointed sellers. Also know as a Market "glut" or Market "overage"
Created by: shivey6