Study Helps for Econ Test 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the science of how and why people, businesses, and governments make the choices that they do
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| Definition: insatiability | show 🗑
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| Definition: scarcity | show 🗑
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| Definition: economic cost | show 🗑
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| show | any tangible things that have a measurable life span
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| Definition: services | show 🗑
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| Definition: economic goods | show 🗑
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| show | services that bear a positive economic cost
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| show | goods and services that bear a negative economic cost (be ready to give an example)
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| show | turning nuisance goods into economic goods
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| show | goods provided freely by God in nature (be ready to give an example)
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| show | services provided freely by God in nature
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| Definition: Diamond-Water Paradox | show 🗑
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| Definition: intrinsic value | show 🗑
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| Definition: subjective value | show 🗑
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| show | usefulness
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| show | the satisfaction a person receives from a choice
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| Definition: opportunity cost | show 🗑
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| show | an imaginary unit of satisfaction
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| show | the level of economic study that is concerned with choices made by individual units
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| Definition: macroeconomics | show 🗑
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| show | the approach to economic study involving the observation of economic choices and the prediction of economic events
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| show | the approach to economic study involving value judgments about existing and proposed economic policies
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| Why must we make choices? | show 🗑
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| show | Greek
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| show | oikos=house; nomos=administration of
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| Why is economics considered a dismal science to an unsaved man? | show 🗑
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| show | our choices should seek to honor Jesus, not fulfill our wants
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| show | No
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| show | the subjective value of the wrapping paper is greater before Christmas and people have less use for the paper after 12/25.
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| Definition: principle of diminishing marginal utility | show 🗑
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| Definition: marginal utility schedule | show 🗑
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| show | how many units of a product will be bought at a given price
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| show | everything else being held constant, the lower the price charged for a good or service, the greater the quantity people will demand and vice versa
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| show | a tabular model listing various quantities demanded at various prices
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| show | a graph illustrating the various quantities of an item that are demanded at various prices
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| show | when the change in the price of an item causes a change in the number supplied
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| show | the shifting of a demand curve experienced when demand for an item increases or decreases regardless of price
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| show | a rightward shift in the demand curve representing a willingness on the part of buyers to demand more of a good or service at every price
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| Definition: decrease in demand | show 🗑
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| Definition: normal good | show 🗑
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| show | a good which typically experiences a decrease in demand as buyers' incomes increase (be prepared to give 5 examples you consider inferior)
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| Definition: substitute goods | show 🗑
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| show | goods that are usually purchased or used together (be prepared to give an example)
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| How do prices act to transmit information? | show 🗑
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| Why is it that when the price of the original good rises we tend to purchase more substitute goods and fewer complementary goods? | show 🗑
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| What should the Christian's attitude be toward the principle of diminishing marginal utility? | show 🗑
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| show | 1) change in people's incomes; 2) change in price of related goods; 3) change in people's tastes and preferences; 4) change in people's expectations
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| Who identified the principle of diminishing marginal utility? | show 🗑
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| show | 1) transmit information; 2) provide incentives; 3) redistribute income
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| What could cause a business to supply more or less of a good at the same price? | show 🗑
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| show | positively sloped because as the price we are willing to pay rises, suppliers become willing to provide greater quantities. As price falls, quantities fall.
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| show | 1) changes in technology; 2) changes in production costs; 3) changes in the price of related goods
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| Definition: supply | show 🗑
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| show | the higher the price buyers are willing to pay, other things being held constant, the greater the quantity of the product a supplier will produce, and vice versa
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| Definition: supply schedule | show 🗑
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| show | when the change in the price of an item causes a change in the number supplied
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| show | the shifting of a supply curve that occurs when suppliers are willing to produce more or less of an item regardless of price
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| Definition: decrease in supply | show 🗑
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| Definition: increase in supply | show 🗑
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| show | the point at which the demand curve and the supply curve for an item intersect
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| Definition: market equilibrium price | show 🗑
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| Definition: surplus | show 🗑
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| show | a barrier preventing the price of an item from falling lower than a certain price
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| show | an insufficient supply of an item as a result of its price below the market equilibrium price
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| show | a barrier preventing the price of an item from rising above a certain price
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| show | Law of supply causes supplier to push greater quantities into the market; law of demand causes buyers to pull less out of the market.
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| show | 1) advertising; 2) eliminating substitute goods; 3) decrease supply
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| What causes a shortage? | show 🗑
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| show | shortages
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| show | surplus
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| What is the simplest solution to a surplus? | show 🗑
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