Second Micro Test Flash Cards
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Excise Tax | tax on a good or service (dollar amount per unit)
🗑
|
||||
| Tax Incidence | Who really pays the burden of a tax (more inelastic=higher burden)
🗑
|
||||
| Proportional tax | everyone pays the same percentage of income
🗑
|
||||
| Regressive tax | larger percentage of income paid by lower income earners
🗑
|
||||
| Autarky | country does not trade with other countries
🗑
|
||||
| Factor endowments | mix of available factors of production
🗑
|
||||
| factor intensity | measure of which factor is used in greatest proportion in the production of a good
🗑
|
||||
| hecksher-ohlin theorem (difference in factor endownment) | A country has comparative advantage in a good whose production is intensive in the factor that is abundant (lots of labor=advantage in production that requires lots of labor
🗑
|
||||
| Sources of comparative advantage | differences in climate, differences in technology, differences in factor endowments
🗑
|
||||
| Tariff | tax on import (raises price for domestic consumer)
🗑
|
||||
| Consumer surplus, producer surplus | exports increase producer surplus and decrease consumer surplus total
🗑
|
||||
| surplus increases | net gain to economy tariffs increase producer surplus, decrease consumer surplus, increase government revenue and result in deadweight loss
🗑
|
||||
| explicit costs | actually laying out money (direct costs)
🗑
|
||||
| implicit costs | does not require outlay of money, measured by the dollar value of benefits that are forgone (indirect costs, opportunity costs)
🗑
|
||||
| Accounting Profit | revenue-explicit-depreication
🗑
|
||||
| Economic Profit | revenue-explicit-depreciation-implicit
🗑
|
||||
| Marginal Cost | additional cost incurred by producing one more unit of that good or service
🗑
|
||||
| Marginal Benefit | additional benefit derived from producing one more unit of that good or service
🗑
|
||||
| Behavioral Economics | brand of economics that combines economic modeling with psychology (people make less than perfect economic decisions)
🗑
|
||||
| Common mistakes in decision making | misperceving opp costs, being overconfident, having unrealistic expectations about future, countering dollars unequally, being loss averse, having a bis towards status quo
🗑
|
||||
| Utility | measure of satisfaction the consumer derives from consumption of bundle of goods and services
🗑
|
||||
| Principle of diminishing marginal utility | each successive unit of good or service consumed adds less to total utility than did the previous
🗑
|
||||
| Budget Line | shows the consumption bundles available to a consumer who spends all income
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
sshaw1
Popular Economics sets