Up to page 23 in notes
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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| Economics | Social science,concerned with how ppl + firms + governments choose to allocate scarce recources
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| Opportunity cost | value of resource in its next best use. Ex. Cost of free checking
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| Rational behavior | when facing options, choose the one you think is best.
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| Importance of Marginal analysis | value/cost of next unit. Ex. airplane seat
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| Externality | someone not involved in transaction that suffers or benefits ex.basketball hoop
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| Cost disease of personal services | productivity (output produced) has stayed the same. Productivity in others sectors determine wages even in sectors with no productivity gain. (higher income, higher opportunity cost)
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| Trade off between output and equality | When operating efficiently, policies that stimulate growth make distribution less equal, policies designed to lead to more equality slows growth.
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| Economic model | simplification of an economic activity, either in graphs, or words, used to explore the direction of resource allocations
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| X and Y are positively related | same direction, x goes up, so does y.Slope is positive
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| X and Y are negatively related | opposite directions, x goes up, y goes down. Slope is negative
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| Linear form of function | straight line, no exponents. Y=ax+b, a is vertical, b=slope of line (rate of change)
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| Intersection | set y's equal to each other
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| Resources | land, labor, materials (things used to make something else, but are used up), capital (used repeatedly to make something else)
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| economic vs financial capital | money, stocks, CDs, bonds, etc. are not economic capital
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| depreciation | subtraction from the capital stock
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| Investment | additions to the capital stock
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| Market system | resources are allocated via no interactions of individual agents and firms. All acting in their own best interest
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| Market economy | resources go to the agents that value them the most in terms of money (value depends on needs, wants and income)
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| quantity demanded | how much buyers want to (and have the means to) buy at a given price
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| demand | all of the quantities demanded at the different prices, holding everything else equal
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| demand vs. quantity demanded | quantity demanded changes when the price changes, demand doesn't
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| demand curves | downward sloping, price of quantity demanded are inversely related
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| Law of demand | as price goes up, quantity demanded goes down
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| normal good | as income goes up, demand goes up. Income and demand move in the same direction
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| Inferior good | as income increases, demand increases
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| Complements | if price of complement goes up/down, demand of your good goes down/up
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| Substitutes | if price of substitute goes up/down, demand for your good goes up/down (ex.coke, pepsi)
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| Giffen good | violates law of demand (as price goes up, quantity demanded goes up)
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| Market demand is | the horizontal sum of all of the individuals' demand curve
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| quantity supplied | amount sellers want to and are legally able to sell at a given price
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| market supply | horizontal sum of individual supply curves
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| supply curves | slope upwards
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Created by:
KSiobhan
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