Study sets matching "3 micro biology"

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Study sets matching "3 micro biology"

29 terms
Microeconomics 3
Full employment
Unemployment (not fully efficient)
Demand
Demand Conditions (Peoples wants)
What does the blue line mean in the image?
If the point is in the yellow, what is it?
What factor does a Production Possibility Frontier leave out?
What information on the Production Possibilities Frontier wou…
Full employment
What does the blue line mean in the image?
Unemployment (not fully efficient)
If the point is in the yellow, what is it?
25 terms
Microeconomics 3
Competitive Market
Money Price
Relative Price
Quantity demanded
A market that has many buyers and many sellers, so no single…
The price of an object is the number of dollars that must be…
The ratio of one price to another
the amount that consumers plan to buy during a given time per…
Competitive Market
A market that has many buyers and many sellers, so no single…
Money Price
The price of an object is the number of dollars that must be…
20 terms
Microeconomics3
market
competitive market
quantity demanded
law of demand
a group of buyers and sellers of a particular good or service
a market in which there are many buyers and many sellers so t…
the amount of a good that buyers are willing and able to purc…
the claim that, other things being equal, the quantity demand…
market
a group of buyers and sellers of a particular good or service
competitive market
a market in which there are many buyers and many sellers so t…
21 terms
Microeconomics 3
a market in which a single seller prod…
a market in which one producer can pro…
competition based not on price but on…
the minimum payment required for entre…
monopoly
natural monopoly
nonprice competition
normal profit
a market in which a single seller prod…
monopoly
a market in which one producer can pro…
natural monopoly
38 terms
microeconomics 3
market work
nonmarket work
leisure
substitute effect of a wage increase
time sold as labor... -Marx and Engels
time spent getting an education or producing goods and servic…
time spent on nonwork activities
a higher wage encourages more work because other activities n…
market work
time sold as labor... -Marx and Engels
nonmarket work
time spent getting an education or producing goods and servic…
43 terms
Microeconomics 3
adverse selection problem
direct regulation
efficient
effluent fees
a problem that occurs when buyers and sellers have different…
a program in which the amount of a good people are allowed to…
achieving a goal at the lowest cost in total resources withou…
charges imposed by government on the level of pollution created
adverse selection problem
a problem that occurs when buyers and sellers have different…
direct regulation
a program in which the amount of a good people are allowed to…
Microeconomics 3
Factor Market
Product Market
Supply
Demand
any place where factors of production are brought and sold
any place where finished goods and services are bought and sold
ability and willingness to sell specific quantities of a good…
ability and willingness to buy specific quantities of a goods…
Factor Market
any place where factors of production are brought and sold
Product Market
any place where finished goods and services are bought and sold
Microeconomics 3
Law of Demand
quantity demanded
Shifts in demand curve
change in demand
states that other things equal the quantity demanded of a goo…
the amount of a good that buyers are willing and able to purc…
-consumer income... -number of buyers... -prices of related goods... -…
caused by any change that alters the quantity demanded at eve…
Law of Demand
states that other things equal the quantity demanded of a goo…
quantity demanded
the amount of a good that buyers are willing and able to purc…
Microeconomics 3
Efficient
deadweight loss
explicit costs
accounting profit
a situation is efficient if no change is possible that will h…
the reduction in total economic surplus that results from the…
the actual payments a firm makes to its factors of production…
the difference between a firm's total revenue and its explici…
Efficient
a situation is efficient if no change is possible that will h…
deadweight loss
the reduction in total economic surplus that results from the…
33 terms
Microeconomics 3
Producers
Opportunity Cost
Explicit Cost
Implicit Goods
Maximize profit
All resources have an opportunity cost
Payment for resources
Opportunity cost of resources owned by the firm and firm owne…
Producers
Maximize profit
Opportunity Cost
All resources have an opportunity cost
88 terms
Microeconomics 3
Market Power
Perfect competition
Monopoly
Oligopoly
extent to which you can charge higher prices without losing t…
many small firms selling identical products (no market power)
when your firm is the only seller (huge MP)
few large sellers that are interdependent (battle for market…
Market Power
extent to which you can charge higher prices without losing t…
Perfect competition
many small firms selling identical products (no market power)
Microeconomics 3
Private Goods
Club Goods
Public goods
Common Resources
Rival and Excludable
Nontrivial and excludable
Nontrivial and Nonexcludable
Rival and Nonexcludable
Private Goods
Rival and Excludable
Club Goods
Nontrivial and excludable
50 terms
Microeconomics 3
oligopoly
game theory
collusion
if collude...
market structure in which only a few sellers offer identical…
study of how people behave in strategic situations
agreement among firms in a market about quantities and prices
firms would choose to produce a monopoly quantity and split p…
oligopoly
market structure in which only a few sellers offer identical…
game theory
study of how people behave in strategic situations
23 terms
Microeconomics 3
short-run
long-run
economies of scale
diseconomies of scale
at least one thing can't change
all variables can change
when the per unit costs decline as output goes up
when the per unit costs increase as output goes up
short-run
at least one thing can't change
long-run
all variables can change
13 terms
Microeconomics 3
price controls
price ceiling
price floor
wasted resources
legal restrictions on how high or low a market price may go
maximum price sellers are allowed to charge for a good or ser…
minimum price buyers are required to pay for a good or service
people expend money, effort and time to cope with the shortag…
price controls
legal restrictions on how high or low a market price may go
price ceiling
maximum price sellers are allowed to charge for a good or ser…
43 terms
Microeconomics 3
Monopoly
How monopoly arises
Barrier to entry
Natural monopoly
a market in which one firm sells a good or service that has n…
no close substitute, a barrier to entry
any constraint that protects a firm from competitors
a monopoly that arises because one firm can meet the entire m…
Monopoly
a market in which one firm sells a good or service that has n…
How monopoly arises
no close substitute, a barrier to entry
31 terms
Microeconomics 3
Labor Union
Craft Union
Industrial Union
Backward-Bending Supply Curve of Labor
A group of workers who organize to improve their terms of emp…
A union whose members have particular skill or work at a part…
A union of both skilled and unskilled workers from a particul…
as the wage rises, the quantity of labor supplied may eventua…
Labor Union
A group of workers who organize to improve their terms of emp…
Craft Union
A union whose members have particular skill or work at a part…
39 terms
microeconomics 3
substitution effect
income effect
price elasticity of demand
midpoint method
the change in the quantity of that good demanded as the consu…
the change in the quantity of that good demanded that results…
the ratio of the percent changed in the quantity demanded to…
a technique for calculating the percent change
substitution effect
the change in the quantity of that good demanded as the consu…
income effect
the change in the quantity of that good demanded that results…
microeconomics 3
One of the basic principles of economi…
The maximum price that a buyer will pa…
Welfare economics is the study of how
Assume, for Canada, that the domestic…
welfare economics
willingness to pay
the allocation of resources affects economic well-being.
other countries have a comparative advantage over Canada and…
One of the basic principles of economi…
welfare economics
The maximum price that a buyer will pa…
willingness to pay
Microeconomics Chapter 3 Supply
The quantity producers sell depends on
Quantity supplied (Qs):
Supply (S):
Law of supply:
Price (P) of the good;... Other outside things/factors
the amount of a good or service sellers are willing and able…
the relationship between Qs and P
other things equal, the quantity supplied of a good rises whe…
The quantity producers sell depends on
Price (P) of the good;... Other outside things/factors
Quantity supplied (Qs):
the amount of a good or service sellers are willing and able…
31 terms
Microeconomics 3
Perfect comp
Monopolistic comp
Oligopoly
Monopoly
Many buyers... Homogeneous product... No barriers to entry/exit... No…
Many buyers/sellers... Differentiated products... No barriers to en…
Few sellers ... May have differentiated goods... Limited barriers
One seller... Single good... No substitutes ... Significant barriers
Perfect comp
Many buyers... Homogeneous product... No barriers to entry/exit... No…
Monopolistic comp
Many buyers/sellers... Differentiated products... No barriers to en…
microeconomics 3
无差异曲线簇
无差异曲线及其特征3
消费者偏好的基本假定3
厌恶品
一组描述消费者在不同商品组合之间偏好的无差异曲线的集合。
我们可以用无差异曲线来图解消费者的偏好。代表所有能提供相同满足程度的所有市场篮子的曲线。... 特征:... 1、由于通常假定效用…
1、完备性:偏好是完备的,换言之,消费者可以对所有的男子进行比较和排序。。所以,对于任何两个市场篮子A和B,消费者要么偏好…
越少越好而不是越多越好的商品。
无差异曲线簇
一组描述消费者在不同商品组合之间偏好的无差异曲线的集合。
无差异曲线及其特征3
我们可以用无差异曲线来图解消费者的偏好。代表所有能提供相同满足程度的所有市场篮子的曲线。... 特征:... 1、由于通常假定效用…
19 terms
Microeconomics - 3
Production
Short-run production
Long-run production
Productivity
Converts inputs or factor services into outputs of goods and…
Occurs when a firms adds variable factors of production to fi…
Occurs when a firm changes the scale of all the factors of pr…
Output per unit of input
Production
Converts inputs or factor services into outputs of goods and…
Short-run production
Occurs when a firms adds variable factors of production to fi…
6 terms
Microeconomics 3
Increasing, decreasing, constant retur…
Price of Labour
Demand determined
Profit Maximizing value of L given a p…
Increase input by 100%. Output should theoretically be more t…
Marginal price of labour * Price of Output
The supply is limited and set. Therefore, the price of the ou…
Derivative of the function results in Marginal price of labou…
Increasing, decreasing, constant retur…
Increase input by 100%. Output should theoretically be more t…
Price of Labour
Marginal price of labour * Price of Output
Microeconomics 3
An extreme market structure with a sin…
Monopolies arise _________ and through…
Who are price makers?
Monopolists produce at the point where
Monopoly
natural ; government protection
Monopolists
marginal revenue equals marginal cost
An extreme market structure with a sin…
Monopoly
Monopolies arise _________ and through…
natural ; government protection
microeconomics 3
Total revenue
Total Cost
Profit
Fixed Cost
Price x Quantity
Fixed Cost+ Variable cost
Total Revenue- total cost
business costs, such as rent, that are constant whatever the…
Total revenue
Price x Quantity
Total Cost
Fixed Cost+ Variable cost
3-MICROECONOMICS
markets
price system
willingness-to-pay
demand
institutions that bring buyers and sellers together so they c…
a name given to the market economy because prices provide con…
an individual's valuation of a good or service, equal to the…
the maximum amount of a product that buyers are willing & abl…
markets
institutions that bring buyers and sellers together so they c…
price system
a name given to the market economy because prices provide con…
Microeconomics 3
factors of production
Production function
Marginal product
Total product
Land, Labor, Capital, Entrepreneurship
the relationship between quantity of inputs used to make a go…
the increase in output that arises from an additional unit of…
All the goods and services produced by a business during a gi…
factors of production
Land, Labor, Capital, Entrepreneurship
Production function
the relationship between quantity of inputs used to make a go…
Microeconomics 3
Oligopoly
Game Theory
Collusion
Cartel
market structure with a few sellers offering similar or ident…
the study of how people behave in strategic situations
agreement among firms in a market about quantities to produce…
multiple firms colluding to act like one firm
Oligopoly
market structure with a few sellers offering similar or ident…
Game Theory
the study of how people behave in strategic situations
microeconomics 3
Consumer surplus is... a. the amount a bu…
All else equal, what happens to consum…
Suppose the demand for nachos decrease…
Which of the following events would in…
a. the amount a buyer is willing to pay for a good minus the…
a. Consumer surplus increases.
b. It decreases.
a. Sellers' costs stay the same and the price of the good inc…
Consumer surplus is... a. the amount a bu…
a. the amount a buyer is willing to pay for a good minus the…
All else equal, what happens to consum…
a. Consumer surplus increases.
55 terms
Microeconomics Exam #3
Fixed Inputs
Variable Inputs
Short-Run
Long-Run
amount of input necessary does not change with quantity... must…
Amount of input necessary does change with quantity produced
No calendar definition... amount of time in which at least one i…
length of time such that all inputs are variable ... no fixed in…
Fixed Inputs
amount of input necessary does not change with quantity... must…
Variable Inputs
Amount of input necessary does change with quantity produced
Microeconomics 3
Expensive brand name advertising is a…
Sellers are most likely to offer a dis…
If sales decrease while a products pri…
If sellers tend to follow a price redu…
D. Oligopoly
B. Have high demand elasticity.
C. If demand elasticity is less than one.
C. An oligopoly
Expensive brand name advertising is a…
D. Oligopoly
Sellers are most likely to offer a dis…
B. Have high demand elasticity.
Microeconomics Chapter 1-3
Choice
Scarcity
Rationing
In a market economy what is used to ra…
The act of selecting among alternatives
The concept that there is less of a good freely available rom…
Allocating scarce goods to those who want them
Price
Choice
The act of selecting among alternatives
Scarcity
The concept that there is less of a good freely available rom…
28 terms
microeconomics #3
what kind of services does the U.S. ha…
in terms of capital, how is money goin…
what kind of goods assist people?
what are physical resources?
all financial services, architectural services, software serv…
money is going to be spent on machinery or the start up stuff.
physical, capital and intermediate
land(location), tools, equipment, licenses, insurance that re…
what kind of services does the U.S. ha…
all financial services, architectural services, software serv…
in terms of capital, how is money goin…
money is going to be spent on machinery or the start up stuff.
35 terms
Microeconomics Chapter 3-book notes
In many cases, the price of products w…
Under what circumstances do the forces…
Describe the chart: An Overpriced Prod…
Describe the chart: shows the effect o…
consumers and producers
Strictly speaking, they do so only in what economists term a…
Although an SUV manufacturer can price its SUVs at whatever l…
A simultaneous increase in both the demand for and supply of…
In many cases, the price of products w…
consumers and producers
Under what circumstances do the forces…
Strictly speaking, they do so only in what economists term a…
33 terms
Unit 3 Microeconomics
Personal FInance
Budget
Credit
Debt
All of the decisions and activities of an individual or famil…
A plan for future spending and saving, weighing estimated inc…
An agreement in which a buyer is allowed to pay over a period…
Money owed
Personal FInance
All of the decisions and activities of an individual or famil…
Budget
A plan for future spending and saving, weighing estimated inc…
30 terms
3. Economics - Microeconomics
Partial Equilibrium... General Equilibrium
Stable Equilibrium... Unstable Equilibrium
Auctions
Efficient Resource Allocation
hold all other factors constant (Only internal factors)... Ac…
Supply crosses demand from above (S>D -> P goes down)... P move…
Common Value: Value is same to all bidders. Don't know valu…
Where MB=MC and producer and consumer surplus is maximized
Partial Equilibrium... General Equilibrium
hold all other factors constant (Only internal factors)... Ac…
Stable Equilibrium... Unstable Equilibrium
Supply crosses demand from above (S>D -> P goes down)... P move…
30 terms
Microeconomics Module 3
constant unitary elasticity
cross-price elasticity of demand
elastic demand
elastic supply
when a given percent price change in price leads to an equal…
the percentage change in the quantity of good A that is deman…
when the elasticity of demand is greater than one, indicating…
when the elasticity of either supply is greater than one, ind…
constant unitary elasticity
when a given percent price change in price leads to an equal…
cross-price elasticity of demand
the percentage change in the quantity of good A that is deman…
Microeconomics Module #3
What is the PPF?
Efficient
Efficient
Efficient
Production Possibility Frontier
point A
point B
point C
What is the PPF?
Production Possibility Frontier
Efficient
point A
21 terms
Microeconomics Chapter 3
Institution
Market Economy
Private Property Rights
Socialism
The formal and informal rules that constrain human economic b…
An economic system based on private property and the market i…
The control of a private individual or firm has over an asset
An economic system based on individual's goodwill toward othe…
Institution
The formal and informal rules that constrain human economic b…
Market Economy
An economic system based on private property and the market i…
16 terms
Microeconomics: Chapter 3
Factors of Production
quantity demanded
Law of demand
normal goods
Land, Labor, and Capital
The amount (number of units) of a product that a household wo…
The negative relationship between price and quantity demanded…
goods for which demand goes up when income is higher and for…
Factors of Production
Land, Labor, and Capital
quantity demanded
The amount (number of units) of a product that a household wo…
41 terms
Microeconomics (Chapter 3)
centralized economy, capitalist economy
centralized economy
capitalist economy
mixed economies
what are the two different approaches that can be taken to an…
this is an economy in which all the decisions that are made a…
this is an economic system in which the production and distri…
this is the economy type of most modern industrial countries.…
centralized economy, capitalist economy
what are the two different approaches that can be taken to an…
centralized economy
this is an economy in which all the decisions that are made a…
39 terms
Microeconomics Chapter 3
Law of Demand
Change in Demand
Normal good
Inferior good
As price ⬇, Qd ⬆ ... - inverse relationship (negative)... - demand…
- when the demand curve shifts to a new demand curve ... - why?…
Goods for which ⬆ demand when ⬆ income ... - ex. normal clothes
Goods for which ⬇ demand when ⬆ income.... - ex. Top Ramen
Law of Demand
As price ⬇, Qd ⬆ ... - inverse relationship (negative)... - demand…
Change in Demand
- when the demand curve shifts to a new demand curve ... - why?…
85 terms
Microeconomics Test 3
partial equilibrium analysis
general equilibrium
efficiency
Pareto efficiency/optimality
the process of examining the equilibrium conditions in indivi…
the condition that exists when all markets in an economy are…
the condition in which the economy is producing what people w…
a condition in which no change is possible that will make som…
partial equilibrium analysis
the process of examining the equilibrium conditions in indivi…
general equilibrium
the condition that exists when all markets in an economy are…
11 terms
microeconomics class #3
optimal distribution
mobility
income
liability
those who value the items most will get them
offspring income > parents income
flow variable
what you owe people
optimal distribution
those who value the items most will get them
mobility
offspring income > parents income
21 terms
Microeconomics Ch. 3
Definition of Market
Definition of Demand
Demand Schedule
Law of Demand
The worlds commercial activity where goods and services are b…
"the want or desire to possess a good or service with the nec…
A table of prices versus quantities for a specific item.
This is the negative/ inverse relationship between price and…
Definition of Market
The worlds commercial activity where goods and services are b…
Definition of Demand
"the want or desire to possess a good or service with the nec…
44 terms
chapter 3 (microeconomics)
demand
law of demand
By law of demand if price increases, q…
Law of demand image
ability and willingnes to buy specific quantities of a produc…
there is a negative relationship between price and quantity d…
decreases... increases
demand
ability and willingnes to buy specific quantities of a produc…
law of demand
there is a negative relationship between price and quantity d…
13 terms
Microeconomics chapter 3
Law of Demand
Why does higher price reduce quantity…
Substitution Effect
Income Effect
consumers buy more of a good when its price decreases and les…
-Substitution Effect... -Income Effect
When price of good rises, other things remain the same, its r…
Faced with higher price and unchanged income, people cannot a…
Law of Demand
consumers buy more of a good when its price decreases and les…
Why does higher price reduce quantity…
-Substitution Effect... -Income Effect
16 terms
microeconomics Chapter 3 Karsch
sole proprietorship or proprietorship
unlimited liability
inventory
limited life
unincorporated business owned and run by a single person who…
requirement that an owner is personally and fully responsible…
stock of goods held in reserve .
situation in which a firm legally ceases to exist when an own…
sole proprietorship or proprietorship
unincorporated business owned and run by a single person who…
unlimited liability
requirement that an owner is personally and fully responsible…
29 terms
microeconomics exam 3
tax incidence
externality
internalizing the externality
corrective tax
the manner in which the burden of a tax is shared among parti…
the uncompensated impact of one person's actions on the well…
altering incentives so that people take account of the extern…
a tax designed to induce private decision makers to take acco…
tax incidence
the manner in which the burden of a tax is shared among parti…
externality
the uncompensated impact of one person's actions on the well…
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