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Study sets matching "chapter 1 micro economics"

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Study sets matching "chapter 1 micro economics"

36 terms
Economics / Microeconomics Chapter 1 Vocabulary
scarcity
economics
need
want
fundamental economic problem facing all societies that result…
social science dealing with the study of how people satisfy s…
basic requirement for survival; includes food, clothing, and/…
way of expressing or communicating a need; a broader classifi…
scarcity
fundamental economic problem facing all societies that result…
economics
social science dealing with the study of how people satisfy s…
Microeconomics Chapter 1: Economics
economics
scarcity
opportunity cost
explicit cost
study of choice under conditions of scarcity
time & spending power; amount of something available is insuf…
any choice we must forego when making choice; includes both e…
dollars sacrificed and paid out for a choice
economics
study of choice under conditions of scarcity
scarcity
time & spending power; amount of something available is insuf…
24 terms
Microeconomics Chapter 1 Economics and Economic Reasoning
Economics
Scarcity
Microeconomics
Macroeconomics
the study of how human beings coordinate their wants and desi…
the goods available are too few to satisfy individuals' desires
the study of individual choice, and how that choice is influe…
the study of the economy as a whole
Economics
the study of how human beings coordinate their wants and desi…
Scarcity
the goods available are too few to satisfy individuals' desires
Microeconomics - Chapter 1 Ten Principles of Economics
Principle #1
Principle #2
Principle #3
Principle #4
People face tradeoffs
The cost of something is what you give up to get it
Rational people think at the margin
People respond to incentives
Principle #1
People face tradeoffs
Principle #2
The cost of something is what you give up to get it
16 terms
Microeconomics: Chapter 1 (Economics: The Core Issues)
The three core choices
Scarcity
Factors of Production
Land
What, how, for whom
Lack of enough resources to satisfy all desired uses of those…
Resource inputs used in the production of goods and services,…
All natural resources
The three core choices
What, how, for whom
Scarcity
Lack of enough resources to satisfy all desired uses of those…
10 terms
Microeconomics - Chapter 1 Ten Principles of Economics
Principle #1
Principle #2
Principle #3
Principle #4
People face tradeoffs
The cost of something is what you give up to get it
Rational people think at the margin
People respond to incentives
Principle #1
People face tradeoffs
Principle #2
The cost of something is what you give up to get it
10 terms
Microeconomics Chapter 1-1 (Principle's of Economics)
Econ Principle 1-1: People face tradeo…
Econ Principle 1-2: The Cost of Someth…
Econ Principle 1-3: Rational People th…
Econ Principle 1-4: People Respond to…
"No such thing as a free lunch"- Choices must be made. ... Effi…
"What are the costs"... Opportunity Cost- Whatever must be give…
"Assumption that people are rational"... Rational people- Peopl…
"Incentives play essential role in economics, analysis"... Ince…
Econ Principle 1-1: People face tradeo…
"No such thing as a free lunch"- Choices must be made. ... Effi…
Econ Principle 1-2: The Cost of Someth…
"What are the costs"... Opportunity Cost- Whatever must be give…
28 terms
Microeconomics: Chapter 1/Economics and Economic Reasoning
Scarcity
How does an economy deal with scarcity?
Microeconomics
Macroeconomics
The goods available are too few to satisfy individual's desires
Coordination has involved some type of coercion- limiting peo…
The study of individual choice and how that choice is influen…
The study of the economy as a whole
Scarcity
The goods available are too few to satisfy individual's desires
How does an economy deal with scarcity?
Coordination has involved some type of coercion- limiting peo…
66 terms
Microeconomics Chapter 1 - What is Economics?
Scarcity
I want to get all A+ but I also want t…
choices
I want to get all A+ but I also want t…
our inability to get everything we want
Give an example of scarcity in your own life
Because we can't get everything we want (scarcity) we must ma…
Give an example of a choice that must be made due to scarcity
Scarcity
our inability to get everything we want
I want to get all A+ but I also want t…
Give an example of scarcity in your own life
11 terms
Microeconomics: Chapter 1- Ten Principles of Economics
Economics
10 Principles
Why does economics exist?
Efficiency
The study of how society manages its scarce resources.
1. People face trade offs... 2. The cost of something is what yo…
Because of scarcity of society's resources.
Getting the most our of society's scarce resources.
Economics
The study of how society manages its scarce resources.
10 Principles
1. People face trade offs... 2. The cost of something is what yo…
18 terms
MICROECONOMICS 1 CHAPTER 1 : WHAT IS ECONOMICS?
KEY PRINCIPLES OF ECONOMICS
SCARCITY
EXAMPLE OF SCARCITY
FACTORS OF PRODUCTION
1. PEOPLE RESPOND TO INCENTIVES:... PEOPLE ARE MORE LIKELY TO DO…
THE RESOURCES WE USE TO PRODUCE GOODS AND SERVICES ARE LIMITE…
A CITY HAS A LIMITED AMOUNT OF LAND. IF THE CITY USES AN ACRE…
THE RESOURCES USED TO PRODUCE GOODS AND SERVICES; ALSO KNOWN…
KEY PRINCIPLES OF ECONOMICS
1. PEOPLE RESPOND TO INCENTIVES:... PEOPLE ARE MORE LIKELY TO DO…
SCARCITY
THE RESOURCES WE USE TO PRODUCE GOODS AND SERVICES ARE LIMITE…
11 terms
Microeconomics terms Chapter 1 - Foundations of Economics
scarcity
economics
microeconomics
macroeconomics
the limited nature of society's resources, given society's un…
the study of how people allocate their limited resources to s…
the study of the individual units that make up the economy
the study of the overall aspects and workings of an economy
scarcity
the limited nature of society's resources, given society's un…
economics
the study of how people allocate their limited resources to s…
23 terms
AP ECONOMICS: Microeconomics: Chapter 1: Limits, Alternatives, and Choices
Economic perspective
Opportunity cost
Utility
Marginal analysis
A viewpoint that envisions individuals and institutions makin…
The amount of other products that must be forgone or sacrific…
The want-satisfying power of a good or service; the satisfact…
The comparison of marginal ("extra" or "additional") benefits…
Economic perspective
A viewpoint that envisions individuals and institutions makin…
Opportunity cost
The amount of other products that must be forgone or sacrific…
30 terms
Microeconomics Chapter 1 Review
Positive Statement
Normative Statement
macroeconomics
5 Macroeconomic areas studied: IIUST
A statement of FACTS that can be verified.
A statement of OPINION or BELIEF that cannot be verified.
A study of how the MAJOR components interact.
Inflation, Interest Rate Policy, Unemployment, Spending and t…
Positive Statement
A statement of FACTS that can be verified.
Normative Statement
A statement of OPINION or BELIEF that cannot be verified.
24 terms
The economic problem: chapter 1 (microeconomics)
Wants
Inputs
Outputs
Incentive
The goods and services which we would like to purchase withou…
Resources required to produce goods and services
Actual goods and services produced by firms in an economy
Usually regarded as a financial factor that motivates an econ…
Wants
The goods and services which we would like to purchase withou…
Inputs
Resources required to produce goods and services
37 terms
Microeconomics Chapter 1: Economics- The Core Issues
Macroeconomics
Microeconomics
Economics
The three core issues must be resolved:
the study of aggregate economic behavior, of the economy as a…
the study of individual behavior in the economy, of the compo…
the study of how best to allocate scarce resources among comp…
WHAT to produce with our limited resources.... HOW to produce t…
Macroeconomics
the study of aggregate economic behavior, of the economy as a…
Microeconomics
the study of individual behavior in the economy, of the compo…
38 terms
Microeconomics; Chapter 1: Economics; Foundations and Models
scarcity
economics
economic model
market
a situation in which unlimited wants exceed the limited resou…
the study of the choices people make to attain their goals, g…
a simplified version of reality used to analyze real-world ec…
a group of buyers and sellers of a good or service and the in…
scarcity
a situation in which unlimited wants exceed the limited resou…
economics
the study of the choices people make to attain their goals, g…
268 terms
IB Economics Chapter 1 REVIEW Microeconomics
Adam Smith
allocative efficiency
bounded rationality
physical capital
Father of Economics. Scottish social philosopher. Believed pe…
Economic efficiency. The use of resources that generate the h…
Time or cost considerations prevent all possible options from…
Includes the goods used to produce other goods; specifically,…
Adam Smith
Father of Economics. Scottish social philosopher. Believed pe…
allocative efficiency
Economic efficiency. The use of resources that generate the h…
17 terms
Microeconomics Chapter 1: Ten Principles of Economics
Scarcity
Economics
Efficiency
Equality
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
20 terms
Microeconomics Chapter 1 - Ten Principles of Economics
Scarcity
Economics
Economist
Trade-off
The limited nature of society's resources.
The study of how society manages its scarce resources.
A person who studies how people make decisions: how much they…
To get something that we like, we usually have to give up som…
Scarcity
The limited nature of society's resources.
Economics
The study of how society manages its scarce resources.
26 terms
microeconomics chapter 1: ten principles of economics
scarcity
economics
efficiency
equality
limited nature of society's resources
study of how society manages its scarce resources
property of society getting the most it can from it's scarce…
property of distributing economic prosperity uniformily among…
scarcity
limited nature of society's resources
economics
study of how society manages its scarce resources
15 terms
Microeconomics Chapter 1: Economics: The Science of Everyday Life
Economics
Scarcity
Microeconomics
Macroeconomics
The study of how scarce resources are allocated among competi…
There are not enough resources available to produce and consu…
The study of how individual consumers or household interact w…
The study of the major spending and producing units in the ec…
Economics
The study of how scarce resources are allocated among competi…
Scarcity
There are not enough resources available to produce and consu…
30 terms
Microeconomics - Chapter 1 Economics: The Core Issue
scarcity
factors of production
land
labor
lack of enough resources to satisfy all desired uses of those…
resource inputs used to produce goods and services (land, lab…
all natural resources (land, crude oil, water, air, and miner…
the skills and abilities to produce goods and services (both…
scarcity
lack of enough resources to satisfy all desired uses of those…
factors of production
resource inputs used to produce goods and services (land, lab…
22 terms
Microeconomics - Chapter 1: The Role and Method of Economics
Economics
Resources
Scarcity
The economic problem
The study of choices we make among our many wants and desires…
Inputs used to produce goods and services... Land... Labor... Capital…
Exists because our unlimited wants exceed our limited resources
Scarcity forces us to choose, and choices are costly because…
Economics
The study of choices we make among our many wants and desires…
Resources
Inputs used to produce goods and services... Land... Labor... Capital…
20 terms
AP Microeconomics -- Chapter 1 -- The Economic Approach -- Vocabulary
Scarcity
Choice
Resource
Capital
Fundamental concept of economics that indicates that there is…
The act of selecting among alternatives.
An input used to produce economics goods. Land, labor, skills…
Human-made resources (such as tools, equipment, and structure…
Scarcity
Fundamental concept of economics that indicates that there is…
Choice
The act of selecting among alternatives.
41 terms
Microeconomics Chapter 1: The Art and Science of Economic Analysis
THE ECONOMIC PROBLEM: SCARCE RESOURCES…
1. Resources
Labor
Capital
the problem is that, although your wants, desires, are virtua…
inputs, or factors of production, used to produce the goods a…
human effort, both physical and mental
includes all human creations used to produce goods and servic…
THE ECONOMIC PROBLEM: SCARCE RESOURCES…
the problem is that, although your wants, desires, are virtua…
1. Resources
inputs, or factors of production, used to produce the goods a…
57 terms
Microeconomics Chapter 1
Economics is the study of
Scarcity is
Economic Problem is when
Economic is sometimes called
choices we make among our many wants and desires given our li…
when our unlimited wants exceeds our limited resources
Scarcity forces us to choose, and choices are costly.
the study of choice
Economics is the study of
choices we make among our many wants and desires given our li…
Scarcity is
when our unlimited wants exceeds our limited resources
40 terms
Economics and life, Chapter 1; Microeconomics 200
Economists tend to break down problems…
What term refers to the condition of w…
Give an example for wants and constrai…
What word does wants and constraints d…
1) What are the wants and constraints of those involved?... 2)…
Scarcity
Bangladesh villagers and bankers:... The bankers want to make a…
Scarcity
Economists tend to break down problems…
1) What are the wants and constraints of those involved?... 2)…
What term refers to the condition of w…
Scarcity
15 terms
Microeconomics ch1 Nature of Economics
Economics
Resources
Wants
Microeconomics
the study of how people allocate their limited resources to s…
things used to produce goods and services to satisfy peoples'…
what people would buy if their incomes were unlimited.
the study of decision making undertaken by individuals(or hou…
Economics
the study of how people allocate their limited resources to s…
Resources
things used to produce goods and services to satisfy peoples'…
Microeconomics Chapter 1
Utility is measured in
economic perspective
Human behavior reflects ________ and p…
Utility
utils
...
Rational self interest
the pleasure or satisfaction obtained from consuming a good o…
Utility is measured in
utils
economic perspective
...
30 terms
Microeconomics Chapter 1 Review
Positive Statement
Normative Statement
macroeconomics
5 Macroeconomic areas studied: IIUST
A statement of FACTS that can be verified.
A statement of OPINION or BELIEF that cannot be verified.
A study of how the MAJOR components interact.
Inflation, Interest Rate Policy, Unemployment, Spending and t…
Positive Statement
A statement of FACTS that can be verified.
Normative Statement
A statement of OPINION or BELIEF that cannot be verified.
41 terms
Microeconomics Chapter 1: The Art and Science of Economic Analysis
THE ECONOMIC PROBLEM: SCARCE RESOURCES…
1. Resources
Labor
Capital
the problem is that, although your wants, desires, are virtua…
inputs, or factors of production, used to produce the goods a…
human effort, both physical and mental
includes all human creations used to produce goods and servic…
THE ECONOMIC PROBLEM: SCARCE RESOURCES…
the problem is that, although your wants, desires, are virtua…
1. Resources
inputs, or factors of production, used to produce the goods a…
35 terms
Microeconomics - Chapter 1
scarcity
factors of production
land
labor
lack of enough resources to satisfy all desired uses of those…
resource inputs used to produce goods and services (land, lab…
all natural resources (land, crude oil, water, air, and miner…
the skills and abilities to produce goods and services (both…
scarcity
lack of enough resources to satisfy all desired uses of those…
factors of production
resource inputs used to produce goods and services (land, lab…
20 terms
Principles of Microeconomics -- Chapter 1 -- The Scope and Method of Economics -- Key Terms
Economics
Opportunity Cost
Scarce
Marginalism
The study of how individuals and societies choose to use the…
The best alternative that we forgo, or give up, when we make…
Limited
The process of analyzing the additional or incremental costs…
Economics
The study of how individuals and societies choose to use the…
Opportunity Cost
The best alternative that we forgo, or give up, when we make…
23 terms
Microeconomics - Chapter 1 - Hubbard
Three Key Economic Ideas
The Economic Problem That Every Societ…
Economic Models
Allocative efficiency
1) People are rational: choose decision that is most benefici…
-Scarcity: unlimited wants exceed limited resources to fulfil…
1. Economists use models—simplified versions of reality—to an…
Production is consistent with consumer preferences. MB=MC
Three Key Economic Ideas
1) People are rational: choose decision that is most benefici…
The Economic Problem That Every Societ…
-Scarcity: unlimited wants exceed limited resources to fulfil…
98 terms
Economics Theme 1 - Microeconomics
Ceteris Paribus
Positive statement
Normative statement
What's the main role of value judgemen…
All conditions remain equal
A statement that can be tested, amended or rejected by referr…
An opinion based statement with a value judgement with key wo…
Value judgement are usually required to obtain desirability
Ceteris Paribus
All conditions remain equal
Positive statement
A statement that can be tested, amended or rejected by referr…
Microeconomics Chapter 1
Scarcity
Economics
Economic model
Market
A situation in which unlimited wants exceed the limited resou…
The study of the choices people make to attain their goals, g…
A simplified version of reality used to analyze real-world ec…
A group of buyers and sellers of a good or service and the in…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Economics
The study of the choices people make to attain their goals, g…
89 terms
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…
23 terms
Microeconomics (Chapter 1)
The Scarcity Principal
The Cost-Benefit Principal
rational
economic surplus
although we have boundless needs and wants, the resources ava…
an individual (or a firm or a society) should take an action…
in studying choice under scarcity, we'll usually begin with t…
the difference between the benefit of doing something and its…
The Scarcity Principal
although we have boundless needs and wants, the resources ava…
The Cost-Benefit Principal
an individual (or a firm or a society) should take an action…
16 terms
Microeconomics Mankiw Chapter 1
Scarcity
Economics
efficiency
equality
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
30 terms
Microeconomics Chapter 1: Economics: Foundations and Models (Exam)
The decision about what goods and serv…
The economic analysis of minimum wage…
The idea that because of scarcity, pro…
In economics, the term __________ mean…
Consumers and firms choosing which goods and services to buy…
A and B are positive statements,... C and D are normative statem…
trade-off
Marginal
The decision about what goods and serv…
Consumers and firms choosing which goods and services to buy…
The economic analysis of minimum wage…
A and B are positive statements,... C and D are normative statem…
64 terms
Microeconomics (Chapter 1-7)
Equilibrium
Why is the demand curve downward slopi…
Why is the supply curve upward sloping?
Shortage
Quantity demanded Qd(P) = Quantity supplied Qs(P)
You can only add buyers because anyone willing to buy at a hi…
As price increases, we can only add sellers because as we inc…
Quantity demanded>Quantity supplied
Equilibrium
Quantity demanded Qd(P) = Quantity supplied Qs(P)
Why is the demand curve downward slopi…
You can only add buyers because anyone willing to buy at a hi…
26 terms
Tresch Principles of Microeconomics Chapter 1 - The First Principles of Economics
The Economic Problem
Objectives
Alternatives
Constraints
Three part problem made up of... Objectives ... Alternatives... Constr…
refers to the goals that economic agents try to achieve
refers to the necessity of making choices
refers to the limitations that prevent economic agents from a…
The Economic Problem
Three part problem made up of... Objectives ... Alternatives... Constr…
Objectives
refers to the goals that economic agents try to achieve
28 terms
Microeconomics Chapter 1
Scarcity
Rational individuals
Economic Incentives
Marginal Analysis
unlimited wants exceed the limited resources available to ful…
weigh the costs and benefits of each action by using informat…
respond to changes in economics. If a price goes down, people…
Analysis that involves comparing marginal benefits and margin…
Scarcity
unlimited wants exceed the limited resources available to ful…
Rational individuals
weigh the costs and benefits of each action by using informat…
24 terms
Microeconomics: Chapter 1
Economy
Economics
Market
Market Oriented-Economy
The social arrangements that determine what is produced, how…
The study of the production, distribution and consumption of…
An institution that brings together buyers and sellers of goo…
An economy in which most economic decisions are made by the b…
Economy
The social arrangements that determine what is produced, how…
Economics
The study of the production, distribution and consumption of…
23 terms
Chapter 1 Microeconomics
Economics
Scarcity
Division of Labor
Specialization
the study of how humans make decisions in the face of scarcity.
human wants for goods, services and resources exceed what is…
the way a good or service is produced is divided int a number…
allows workers to focus on the parts of the production proces…
Economics
the study of how humans make decisions in the face of scarcity.
Scarcity
human wants for goods, services and resources exceed what is…
41 terms
Microeconomics chapter 1
Economics
Economic perspective
Scarcity
Opportunity costs
The social science concerned with how people and society make…
Economic way of thinking.... stresses resource, scarcity and the…
Limited goods and services.
Goods and services that are sacrificed to produce resources.…
Economics
The social science concerned with how people and society make…
Economic perspective
Economic way of thinking.... stresses resource, scarcity and the…
40 terms
Microeconomics Chapter 1
Economy
Economics
Market
Market-Oriented Economy
The social arrangements that determine what is produced, how…
The study of the production, distribution, and consumption of…
An institution that brings together buyers and sellers of goo…
An economy in which most economic decisions are made by buyer…
Economy
The social arrangements that determine what is produced, how…
Economics
The study of the production, distribution, and consumption of…
27 terms
Microeconomics Chapter 1
Economics
Economic Perspective
Opportunity Cost
Utility
...
A viewpoint that envisions individuals and institutions makin…
The amount of other products that must be forgone or sacrific…
The want-satisfying power of a good or service; the satisfact…
Economics
...
Economic Perspective
A viewpoint that envisions individuals and institutions makin…
65 terms
Microeconomics Chapter 1-4
Price ceiling
price floor
consumer surplus
marginal benefit
A legally determined maximum price that sellers may charge
a legally determined minimum price that sellers may receive
the difference between the highest price a consumer is willin…
the additional benefit to a consumer from consuming one more…
Price ceiling
A legally determined maximum price that sellers may charge
price floor
a legally determined minimum price that sellers may receive
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