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Study sets matching "econ 101"

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Study sets matching "econ 101"

48 terms
Economics 101
Four Possible Statistical Problems fro…
Efficient
Inefficient
Infeasible
1. Sample w/ builtin bias... 2. Well-Chosen Average... 3. Little fi…
Outer most visible points.
Points within visible points
Points outside of of efficient points.
Four Possible Statistical Problems fro…
1. Sample w/ builtin bias... 2. Well-Chosen Average... 3. Little fi…
Efficient
Outer most visible points.
40 terms
Economics 101
Economy
Economic Development
Production
Producers
The careful use or management of resources such as money, mat…
Depends on the production, distribution, and consumption of g…
The making of goods.
Owners and workers.
Economy
The careful use or management of resources such as money, mat…
Economic Development
Depends on the production, distribution, and consumption of g…
12 terms
Economics 101
Factors of Production
Entrepreneur
Trade-off
Opportunity cost
Land ... Labor... Capital
a person who organizes and operates a business or businesses,…
a balance achieved between two desirable but incompatible fea…
the loss of potential gain from other alternatives when one a…
Factors of Production
Land ... Labor... Capital
Entrepreneur
a person who organizes and operates a business or businesses,…
12 terms
Economics 101
capital
natural resources
inventions
railroads
another term for money (FQ1)
farm land, timber, coal, iron, water power... (FQ1)
helped make business more efficient (FQ1)
major transportation source for all businesses (FQ1)
capital
another term for money (FQ1)
natural resources
farm land, timber, coal, iron, water power... (FQ1)
94 terms
Economics 101
economics
rational person
economic surplus
opportunity cost
the study of how people make choices under conditions of scar…
someone with well-defined goals who tries to fulfill those go…
the benefit of taking any action minus its cost
the value of the next-best alternative that must be foregone…
economics
the study of how people make choices under conditions of scar…
rational person
someone with well-defined goals who tries to fulfill those go…
125 terms
Economics 101
economics
rational person
economic surplus
opportunity cost
the study of how people make choices under conditions of scar…
someone with well-defined goals who tries to fulfill those go…
the benefit of taking any action minus its cost
the value of the next-best alternative that must be foregone…
economics
the study of how people make choices under conditions of scar…
rational person
someone with well-defined goals who tries to fulfill those go…
10 terms
Economics 101
economics
barter
service
good
the study of the making, buying, and selling of goods or serv…
to trade
any kind of work performed for others.
something you can feel, or any kind of merchandise.
economics
the study of the making, buying, and selling of goods or serv…
barter
to trade
ECONOMICS 101
Opportunity Cost
Margin
Marginal Benefit
Marginal Cost
The net value/the net benefit of the next best alternative (b…
Decisions are made at the margin
Additional/incremental benefit associated with this choice, "…
Additional/incremental benefit associated with this choice, "…
Opportunity Cost
The net value/the net benefit of the next best alternative (b…
Margin
Decisions are made at the margin
34 terms
Economics 101
What is the definition of economics?
What are the three major decisions tha…
What is supply?
What is demand?
The human efforts to satisfy seemingly unlimited wants throug…
What and how much should be produced?... How should goods and se…
The amount of a good or service offered for sale.
The demand to buy a certain good or service.
What is the definition of economics?
The human efforts to satisfy seemingly unlimited wants throug…
What are the three major decisions tha…
What and how much should be produced?... How should goods and se…
26 terms
Economics 101
economics
scarcity
need
want
study of how people seek to satisfy their wants and needs by…
limited goods and services with unlimited amount of wants to…
anything required to live( food; clothing)
an unfulfilled desire( not necessary)
economics
study of how people seek to satisfy their wants and needs by…
scarcity
limited goods and services with unlimited amount of wants to…
48 terms
Economics 101
Slope of the PPF calculation
Shutdown Rule
Supply Function
Demand function
rise/run = change in y-axis/change in x-axis
If the minimum total average costs are greater than the price…
Depends on:... - price of the product... - input prices... - prices of…
Depends on:... - price of the product... - prices of related goods…
Slope of the PPF calculation
rise/run = change in y-axis/change in x-axis
Shutdown Rule
If the minimum total average costs are greater than the price…
34 terms
Economics 101
Market Equilibrium
Competitive Market
Price Ceilings
Search Costs
When the supply and demand curves intersect. This is where th…
numerous producers that compete with one another in hopes to…
The government prevents the price of a good or service from r…
When a good is in a state of shortage and it takes people tim…
Market Equilibrium
When the supply and demand curves intersect. This is where th…
Competitive Market
numerous producers that compete with one another in hopes to…
11 terms
Economics 101
Market Economy
Command Economy
Mixed Economy
Traditional Economy
Economic decisions are made by individuals or the open market…
An economic system in which the government makes all economic…
Market-based economic system with limited government involvem…
based on agriculture (farming) and barter (trade)
Market Economy
Economic decisions are made by individuals or the open market…
Command Economy
An economic system in which the government makes all economic…
40 terms
Economics 101
Economy
Economic Development
Production
Producers
The careful use or management of resources such as money, mat…
Depends on the production, distribution, and consumption of g…
The making of goods.
Owners and workers.
Economy
The careful use or management of resources such as money, mat…
Economic Development
Depends on the production, distribution, and consumption of g…
Economics 101
Barter
Goods
Services
Supply
To trade
Kind of merchandise
Work performed for others
A stock or resource of something needed or wanted
Barter
To trade
Goods
Kind of merchandise
32 terms
Economics 101
Free Enterprise (market)
Economic Indicators
Surplus
Supply and Demand
Consumers decide what to produce and purchase, prices are det…
Measures that show how a country's economy is doing.... Most co…
A situation where supply is greater than demand. There is mor…
In a free market, the quantity of a product and how many peop…
Free Enterprise (market)
Consumers decide what to produce and purchase, prices are det…
Economic Indicators
Measures that show how a country's economy is doing.... Most co…
13 terms
Economics 101
economics
labor
productivity
market value
the study of producing, distributing, and using goods and ser…
to work (verb) or work force/workers (noun)
the rate at which goods and services are produced
the amount that a seller may expect to obtain for merchandise…
economics
the study of producing, distributing, and using goods and ser…
labor
to work (verb) or work force/workers (noun)
33 terms
Economics 101
profit
productivity
income
supply
The difference between the amount earned and the amount spent…
The rate at which goods and services are produced.
Money received, especially on a regular basis, for work.
The amount of a good that has been made and can be bought.
profit
The difference between the amount earned and the amount spent…
productivity
The rate at which goods and services are produced.
32 terms
Economics 101
Command Economy
Consumer
Demand
Domestic Economy
An economic system run completely by the government.
People who buy and use goods and service
How much consumers are willing and able to buy a particular g…
The system of resource management and development within a co…
Command Economy
An economic system run completely by the government.
Consumer
People who buy and use goods and service
43 terms
Economics 101
Command Economy
Consumer
Demand
Export
An economic system run completely by the government.
People who buy and use goods and services
How much consumers are willing and able to buy a particular g…
Good produced domestically (within 1 country) and sold abroad…
Command Economy
An economic system run completely by the government.
Consumer
People who buy and use goods and services
11 terms
Economics 101
goods
consumer
producer
market
things for sale
someone who buys goods
someone who makes goods
a place to buy and sell goods OR potential demand for goods
goods
things for sale
consumer
someone who buys goods
159 terms
Economics 101
inflation
market failure
economics
productivity
increase in the overall level of prices in the economy
situation in which a market left on its own fails to allocate…
study of how society manages its scarce resources
quantity of goods and services produced from each unit of lab…
inflation
increase in the overall level of prices in the economy
market failure
situation in which a market left on its own fails to allocate…
125 terms
Economics 101
economics
rational person
economic surplus
opportunity cost
the study of how people make choices under conditions of scar…
someone with well-defined goals who tries to fulfill those go…
the benefit of taking any action minus its cost
the value of the next-best alternative that must be foregone…
economics
the study of how people make choices under conditions of scar…
rational person
someone with well-defined goals who tries to fulfill those go…
Economics 101
The Invisible Hand
Ordered Pair
Normative Statements
Positive Statements
The idea that buyers and sellers feely interacting in a marke…
two numbers that can be represented by a point on a graph
How you believe the world SHOULD BE... eg. we should/not raise t…
Descriptive of how the world IS... eg. raising the minimum wage…
The Invisible Hand
The idea that buyers and sellers feely interacting in a marke…
Ordered Pair
two numbers that can be represented by a point on a graph
46 terms
Economics 101
Economics
scarcity
opportunity cost
rational people
the study of how society makes decisions about managing its s…
the limited nature of society's resources
whatever must be given up to obtain a good or service
systematically and purposefully do the best they can do to ac…
Economics
the study of how society makes decisions about managing its s…
scarcity
the limited nature of society's resources
Economics 101
Economics
Microeconomics
Choices
Opportunity cost
The study of the choices people make and the action they take…
the study of the choices and actions of individual
If benefit(x) > costs(x), do X... If benefit(x)<costs(x) don't d…
The benefit given up by not using the resources in a net best…
Economics
The study of the choices people make and the action they take…
Microeconomics
the study of the choices and actions of individual
10 terms
economics101
opportunity costs
economic growth
production
capital
the important result of a specific economic decision
when the economy increases in the amount of goods
combine resources to make goods and services
the money , building ,machinery and equipment used in to make…
opportunity costs
the important result of a specific economic decision
economic growth
when the economy increases in the amount of goods
17 terms
Economics 101
economics
need
individual want
collective want
the branch of knowledge concerned with the production, consum…
something that is required in order to live
something that an individual wants
something the community wants
economics
the branch of knowledge concerned with the production, consum…
need
something that is required in order to live
Economics 101
What is the definition of Economics
What is Scarcity
What is Opportunity Cost
Entrepreneurship
The study of the allocation of scarce means among competing e…
condition that arises when wants exceed the ability to satisf…
The value of the next best alternative
A specific type of human capital that combines the other 3 fa…
What is the definition of Economics
The study of the allocation of scarce means among competing e…
What is Scarcity
condition that arises when wants exceed the ability to satisf…
30 terms
Economics 101
Law of Demand
Law of Supple
Substitute Goods
Complement Goods
Increase in demand leads to an increase in quantity demanded…
Increase in supple leads to an increase in quantity supplied…
Two goods that could be used for the same purpose
Two goods that are used/bought together
Law of Demand
Increase in demand leads to an increase in quantity demanded…
Law of Supple
Increase in supple leads to an increase in quantity supplied…
25 terms
Economic 101
.exports
Imports
Deficit
China
Goods we prduce in the U.S. sold to consumers outside the U.S
Goods U.S. cunsumers buy that come from market outside the U.S.
The balance of trade comparing exports and imports
The country with the greatest imbalance of trade with the U.S.
.exports
Goods we prduce in the U.S. sold to consumers outside the U.S
Imports
Goods U.S. cunsumers buy that come from market outside the U.S.
94 terms
Economics 101
Economics
Laws
Cooperation
Economics is a theory
Solving Problems
Produce Order
Necessity required by laws
of choice and unintended consequences
Economics
Solving Problems
Laws
Produce Order
5 terms
Economics 101
Production Possibilities Frontier
Comparative Advantage
Planned Economy
Command Economy
a graph representing production tradeoffs of an economy given…
The theory of comparative advantage is an economic theory abo…
an economic system in which inputs are based on direct alloca…
a system where the government, rather than the free market, d…
Production Possibilities Frontier
a graph representing production tradeoffs of an economy given…
Comparative Advantage
The theory of comparative advantage is an economic theory abo…
Economics 101
Economics
Land
Labor
Capital
The study of how resources are used to satisfy unlimited wants.
Fill of the attributions of the Earth
All the attributions of humanity
Tangible items used to produce goods and services
Economics
The study of how resources are used to satisfy unlimited wants.
Land
Fill of the attributions of the Earth
19 terms
Economics 101
Elasticity
Elasticity Equation
Labor Force Participation Rate
Cross Price Elasticity Rate
Responsiveness to change
% change in demand / % change in price
unemployed + employed / population
% change in demand (a) / % change in price (b)
Elasticity
Responsiveness to change
Elasticity Equation
% change in demand / % change in price
22 terms
economics 101
Economics
Economist
Microeconomics
Macroeconomics
the study of the choices people make to satisfy their unlimit…
someone who studys and/or follows the economy
The study of individual economic actors. as large as nike cor…
The study of Multiple economic actors. ex. the study of unemp…
Economics
the study of the choices people make to satisfy their unlimit…
Economist
someone who studys and/or follows the economy
Economics 101
Economics
Microeconomics
Macroeconomics
Allocation
The study of how individuals, institutions, and society choos…
The study of the decision making of individuals and businesses
The study of how entire nations deal with scarcity
Getting the right resources to the right people
Economics
The study of how individuals, institutions, and society choos…
Microeconomics
The study of the decision making of individuals and businesses
55 terms
ECONOMICS 101
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
35 terms
Economics 101
External Stability
Balance of Payments
Financial and Capital Account
Current Account
Is good when Aus. is able to live within its means and be abl…
A record of financial transactions between Australia and the…
Used by Australia to finance Current Account Deficit. ( will…
Balance of Goods and services ... Net Primary Income ( credits f…
External Stability
Is good when Aus. is able to live within its means and be abl…
Balance of Payments
A record of financial transactions between Australia and the…
53 terms
Economics 101
Incentives
B(x)>C(x) vice versa
Reservation price
1st mistake that is often made in deci…
key to peoples choices
then do that
price where the benefits and costs are equal i.e i don't mind…
a cost is not initially reported as a cost i.e implicit cost.
Incentives
key to peoples choices
B(x)>C(x) vice versa
then do that
10 terms
Economics 101
Recession
Depression
Quality of life
Prosperity
A period od time marked by a dip in the economic activity
A period of time marked by a long-term unemployment of large…
Your personal happiness (or unhappiness) with the conditions…
A successful, flourishing or thriving financial condition (su…
Recession
A period od time marked by a dip in the economic activity
Depression
A period of time marked by a long-term unemployment of large…
69 terms
Economics 101
Economics
Microeconomics
Macroeconomics
Philosopher
making decisions with money
making decisions alone
making decisions in a group
Who was Adam Smith?
Economics
making decisions with money
Microeconomics
making decisions alone
12 terms
economics 101
scarcity of resources
supply
demand
market
occurs when there is not enough of something available to the…
the amount of a particular good or service that producers are…
the amount of a particular good or service that people are wi…
a demand for a product or service
scarcity of resources
occurs when there is not enough of something available to the…
supply
the amount of a particular good or service that producers are…
60 terms
Economic 101
Scarcity
Opportunity cost
Rational consumers
Marginalism
The result of limited resources and unlimited wants.
Choice. The value of the next best alternative foregone.
Consumers who make rational economic decisions.
In weighing the costs and benefits of a decision, it is impor…
Scarcity
The result of limited resources and unlimited wants.
Opportunity cost
Choice. The value of the next best alternative foregone.
31 terms
Economics 101
Market
Profit
Revenue
Specialization
An organized way for producers and comsumers to trade goods a…
The money a company has left after subtracting the costs of d…
The money earned by selling goods and services
The act of connecting on a limited number of goods and activi…
Market
An organized way for producers and comsumers to trade goods a…
Profit
The money a company has left after subtracting the costs of d…
21 terms
Economics 101
Scarcity
Centrally Planned
Free enterprise
Mixed
theres isn't enough to go around/ Limited resources
the government makes decisions and they enforce them
people make the choices, the government doesn't control anyth…
part free and part centrally planned
Scarcity
theres isn't enough to go around/ Limited resources
Centrally Planned
the government makes decisions and they enforce them
29 terms
Economics 101
profit
productivity
income
supply
The difference between the amount earned and the amount spent…
The rate at which goods and services are produced.
Money received, especially on a regular basis, for work.
The amount of a good that has been made and can be bought.
profit
The difference between the amount earned and the amount spent…
productivity
The rate at which goods and services are produced.
134 terms
Economics 101 Glossary
economics
economy
positive economics
normative economics
self-def: the study of decision making in the face of scarcit…
self-def: a management system for resources -> production/dis…
self-def: the branch of econ that seeks to understand through…
self-def: the branch of econ that seeks to utilize an analyti…
economics
self-def: the study of decision making in the face of scarcit…
economy
self-def: a management system for resources -> production/dis…
20 terms
Economics 101
Supply
Supply Curve
Two Shifts in Supply Curve
A Change in Market Conditions
The quantity of a good or service that producers are willing…
this curve shifts back and forth as the conditions in the mar…
* This curve shifts to the right when the producers price inc…
Other things that might cause supply curve to move to the lef…
Supply
The quantity of a good or service that producers are willing…
Supply Curve
this curve shifts back and forth as the conditions in the mar…
32 terms
Economics 101
competitive market
supply and demand model
demand schedule
quantity demanded
a market in which there are many buyers and sellers of the sa…
is a model of how a competitive market behaves
shows how much of a good or service consumers will want to bu…
is the actual amount of a good or service consumers are willi…
competitive market
a market in which there are many buyers and sellers of the sa…
supply and demand model
is a model of how a competitive market behaves
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