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Study sets matching "economics 200"

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Study sets matching "economics 200"

122 terms
Economics 200
Allocative Efficiency
Asymmetric Information
Barriers to Entry
Budget Deficit
Producing the mix of goods that society values most.
A situation where one party to a market transaction has much…
When potential competitors face significant cost disadvantage…
The difference between tax revenue and government spending wh…
Allocative Efficiency
Producing the mix of goods that society values most.
Asymmetric Information
A situation where one party to a market transaction has much…
24 terms
Economics 200
Economics
Scarcity
Total costs
Marginal costs
the study of how people make choices under conditions of scar…
unlimited wants in a world of limited resources
are the sum of all costs involved in production of studying
the additional costs of 1 more hour of studying
Economics
the study of how people make choices under conditions of scar…
Scarcity
unlimited wants in a world of limited resources
Economics 200
Economics
Resources
Scarcity
The economic problem
the study of the choices we make among human wants and desire…
Inputs such as land, human effort, skills, machines, and fact…
is when the unlimited wants of humans exceed the limited reso…
Workers, firms, consumers all face choices due to scarcity wh…
Economics
the study of the choices we make among human wants and desire…
Resources
Inputs such as land, human effort, skills, machines, and fact…
49 terms
Economics 200
Capital
Comparative Advantage
Consumer Goods
Economic Efficiency
Human-made resources (buildings, machinery, and equipment) us…
A lower relative opportunity cost than that of another produc…
Products and services that satisfy human wants directly.
When society produces the combination of goods with the highe…
Capital
Human-made resources (buildings, machinery, and equipment) us…
Comparative Advantage
A lower relative opportunity cost than that of another produc…
36 terms
Economic 200
Four factors of production
Economics
Opportunity Cost
Guns vs butter
Labor: skills and ability to produce goods... Land: oil, land, a…
The study of how best to allocate scarce resources among comp…
What is given up to get something else.
Using scarce resources to producing weaponary instead of usin…
Four factors of production
Labor: skills and ability to produce goods... Land: oil, land, a…
Economics
The study of how best to allocate scarce resources among comp…
64 terms
Economics200 Exam 2
Utility
revealed preference
utility function
bundle
a measure of the amount of satisfaction a person derives from…
the idea the people's revealed preferences can be determined…
a formula for calculating the total utility that a particular…
a unique combination of goods that person could choose to con…
Utility
a measure of the amount of satisfaction a person derives from…
revealed preference
the idea the people's revealed preferences can be determined…
36 terms
Economics 200 Final Exam
A Luxury Good
Laffer Curve
Incidence of Tax
Deadweight Loss
a good with a high income elasticity (>1) is generally consid…
When tax rates are quite high, reducing tax rates will increa…
Describes who actually bares the burden of a tax
Results from the imposition of a tax on a good because the ta…
A Luxury Good
a good with a high income elasticity (>1) is generally consid…
Laffer Curve
When tax rates are quite high, reducing tax rates will increa…
34 terms
Economics 200 exam 2
An economist thinks about this but an…
The most important of all the cost cur…
Forgetting about the past
When adding inputs, firms experience t…
What are implicit costs?
What is marginal cost?
What are sunk costs?
What are diminishing returns?
An economist thinks about this but an…
What are implicit costs?
The most important of all the cost cur…
What is marginal cost?
39 terms
EConomics 200 Midterm 2
What is Price Elasticity of demand?
What is the formula for elasticity of…
Categories of Ed( E and lowercase d)?
What is the formula and explain the re…
Price Elasticity of Demand: Consumers' responsiveness to a ch…
Percentage change in quantity demanded divided by percentage…
If %∆q < %∆p... ED between 0 and 1... Inelastic D... If %∆q > %∆p... ED…
Total revenue = price x quantity demanded at this price... (TR=…
What is Price Elasticity of demand?
Price Elasticity of Demand: Consumers' responsiveness to a ch…
What is the formula for elasticity of…
Percentage change in quantity demanded divided by percentage…
25 terms
Economics 200 Part 1
Economic Goods (2.1)
Opportunity Cost (35)
Rational Decision Making (39)
Marginal Thinking (40)
scarce goods created from scarce resources-- good's that are…
Value of the best forgone alternative that was not chosen
People can do the best they can, based on their values and in…
Focusing on the additional, or marginal, choices; marginal ch…
Economic Goods (2.1)
scarce goods created from scarce resources-- good's that are…
Opportunity Cost (35)
Value of the best forgone alternative that was not chosen
16 terms
Economics 200 (Chapter 6)
Price elasticity of demand (122)
Price elasticity of supply (122)
Inelastic (123)
Inelastic demand
Is the percentage change in quantity demanded divided by the…
Is the percentage change in quantity supplied divided by the…
Demand or supply, if the percentage change in quantity is les…
Demand is inelastic when the percentage change in quantity de…
Price elasticity of demand (122)
Is the percentage change in quantity demanded divided by the…
Price elasticity of supply (122)
Is the percentage change in quantity supplied divided by the…
10 terms
Economic Growth-Econ 200
Economic Growth
real GDP per capita
growth rate
rule of 72
an expanded production possibilities curve (PPC)
Gross domestic product per person adjusted for changes in pri…
percentage rate of change of a variable from one period to an…
a rule of thumb that says output will double in 72/x years, w…
Economic Growth
an expanded production possibilities curve (PPC)
real GDP per capita
Gross domestic product per person adjusted for changes in pri…
62 terms
Economics200 Exam 2
Utility
revealed preference
utility function
bundle
a measure of the amount of satisfaction a person derives from…
the idea the people's revealed preferences can be determined…
a formula for calculating the total utility that a particular…
a unique combination of goods that person could choose to con…
Utility
a measure of the amount of satisfaction a person derives from…
revealed preference
the idea the people's revealed preferences can be determined…
61 terms
Economics200 Exam 2
Utility
revealed preference
utility function
bundle
a measure of the amount of satisfaction a person derives from…
the idea the people's revealed preferences can be determined…
a formula for calculating the total utility that a particular…
a unique combination of goods that person could choose to con…
Utility
a measure of the amount of satisfaction a person derives from…
revealed preference
the idea the people's revealed preferences can be determined…
111 terms
Economics 200 Monopoly
If producing is preferable to shutting…
What are the two legal barriers to ent…
_________ is equal to average revenue…
The change in total revenue is called…
b) MR=MC
a) Patents... d) Licenses
Price
marginal
If producing is preferable to shutting…
b) MR=MC
What are the two legal barriers to ent…
a) Patents... d) Licenses
12 terms
Economics 200 Written
Storage costs are negligible for consu…
Land, Labor, Capital, Entrepreneurial…
Technological Development, Resource Av…
GDP = C + I + G + ( X - M )
Market Model Assumption
Factors of Production
Five Determinants of Economics Growth
Components of U.S. GDP Formula
Storage costs are negligible for consu…
Market Model Assumption
Land, Labor, Capital, Entrepreneurial…
Factors of Production
Economics 200 Test 2
What are ways the government can promp…
A negative externality is the same thi…
Calculate the marginal product for a c…
A large computer company hires many sp…
-Mandated coverage of cleanup costs... - Pollution Tax's... - Pollu…
True
2.5 cars
Economies of Scale
What are ways the government can promp…
-Mandated coverage of cleanup costs... - Pollution Tax's... - Pollu…
A negative externality is the same thi…
True
30 terms
Economics 200 Part 3
Consumer Surplus (187)
Producer Surplus (189)
Marginal Cost (189)
Total Welfare Gains (191)
The difference between the price a consumer is willing and ab…
The difference between what a producer is paid for a good and…
The cost of producing one more unit of a good
The sum of consumer and producer surpluses
Consumer Surplus (187)
The difference between the price a consumer is willing and ab…
Producer Surplus (189)
The difference between what a producer is paid for a good and…
13 terms
Economics 200: 10 Principles of Economics
limited resources of value
how to manage scarce resources
earning maximum benefits from resources
what you give up to obtain an item
Scarcity
Economics
Efficiency
Opportunity cost
limited resources of value
Scarcity
how to manage scarce resources
Economics
61 terms
Economics 200 Part 4
Substitution Effect (CH10)
Income Effect (Ch10)
Diminishing Marginal Utility (CH10)
Utility (Ch10)
a consumer's switch to another similar good when the price of…
reduction in quantity demanded of a good when its price incre…
the concept that states that as an individual consumes more a…
a measure of the relative levels of satisfaction consumers ge…
Substitution Effect (CH10)
a consumer's switch to another similar good when the price of…
Income Effect (Ch10)
reduction in quantity demanded of a good when its price incre…
35 terms
Economics 200 Part 2
Market (97)
Competitive Market (97)
Law of Demand (98)
Individual Demand Schedule (99)
The process of buyers and sellers exchanging goods and services
A market where the many buyers and sellers have little market…
The Quantity of a good/service demanded varies INVERSELY (neg…
A Schedule that shows the relationship between price and quan…
Market (97)
The process of buyers and sellers exchanging goods and services
Competitive Market (97)
A market where the many buyers and sellers have little market…
13 terms
Economics 200 Chapter 9 Definitions
Allocative Efficiency
Barriers to Entry
Copyright
Deregulation
producing the optimal quantity of some output; the quantity w…
the legal, technological, or market forces that may discourag…
a form of legal protection to prevent copying, for commercial…
removing government controls over setting prices and quantiti…
Allocative Efficiency
producing the optimal quantity of some output; the quantity w…
Barriers to Entry
the legal, technological, or market forces that may discourag…
25 terms
Economics Vocab 176-200
Installment buying
Invitational investor
Tax loophole
Interest
Purchasing a commodity over a period of time.
An organization, such as a government, labor union, or busine…
A provision in the laws governing taxation that allows people…
The charge for borrowing money or return for lending it.
Installment buying
Purchasing a commodity over a period of time.
Invitational investor
An organization, such as a government, labor union, or busine…
10 terms
Economics 200 Chapter 13 Definitions
Free Rider
Intellectual Property
Nonexcludable
Nonrivalrous
those who want others to pay for the public good and then pla…
the body of law including patents, trademarks, copyrights, an…
when it is costly or impossible to exclude someone from using…
even when one person uses the good, others can also use it.
Free Rider
those who want others to pay for the public good and then pla…
Intellectual Property
the body of law including patents, trademarks, copyrights, an…
10 terms
Economics 200 Chapter 10 Definitions
Cartel
Collusion
Differentiated Product
Duopoly
a group of firms that collude to produce the monopoly output…
when firms act together to reduce output and keep prices high.
a product that is perceived by consumers as distinctive in so…
an oligopoly with only two firms.
Cartel
a group of firms that collude to produce the monopoly output…
Collusion
when firms act together to reduce output and keep prices high.
67 terms
Economics200 Exam 2
Utility
revealed preference
utility function
bundle
a measure of the amount of satisfaction a person derives from…
the idea the people's revealed preferences can be determined…
a formula for calculating the total utility that a particular…
a unique combination of goods that person could choose to con…
Utility
a measure of the amount of satisfaction a person derives from…
revealed preference
the idea the people's revealed preferences can be determined…
39 terms
EConomics 200 Midterm 2
What is Price Elasticity of demand?
What is the formula for elasticity of…
Categories of Ed( E and lowercase d)?
What is the formula and explain the re…
Price Elasticity of Demand: Consumers' responsiveness to a ch…
Percentage change in quantity demanded divided by percentage…
If %∆q < %∆p... ED between 0 and 1... Inelastic D... If %∆q > %∆p... ED…
Total revenue = price x quantity demanded at this price... (TR=…
What is Price Elasticity of demand?
Price Elasticity of Demand: Consumers' responsiveness to a ch…
What is the formula for elasticity of…
Percentage change in quantity demanded divided by percentage…
8 terms
Economics 200 Chapter 8 Definitions
Entry
Exit
Long-run Equilibrium
Marginal Revenue
the long-run process of firms entering an industry in respons…
the long-run process of firms reducing production and shuttin…
where all firms earn zero economic profits producing the outp…
the additional revenue gained from selling one more unit.
Entry
the long-run process of firms entering an industry in respons…
Exit
the long-run process of firms reducing production and shuttin…
29 terms
Economics200 Exam3
factors of production
capital
marginal product
value of the marginal product
the ingredients that go into making a good or service
manufactured goods that are used to produce new goods
the increase in output that is generated by an additional uni…
the marginal product generated by an additional unit of input…
factors of production
the ingredients that go into making a good or service
capital
manufactured goods that are used to produce new goods
20 terms
Economics 200 Chapter 7 Definitions
Accounting Profit
Average Profit
Average Total Cost
Average Variable Cost
total revenues minus explicit costs, including depreciation.
profit divided by the quantity of output produced; profit mar…
total cost divided by the quantity of output.
variable cost divided by the quantity of output.
Accounting Profit
total revenues minus explicit costs, including depreciation.
Average Profit
profit divided by the quantity of output produced; profit mar…
34 terms
Economics 200 exam 2 ?
An economist thinks about this but an…
The most important of all the cost cur…
Forgetting about the past
When adding inputs, firms experience t…
What are implicit costs?
What is marginal cost?
What are sunk costs?
What are diminishing returns?
An economist thinks about this but an…
What are implicit costs?
The most important of all the cost cur…
What is marginal cost?
13 terms
Economics 200 Chapter 12 Definitions
Additional External Cost
Biodiversity
Command-and-Control Regulation
Externality
additional costs incurred by third parties outside the produc…
the full spectrum of animal and plant genetic material.
laws that specify allowable quantities of pollution and that…
a market exchange that affects a third party who is outside o…
Additional External Cost
additional costs incurred by third parties outside the produc…
Biodiversity
the full spectrum of animal and plant genetic material.
72 terms
Economics 200 Exam 1 Vocab
Absolute advantage
Black markets
Capital goods
Casuality
The ability of one producer to make more than another produce…
Illegal markets that arise when price controls are in place
Goods that help produce other valuable good and services in t…
Condition existing when one variable influences another
Absolute advantage
The ability of one producer to make more than another produce…
Black markets
Illegal markets that arise when price controls are in place
48 terms
Macro Economics 200 1st Test
Economics
Scaracity
Incentives
4 Factors of Production
Social Science that looks at the choices individuals, and bus…
Inability to satisfy all of our wants. We make choices becaus…
A reward that encourages an action or a penalty that discoura…
-Land... -Labor... -Capital... -Entrepreneurship
Economics
Social Science that looks at the choices individuals, and bus…
Scaracity
Inability to satisfy all of our wants. We make choices becaus…
67 terms
Macro Economics 200 2nd Test
CPI Formula
Core Inflation
Headline Inflation
Anticipated Inflation
(Current Year)... ______________ x 100... (Base Year)
Measure of Inflation that excludes certain items that face vo…
Includes volatile price movement
Inflation we plan for
CPI Formula
(Current Year)... ______________ x 100... (Base Year)
Core Inflation
Measure of Inflation that excludes certain items that face vo…
49 terms
BUAD-200: Business Economics
Unemployment rate
How long is the avg. expansion period…
How many months are we into the curren…
What was the change in unemployment ra…
5.5%
58 months
70 months
5% to ~7.5%
Unemployment rate
5.5%
How long is the avg. expansion period…
58 months
22 terms
ECON200 Chap 1-Economics
Economics
Resources
Microeconomics
Macroeconomics
the study of how people manage resources
Land, labor, time, technology, ideas, job experience
the study of how individuals and firms manage resources
the study of the economy on a regional, national or internati…
Economics
the study of how people manage resources
Resources
Land, labor, time, technology, ideas, job experience
45 terms
Economics 200 Chapter 7 & 8
Altruism
Revealed Preferance
Bundle
Marginal Utility
A motive for action in which a person's utility increases sim…
We can tell what maximizes other people's utility by observin…
The combination of goods and services that a person could cho…
The change in total utility that comes from consuming one add…
Altruism
A motive for action in which a person's utility increases sim…
Revealed Preferance
We can tell what maximizes other people's utility by observin…
262 terms
Economics 200 Final Exam UTK
Assume a toy company hires an addition…
Using all available resources, the US…
The price elasticity of demand for can…
Which of the following will always inc…
The law of diminishing returns
The US has an absolute advantage in producing both goods
It falls
Total cost
Assume a toy company hires an addition…
The law of diminishing returns
Using all available resources, the US…
The US has an absolute advantage in producing both goods
27 terms
Economics 200 exam 2 multiple choice
Which of the following most accurately…
We watched a video where there were 5…
The sign at a pumpkin patch reads, 1 r…
A monopolist charges a (blank) and pro…
An incentive to innovate
It increases the amount of capital in the production function
2nd degree
higher prices ; lower output
Which of the following most accurately…
An incentive to innovate
We watched a video where there were 5…
It increases the amount of capital in the production function
30 terms
Economics 200 Exam 3 MC
How is GDP measured?
Which of the following is counted in G…
Which of these films is the most succe…
If inflation is a general rise in the…
GDP is measured by adding the prices of final goods and servi…
A pair of jeans you purchase from Old Navy.
Gone with the Wind
Increases in technology have greatly lowered the production c…
How is GDP measured?
GDP is measured by adding the prices of final goods and servi…
Which of the following is counted in G…
A pair of jeans you purchase from Old Navy.
16 terms
economics 200 chapter 1-what is economics?
ceteris paribus
economic model
economics
entrepreneurship
a latin expression meaning other variables are held fixed
a simplified representation of an economic environment , ofte…
the study of choices when there is scarcity
the effort used to coordinate the factors of production to pr…
ceteris paribus
a latin expression meaning other variables are held fixed
economic model
a simplified representation of an economic environment , ofte…
16 terms
economics 200 chapter 1-what is economics?
ceteris paribus
economic model
economics
entrepreneurship
a latin expression meaning other variables are held fixed
a simplified representation of an economic environment , ofte…
the study of choices when there is scarcity
the effort used to coordinate the factors of production to pr…
ceteris paribus
a latin expression meaning other variables are held fixed
economic model
a simplified representation of an economic environment , ofte…
21 terms
the second 200 words (science and economic)
Catalyst
Caustic
Crystallize
sedentary
(n) Thing or incident that accelerate a progress.
(a) something that emotionally hurts or burns
(v) to give a definite form to an idea or plan
(a) ----life;(of a person) tending to spend much time seated;…
Catalyst
(n) Thing or incident that accelerate a progress.
Caustic
(a) something that emotionally hurts or burns
58 terms
WGU; C200; Global Economics; Chapter 5
Strategic trade theory advocates merca…
The product life cycle theory is popul…
The theory of national competitive adv…
Factor endowments is one of the four i…
False
False
False
True
Strategic trade theory advocates merca…
False
The product life cycle theory is popul…
False
8 terms
WGU; C200; Global Economics; Chapter 13
Diminishing marginal product explains…
A firm is producing 20 units with an a…
The government imposes a $1,000 per ye…
If a higher level of production allows…
the production function gets flatter, while the total cost cu…
Average total cost would decrease.
Average total cost and average fixed cost.
economies, falling
Diminishing marginal product explains…
the production function gets flatter, while the total cost cu…
A firm is producing 20 units with an a…
Average total cost would decrease.
6 terms
Econ200: Chapter 8: Behavioral Economics
Behavioral economics
Time inconsistency
Commitment device
Cognitive biases
A field of economics that draws on insights from psychology t…
When we change our minds about what we want simply because of…
An arrangement entered into by an individual with the aim of…
Systematic patterns in how we behave that lead to consistentl…
Behavioral economics
A field of economics that draws on insights from psychology t…
Time inconsistency
When we change our minds about what we want simply because of…
16 terms
Econ200: Chapter 1: Economics and Life
Economics
Microeconomics
Macroeconomics
Rational behavior
The study of how people manage resources
The study of how individuals and firms manage resources
The study of an economy on a regional, national, or internati…
Making choices to achieve goals in the most effective way pos…
Economics
The study of how people manage resources
Microeconomics
The study of how individuals and firms manage resources
90 terms
WGU; C200; Global Economics; Chapter 6
Multinational enterprises (MNEs) are:…
Foreign direct investment (FDI) is:... a…
Foreign portfolio investment (FPI) is:…
Which of the following are examples of…
firms that engage in foreign direct investment (FDI).
investment in activities that control and manage value-added…
investment in foreign stocks and bonds that do not involve th…
All of these
Multinational enterprises (MNEs) are:…
firms that engage in foreign direct investment (FDI).
Foreign direct investment (FDI) is:... a…
investment in activities that control and manage value-added…
16 terms
ECON 200- Chapter 1: Economics and Life
economics
microeconomics
macroeconomics
rational behavior
study of how people manage resources
study of how individuals and firms manage resources
the study of how individuals and firms manage resources
making choices to achieve goals in the most effective way pos…
economics
study of how people manage resources
microeconomics
study of how individuals and firms manage resources
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