Study sets matching "microeconomics chapter 1"

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Study sets matching "microeconomics chapter 1"

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.
10 terms
Microeconomics: Chapter 1
Economics
Opportunity Cost
Scarce
Microeconomics
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 branch of economics that examines the functioning of indi…
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…
Microeconomics - Chapter 1 Terms
Ceteris Paribus
Direct Relationship
Inverse Relationship
Linear Relationship
Other things being equal or all other relevant things remaini…
A relationship between two variables that move in the same di…
A relationship between variables that move in opposite direct…
A relationship between two variables that is illustrated by a…
Ceteris Paribus
Other things being equal or all other relevant things remaini…
Direct Relationship
A relationship between two variables that move in the same di…
Chapter 1 : Microeconomics
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…
28 terms
Microeconomics Chapter 1
Economy
Given Economy
Incentive
Market Economy
Economic systems of a country or other area.... Labor, Capital,…
Result of a process that involves the evolution of technology…
Motivates an individual to perform a process.
Decisions regarding investing, Production, & Distribution are…
Economy
Economic systems of a country or other area.... Labor, Capital,…
Given Economy
Result of a process that involves the evolution of technology…
17 terms
Microeconomics Chapter 1
Economics
Scarcity
Microeconomics
Macroeconomics
The study of how we coordinate our wants and desires given ou…
Individuals want more of something that can be provided; the…
The study of individual choice and how that choice is influen…
The study of a country's economics, focused on a nation's eco…
Economics
The study of how we coordinate our wants and desires given ou…
Scarcity
Individuals want more of something that can be provided; the…
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…
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.
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 Karsch
Scarcity
Economics
Want
Need
fundamental economic problem facing all societies that result…
social science dealing with the study of how people satisfy s…
way of expressing of communicating a need; a broader classifi…
basic requirement for survival; includes food, clothing, and/…
Scarcity
fundamental economic problem facing all societies that result…
Economics
social science dealing with the study of how people satisfy s…
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…
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…
35 terms
Microeconomics Chapter 1 Karsch
Scarcity
Economics
Want
Need
fundamental economic problem facing all societies that result…
social science dealing with the study of how people satisfy s…
way of expressing of communicating a need; a broader classifi…
basic requirement for survival; includes food, clothing, and/…
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 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
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…
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…
5 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
when society gets the most from its scarce resources
when prosperity is distributed uniformly among society's memb…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
16 terms
Microeconomics Chapter 1
Economics
Economic Model
3 Economic Ideas
Trade off
The study of choices people make to attain their goals, given…
A simplified version of reality used to analyze the real worl…
~People are rational... ~People respond to economic incentives... ~…
Because of scarcity, producing more of one good or service me…
Economics
The study of choices people make to attain their goals, given…
Economic Model
A simplified version of reality used to analyze the real worl…
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…
19 terms
Microeconomics Chapter 1
Economics
Scarcity
1st Principle of Economics
Efficiency
the study of how society manages its scarce resources
means that a society has limited resources and cannot produce…
people face trade offs
means society is getting the maximum benefit from its scarce…
Economics
the study of how society manages its scarce resources
Scarcity
means that a society has limited resources and cannot produce…
Microeconomics - Chapter 1 Key Concepts
Scarcity
Economics
Efficiency
Equity
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 fairly among…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
Microeconomics chapter 1
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
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
28 terms
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…
Microeconomics 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 economics prosperity uniformly a…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
31 terms
Microeconomics:chapter 1
Scarcity
Economics
Efficieny
tradeoff
the limited nature of society's resources
the study of how society manages its scarce resources
when prosperity is distributed uniformly among society's memb…
to achieve greater equality, could redistribute income from w…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
22 terms
Microeconomics 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
Microeconomics Chapter 1
Mixed
Land
Incentive
Pareto optimality
United States has a (blank) economy.
What is not considered a resource in economics?
What is an opportunity to makes oneself better?
(Blank) is when all opportunities are used to make everyone b…
Mixed
United States has a (blank) economy.
Land
What is not considered a resource in economics?
Microeconomics Chapter 1
Scarcity *
Choice
Scarcity and Choice
Absence of Poverty
Fundamental concept of economics that indicates that there is…
The act of selecting among alternatives.
The two essential ingredients of an economic topic.
implies some Basic Level of Need has been Met.
Scarcity *
Fundamental concept of economics that indicates that there is…
Choice
The act of selecting among alternatives.
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…
Microeconomics - chapter 1
Economics
Microeconomics
Macroeconomics
Positive Economics
The Social Science concerned with how individuals, institutio…
The part of economics concerned with decision making by indiv…
Examines either the economy as a whole or its basic subdivisi…
Focuses on the facts and cause-and-effect relationships. Deal…
Economics
The Social Science concerned with how individuals, institutio…
Microeconomics
The part of economics concerned with decision making by indiv…
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…
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
Microeconomics Demystified Chapter 1
Economics
Economic agent
Types of economic agents
Household
The study of how to allocate limited resources to unlimited w…
Any individual, group of individuals, or organizations that p…
Households... Firms... Governments
A person or group of people that acts as a single-decision ma…
Economics
The study of how to allocate limited resources to unlimited w…
Economic agent
Any individual, group of individuals, or organizations that p…
17 terms
Intermediate Microeconomics - Chapter 1
Microeconomics
Macroeconomics
Consumer theory
Markets
branch of economics that deals with the behavior of individua…
branch of economics that deals with aggregate economic variab…
describes how consumers, based on their preferences, maximize…
collections of buyers and sellers that through their actual o…
Microeconomics
branch of economics that deals with the behavior of individua…
Macroeconomics
branch of economics that deals with aggregate economic variab…
17 terms
Microeconomics (Irvin B. Tucker) Chapter 1 terms
Scarcity
Resource
Land
Labor
The condition in which human wants are forever greater than t…
The basic categories of inputs used to produce goods and serv…
A shorthand expression for any natural resource provided by n…
The mental and physical capacity of workers to produce goods…
Scarcity
The condition in which human wants are forever greater than t…
Resource
The basic categories of inputs used to produce goods and serv…
18 terms
AP Microeconomics: Chapter 1
Marginal Analysis
Opportunity Cost
Utility
Marginal Benefit
Analysis that involves comparing marginal benefits and margin…
Cost of the next best alternative use of money, time, or reso…
Ability or capacity of a good or service to be useful and giv…
The additional benefit to a consumer from consuming one more…
Marginal Analysis
Analysis that involves comparing marginal benefits and margin…
Opportunity Cost
Cost of the next best alternative use of money, time, or reso…
23 terms
Microeconomics Chapter 1
Economics
scarce resources
capital
microeconomics vs macroeconomics
study of how individuals and society chose to use scarce reso…
land labor capital
something that's been produced in the past that can be used t…
micro: individuals and firms... macro: aggregate, national incom…
Economics
study of how individuals and society chose to use scarce reso…
scarce resources
land labor capital
Microeconomics: Chapter 1 Terms
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…
22 terms
Microeconomics Chapter 1
Microeconomics
Goods and Service
What, how, and for Whom
How do people earn their incomes
the study of how households and firms make decisions and how…
Objects that people value and produce to satisfy wants
What - What we produce... How - How we produce, aka factors of…
People earn their incomes by selling the services of factors…
Microeconomics
the study of how households and firms make decisions and how…
Goods and Service
Objects that people value and produce to satisfy wants
16 terms
Microeconomics Chapter 1
efficiency
equality
scarcity
economics
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
the limited nature of society's resources
the study of how society manages its scarce resources
efficiency
the property of society getting the most it can from its scar…
equality
the property of distributing economic prosperity uniformly am…
14 terms
Microeconomics Chapter 1
Cost-benefit principle
economics
scarcity principle
opportunity cost
an individual or firm or society should take an action if a a…
science of choice
having more of one good thing usually means having less of an…
the value of the next best alternative that you give up by ch…
Cost-benefit principle
an individual or firm or society should take an action if a a…
economics
science of choice
23 terms
Microeconomics Chapter 1
Absolute Advantage
Capital
Comparative Advantage
Economics
The ability to produce something most efficiently.
Productive equipment or machinery.
The about to produce something with a lower opportunity cost.
A social science that studies how resources are used and is o…
Absolute Advantage
The ability to produce something most efficiently.
Capital
Productive equipment or machinery.
38 terms
Microeconomics Chapter 1
economics
resource
labor
capital
study of how people use their scarce resources to satisfy the…
inputs/factors of production used to produce the goods & serv…
physical & mental effort used to produce goods & services
buildings, equipment & human skills used to produce goods & s…
economics
study of how people use their scarce resources to satisfy the…
resource
inputs/factors of production used to produce the goods & serv…
12 terms
Microeconomics Chapter 1
Economics
Scarcity
Choice
Opportunity Cost
The study of how individuals, firms, and society make decisio…
Resources are scarce
Every choice involves trade off. Choosing something meanings…
What you give up to do something or purchase something
Economics
The study of how individuals, firms, and society make decisio…
Scarcity
Resources are scarce
31 terms
Microeconomics Chapter 1 Vocabulary
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…
24 terms
Microeconomics Chapter 1
Scarcity Principle
Cost-Benefit Principle
Incentive Principle
Economics
having more of any good thing necessarily requires having les…
action should be taken if, but only if, its benefit is at lea…
if you want to predict people's behavior, a good place to sta…
the study of how people make choices under conditions of scar…
Scarcity Principle
having more of any good thing necessarily requires having les…
Cost-Benefit Principle
action should be taken if, but only if, its benefit is at lea…
microeconomics chapter 1
scarcity
scarcity
fundamental focus of economics
economics
the basic economic problem
the problem that human wants exceed the production possible w…
how individuals and societies attempt to deal with the proble…
the study of how individuals and societies use their limited…
scarcity
the basic economic problem
scarcity
the problem that human wants exceed the production possible w…
Microeconomics Chapter 1
Scarcity means that there is less of a…
Economics is the study of how family g…
With careful panning, we can usually g…
Equity refers to how the pie is divide…
True
False
False
True
Scarcity means that there is less of a…
True
Economics is the study of how family g…
False
24 terms
Microeconomics: Chapter 1
Benefit
Economic Model
Economics
Goods and Services
The gain or pleasure that something brings that is measured b…
A description of the economy or a part of the economy that in…
The social science that studies the choices that individual,…
The objects and actions that people value and produce to sati…
Benefit
The gain or pleasure that something brings that is measured b…
Economic Model
A description of the economy or a part of the economy that in…
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