How can we help?

You can also find more resources in our Help Center.

Study sets matching "microeconomics chapter 1"

Study sets
Classes
Users

Study sets matching "microeconomics chapter 1"

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.
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
...
22 terms
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…
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…
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
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
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…
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.
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…
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…
25 terms
Microeconomics, Chapter 1
Productivity Growth
Population Aging
Global financial stability
Rising government debt
productivity is a measure of how much output (income) is prod…
the average age of the Canadian population is increasing beca…
a recurring quest/goal sought by countries. This has been of…
aggressive government response to the global financial crisis…
Productivity Growth
productivity is a measure of how much output (income) is prod…
Population Aging
the average age of the Canadian population is increasing beca…
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…
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
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…
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…
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…
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…
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…
17 terms
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
16 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 economics prosperity uniformly a…
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
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…
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…
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
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
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…
23 terms
Microeconomics chapter 1
Circular Flow Diagram
Command Economy
Division of labor
Economics
A diagram that views the economy as consisting of households…
an economy where economic decisions are passed down from gove…
The way in which the work required to produce a good or servi…
The study of how humans make choices under conditions of scar…
Circular Flow Diagram
A diagram that views the economy as consisting of households…
Command Economy
an economy where economic decisions are passed down from gove…
24 terms
Chapter 1 microeconomics
circular flow diagram
command economy
division of labor
economics
a diagram that views the economy as consisting of households…
an economy where economic decisions are passed down from gove…
the way in which the work required to produce a good or servi…
the study of how humans make choices under conditions of scar…
circular flow diagram
a diagram that views the economy as consisting of households…
command economy
an economy where economic decisions are passed down from gove…
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
16 terms
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
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
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
32 terms
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.
26 terms
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…
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…
40 terms
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…
12 terms
Microeconomics chapter 1
Opportunity Cost
Purposeful Behaviour
Utility
Marginal Analysis
To get more of one thing , you forgo the opportunity to get s…
-Human Behaviour reflect rational self-interest... -Individual p…
The pleasure , happiness or satisfaction obtain from consumin…
Comparison of Marginal benefits & Marginal Costs. Decision in…
Opportunity Cost
To get more of one thing , you forgo the opportunity to get s…
Purposeful Behaviour
-Human Behaviour reflect rational self-interest... -Individual p…
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
21 terms
Principles Of Microeconomics chapter 1
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 a…
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 a…
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…
20 terms
Microeconomics Chapter 1 terms
Productive efficiency is achieved when
Marginal revenue
Area of a triangle
Percentage Change
firms produce goods and services at the lowest price.
the money received from the sale of an additional good or ser…
A= 1/2 base x height
formula: (old value- new value)/ old value
Productive efficiency is achieved when
firms produce goods and services at the lowest price.
Marginal revenue
the money received from the sale of an additional good or ser…
16 terms
Microeconomics: Chapter 1
Scarcity
Three key economic ideas
Marginal analysis
Trade-off
A situation in which unlimited wants exceed the limited resou…
1. People are rational... 2. People respond to economic incentiv…
Analysis that involves comparing marginal benefits and margin…
The idea that, because of scarcity, producing more of one goo…
Scarcity
A situation in which unlimited wants exceed the limited resou…
Three key economic ideas
1. People are rational... 2. People respond to economic incentiv…
20 terms
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 (i.e. land, human e…
exists when human wants (material and nonmaterial) exceed ava…
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 (i.e. land, human e…
19 terms
Microeconomics Chapter 1: Vocabulary
Scarcity
Economics
Efficiency
Equity
Societys resources are limited
The study of managing societies scarce resources
Most productive use of scarce resources
Fair distribution of prosperity among society's members
Scarcity
Societys resources are limited
Economics
The study of managing societies scarce resources
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
19 terms
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…
87 terms
Microeconomics (chapter 1-5)
Benefit
Capital
Economic Model
Economics
The gain or pleasure that it brings
Tools, instruments, machines, buildings, and other constructi…
simplified representation of the real world that economists d…
the study of how people seek to satisfy their needs and wants…
Benefit
The gain or pleasure that it brings
Capital
Tools, instruments, machines, buildings, and other constructi…
18 terms
Microeconomics Chapter 1
Scarcity
Economics
Efficiency
Equality
Limited resources and unlimited wants.
Study of how society manages its scarce resources.
The property of society getting the most from its scarce reso…
The property of distributing economic prosperity uniformly am…
Scarcity
Limited resources and unlimited wants.
Economics
Study of how society manages its scarce resources.
14 terms
Microeconomics Chapter 1
Efficiency
Equality
Opportunity Cost
Rational People
The property of society getting the most it can from its scar…
The property of distributing economic prosperity uniformly am…
Whatever must be given up to obtain something.
People who systematically and purposefully do the best they c…
Efficiency
The property of society getting the most it can from its scar…
Equality
The property of distributing economic prosperity uniformly am…
1 of 10