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Study sets matching "microeconomics parkin"

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Study sets matching "microeconomics parkin"

44 terms
Microeconomics Chapter 1 Parkin
Our inability to satisfy all our wants…
Because we face scarcity, we must make…
A(n) __________________ is a reward th…
_________________ is the study of choi…
Scarcity
Choices
Incentive
Microeconomics
Our inability to satisfy all our wants…
Scarcity
Because we face scarcity, we must make…
Choices
44 terms
Microeconomics Chapter 1 Parkin
Our inability to satisfy all our wants…
Because we face scarcity, we must make…
A(n) __________________ is a reward th…
_________________ is the study of choi…
Scarcity
Choices
Incentive
Microeconomics
Our inability to satisfy all our wants…
Scarcity
Because we face scarcity, we must make…
Choices
66 terms
Microeconomics Parkins, chapter 1
Economics is About
Economics
What you can afford to buy...
What everyone can get and what society…
Money, business, governments, jobs, inequality
The social science that studies the choices that individuals,…
Is limited by your income and prices you must pay
Is limited by the productive resources available
Economics is About
Money, business, governments, jobs, inequality
Economics
The social science that studies the choices that individuals,…
24 terms
Chapter 2 Microeconomics Parkin 10th Edition
The ________ _____________ ___________…
To illustrate the PPF, the focus is on…
A PPF looks at a model economy in whic…
We achieve ____________ ____________ i…
Production possibilities frontier
Held constant
Ceteris paribus
Production Efficiency
The ________ _____________ ___________…
Production possibilities frontier
To illustrate the PPF, the focus is on…
Held constant
91 terms
Chapter 3 Microeconomics Parkin 10th Edition
A _________ is any arrangement that en…
A __________ ________ is a market that…
The ________ __________ of a good is t…
The _____ ________ of a good—the ratio…
Market
Competitive Market
Money price
Relative price
A _________ is any arrangement that en…
Market
A __________ ________ is a market that…
Competitive Market
38 terms
Chapter 8, 9 to Parkins Microeconomics
2 Consumption Choice Factors
Consumption Possibilities
Budget Line
Consumption Possibilities Change
Consumption Possibility and Preferences
All the things you can afford to buy.
The boundary between those Combos of goods and services that…
When income or prices change.
2 Consumption Choice Factors
Consumption Possibility and Preferences
Consumption Possibilities
All the things you can afford to buy.
53 terms
Chapter 4 Microeconomics Parkin 10th Edition
The _________ _______ ___ _________is…
The price elasticity of demand is calc…
Elasticity is a ratio of _______, so a…
The formula for price elasticity of de…
Price elasticity of demand
Quantity; price
Percentages; units of measurement
Negative; magnitude; quantity; price
The _________ _______ ___ _________is…
Price elasticity of demand
The price elasticity of demand is calc…
Quantity; price
59 terms
Microeconomics 1021 (Parkin / Bade) Chapter 1-4
What is scarcity?
What is an incentive?
What is microeconomics?
What are the four factors of production?
Our inability to satisfy all our wants
A reward that encourages an action or a penalty that discoura…
The study of choices that individuals and businesses make, th…
Land, labour, capital, and entrepreneurship
What is scarcity?
Our inability to satisfy all our wants
What is an incentive?
A reward that encourages an action or a penalty that discoura…
44 terms
Microeconomics Chapter 1 Parkin 10th Edition
Our inability to satisfy all our wants…
Because we face scarcity, we must make…
A(n) __________________ is a reward th…
_________________ is the study of choi…
Scarcity
Choices
Incentive
Microeconomics
Our inability to satisfy all our wants…
Scarcity
Because we face scarcity, we must make…
Choices
Microeconomics Chapter 1 Parkin 10th Edition
Our inability to satisfy all our wants…
Because we face scarcity, we must make…
A(n) __________________ is a reward th…
_________________ is the study of choi…
Scarcity
Choices
Incentive
Microeconomics
Our inability to satisfy all our wants…
Scarcity
Because we face scarcity, we must make…
Choices
55 terms
Microeconomics Parkin & Bade CH. 11-13
Short run
Firm's plant
Long run
Sunk cost
A time frame in which quantities of some resources are fixed;…
Fixed resources (like technology, buildings, capital, and man…
A time frame in which quantities of all resources are variabl…
The past cost of buying a new plant (the... firm's decisions dep…
Short run
A time frame in which quantities of some resources are fixed;…
Firm's plant
Fixed resources (like technology, buildings, capital, and man…
91 terms
Chapter 3 Microeconomics Parkin 10th Edition
A _________ is any arrangement that en…
A __________ ________ is a market that…
The ________ __________ of a good is t…
The _____ ________ of a good—the ratio…
Market
Competitive Market
Money price
Relative price
A _________ is any arrangement that en…
Market
A __________ ________ is a market that…
Competitive Market
53 terms
Chapter 4 Microeconomics Parkin 10th Edition
The _________ _______ ___ _________is…
The price elasticity of demand is calc…
Elasticity is a ratio of _______, so a…
The formula for price elasticity of de…
Price elasticity of demand
Quantity; price
Percentages; units of measurement
Negative; magnitude; quantity; price
The _________ _______ ___ _________is…
Price elasticity of demand
The price elasticity of demand is calc…
Quantity; price
Chapter 3 Microeconomics Parkin 10th Edition
A _________ is any arrangement that en…
A __________ ________ is a market that…
The ________ __________ of a good is t…
The _____ ________ of a good—the ratio…
Market
Competitive Market
Money price
Relative price
A _________ is any arrangement that en…
Market
A __________ ________ is a market that…
Competitive Market
44 terms
Microeconomics Chapter 1 Parkin 10th Edition
Our inability to satisfy all our wants…
Because we face scarcity, we must make…
A(n) __________________ is a reward th…
_________________ is the study of choi…
Scarcity
Choices
Incentive
Microeconomics
Our inability to satisfy all our wants…
Scarcity
Because we face scarcity, we must make…
Choices
60 terms
Chapter 6 Parkin Microeconomics 10th Edition
Price ceiling
Rent ceiling
Equilibrium
Below
A _______ is a regulation that makes it illegal to charge a p…
When a price ceiling is applied to a housing market it is cal…
If the rent ceiling is set above the _____ rent, it has no ef…
If the rent ceiling is set ____ the equilibrium rent, it has…
Price ceiling
A _______ is a regulation that makes it illegal to charge a p…
Rent ceiling
When a price ceiling is applied to a housing market it is cal…
91 terms
Chapter 3 Microeconomics Parkin 10th Edition
A _________ is any arrangement that en…
A __________ ________ is a market that…
The ________ __________ of a good is t…
The _____ ________ of a good—the ratio…
Market
Competitive Market
Money price
Relative price
A _________ is any arrangement that en…
Market
A __________ ________ is a market that…
Competitive Market
24 terms
Chapter 2 Microeconomics Parkin 10th Edition
The ________ _____________ ___________…
To illustrate the PPF, the focus is on…
A PPF looks at a model economy in whic…
We achieve ____________ ____________ i…
Production possibilities frontier
Held constant
Ceteris paribus
Production Efficiency
The ________ _____________ ___________…
Production possibilities frontier
To illustrate the PPF, the focus is on…
Held constant
60 terms
Chapter 6 Parkin Microeconomics 10th Edition
Price ceiling
Rent ceiling
Equilibrium
Below
A _______ is a regulation that makes it illegal to charge a p…
When a price ceiling is applied to a housing market it is cal…
If the rent ceiling is set above the _____ rent, it has no ef…
If the rent ceiling is set ____ the equilibrium rent, it has…
Price ceiling
A _______ is a regulation that makes it illegal to charge a p…
Rent ceiling
When a price ceiling is applied to a housing market it is cal…
24 terms
Chapter 2 Microeconomics Parkin 10th Edition
The ________ _____________ ___________…
To illustrate the PPF, the focus is on…
A PPF looks at a model economy in whic…
We achieve ____________ ____________ i…
Production possibilities frontier
Held constant
Ceteris paribus
Production Efficiency
The ________ _____________ ___________…
Production possibilities frontier
To illustrate the PPF, the focus is on…
Held constant
24 terms
Chapter 2 Microeconomics Parkin 10th Edition
The ________ _____________ ___________…
To illustrate the PPF, the focus is on…
A PPF looks at a model economy in whic…
We achieve ____________ ____________ i…
Production possibilities frontier
Held constant
Ceteris paribus
Production Efficiency
The ________ _____________ ___________…
Production possibilities frontier
To illustrate the PPF, the focus is on…
Held constant
53 terms
Chapter 4 Microeconomics Parkin 10th Edition
The _________ _______ ___ _________is…
The price elasticity of demand is calc…
Elasticity is a ratio of _______, so a…
The formula for price elasticity of de…
Price elasticity of demand
Quantity; price
Percentages; units of measurement
Negative; magnitude; quantity; price
The _________ _______ ___ _________is…
Price elasticity of demand
The price elasticity of demand is calc…
Quantity; price
91 terms
Chapter 3 Microeconomics Parkin 10th Edition
A _________ is any arrangement that en…
A __________ ________ is a market that…
The ________ __________ of a good is t…
The _____ ________ of a good—the ratio…
Market
Competitive Market
Money price
Relative price
A _________ is any arrangement that en…
Market
A __________ ________ is a market that…
Competitive Market
24 terms
Chapter 2 Microeconomics Parkin 10th Edition
The ________ _____________ ___________…
To illustrate the PPF, the focus is on…
A PPF looks at a model economy in whic…
We achieve ____________ ____________ i…
Production possibilities frontier
Held constant
Ceteris paribus
Production Efficiency
The ________ _____________ ___________…
Production possibilities frontier
To illustrate the PPF, the focus is on…
Held constant
55 terms
Microeconomics Parkin & Bade CH. 11-13
Short run
Firm's plant
Long run
Sunk cost
A time frame in which quantities of some resources are fixed;…
Fixed resources (like technology, buildings, capital, and man…
A time frame in which quantities of all resources are variabl…
The past cost of buying a new plant (the... firm's decisions dep…
Short run
A time frame in which quantities of some resources are fixed;…
Firm's plant
Fixed resources (like technology, buildings, capital, and man…
46 terms
Chapter 10 Microeconomics Parkins 10th Edition
Firm
Maximize profit
True
Accountants
A ____ is an institution that hires factors of production and…
A firm's goal is to ________ __________.
True or False: If the firm fails to maximize its profit, the…
They measure a firm's profit to ensure that the firm pays the…
Firm
A ____ is an institution that hires factors of production and…
Maximize profit
A firm's goal is to ________ __________.
46 terms
Chapter 10 Microeconomics Parkins 10th Edition
Firm
Maximize profit
True
Accountants
A ____ is an institution that hires factors of production and…
A firm's goal is to ________ __________.
True or False: If the firm fails to maximize its profit, the…
They measure a firm's profit to ensure that the firm pays the…
Firm
A ____ is an institution that hires factors of production and…
Maximize profit
A firm's goal is to ________ __________.
52 terms
Chapter 11 Parkin Microeconomics 10th Edition (Short Run)
Short run and long run
Short run
Fixed
True
All decisions can be placed in these two time frames
The _______ ______ is a time frame in which the quantity of o…
For most firms, the capital, called the firm's plant, is ____…
Labor can be changed in the short run. True or False.
Short run and long run
All decisions can be placed in these two time frames
Short run
The _______ ______ is a time frame in which the quantity of o…
52 terms
Chapter 11 Parkin Microeconomics 10th Edition (Short Run)
Short run and long run
Short run
Fixed
True
All decisions can be placed in these two time frames
The _______ ______ is a time frame in which the quantity of o…
For most firms, the capital, called the firm's plant, is ____…
Labor can be changed in the short run. True or False.
Short run and long run
All decisions can be placed in these two time frames
Short run
The _______ ______ is a time frame in which the quantity of o…
48 terms
Efficiency and Equity Chapter 5 - Microeconomics Canada in the Global Environment Ninth Edition Parkin Bade Econ 1021A
Scare Resource Allocation Method #1: M…
The two types of people in a market pr…
Scare Resource Allocation Method #2: C…
Scare Resource Allocation Method #3: M…
The people who are willing and able to pay that price get the…
Those who can afford to pay but choose not to buy and those w…
This system allocates resources by the order of someone in au…
Allocates resources in the way that a majority of voters choo…
Scare Resource Allocation Method #1: M…
The people who are willing and able to pay that price get the…
The two types of people in a market pr…
Those who can afford to pay but choose not to buy and those w…
12 terms
Graphs in Economics Chapter 1 Appendix - Microeconomics Canada in the Global Environment Ninth Edition Parkin Bade Econ 1021A
Axes
Origin
Scatter diagram
Economic Model
Two scale lines that are perpendicular to each other
The zero point on each axes
A graph that plots the value of one variable against the valu…
A stripped-down, simplified description of an economy or of a…
Axes
Two scale lines that are perpendicular to each other
Origin
The zero point on each axes
38 terms
Supply and Demand Chapter 3 - Microeconomics Canada in the Global Environment Ninth Edition Parkin Bade Econ 1021A
Buyers and sellers
Price index
Relative price calculation
Wants
A market has two side and they are?
"Basket" of all goods
Divide the money price of a good by the money price of a bask…
The unlimited desires or wishes that people have for goods an…
Buyers and sellers
A market has two side and they are?
Price index
"Basket" of all goods
35 terms
The Economic Problem Chapter 2 - Microeconomics Canada in the Global Environment Ninth Edition Parkin Bade Econ 1021A
Production Possibilites Frontier (PPF)
Production Efficiency
Inefficient use of resources / misallo…
Unused resources
The boundary between those combinations of goods and services…
When production of goods and services is at the lowest possib…
Points inside the PPF graph that are attainable
When resources are idle but could be working
Production Possibilites Frontier (PPF)
The boundary between those combinations of goods and services…
Production Efficiency
When production of goods and services is at the lowest possib…
41 terms
The Relationship Between Price and Quantity (Elasticity) Chapter 4 - Microeconomics Canada in the Global Environment Ninth Edition Parkin Bade Econ 1021A
Price elasticity of demand
Perfectly inelastic demand
Unit elastic demand
Inelastic demand
A units-free measure of the responsiveness of the quantity de…
If the quantity demanded remains constant when the price chan…
If the percentage change in the quantity demanded equals the…
Between perfectly inelastic demand and unit elastic demand is…
Price elasticity of demand
A units-free measure of the responsiveness of the quantity de…
Perfectly inelastic demand
If the quantity demanded remains constant when the price chan…
35 terms
Chapter 1 What is Economics?
economics
scarcity
incentives
macroeconomics
study of choices and consequences
the inability to have what you want
a reward or punishment
study of the performance of national and global economy
economics
study of choices and consequences
scarcity
the inability to have what you want
6 terms
Chapter 18 Markets for Factors of Production
nonrenewable natural resources
derived demand
value of demand product
Firm's demand for labor depends on...
resources that can only be used once (ex. natural gas, coal,…
the demand for a factor of production; derived from goods and…
the value to the firm for hiring one more factor of productio…
1. price of firms output... 2. prices of other factors of produc…
nonrenewable natural resources
resources that can only be used once (ex. natural gas, coal,…
derived demand
the demand for a factor of production; derived from goods and…
15 terms
Chapter 2 The Economic Problem
production possibilities frontier (PPF)
production efficiency
allocative efficiency
marginal benefit
the boundary between combo of goods and services that can be…
to produce goods & services at low cost
to produce goods at low cost and in quantities with the great…
the benefit from consuming more of it
production possibilities frontier (PPF)
the boundary between combo of goods and services that can be…
production efficiency
to produce goods & services at low cost
29 terms
Chapter 3 Demand and Supply
competitive market
money price
relative price
quantity demanded
when many buyers and sellers, no single person can influence…
price of an object is the number of dollars must be given up…
ratio of one price to another; "opportunity cost"
amount consumer plans to buy during given period
competitive market
when many buyers and sellers, no single person can influence…
money price
price of an object is the number of dollars must be given up…
78 terms
Econ parkin chapter 1, 3, 8, 9, and 10
Incentive
Economics
Microeconomics
Macroeconomics
A reward that encourages an action or a penalty that discoura…
Social science that studies choices that individuals, busines…
The study of choices that individuals and businesses make, th…
The study of the performance of the national economy and the…
Incentive
A reward that encourages an action or a penalty that discoura…
Economics
Social science that studies choices that individuals, busines…
22 terms
Chapter 4 Elasticity
price elasticity of demand
perfectly inelastic demand
unit elastic demand
inelastic demand
the measure of response of quantity demand of a good to chang…
the quantity demanded remains constant when price changes
the (%change in Qd) = (%change in price)
the price elasticity of demand is between 0 - 1
price elasticity of demand
the measure of response of quantity demand of a good to chang…
perfectly inelastic demand
the quantity demanded remains constant when price changes
17 terms
Chapter 6 Government Actions in Markets
price ceiling
rent ceiling
search activity
black market
( price limit ) a gov. regulation that makes it illegal to ch…
when price ceiling is applied to a housing market
the time spent looking for someone to do business with
an illegal market when the equilibrium prices > price ceiling
price ceiling
( price limit ) a gov. regulation that makes it illegal to ch…
rent ceiling
when price ceiling is applied to a housing market
18 terms
Chapter 8 Utility
budget line
preferences
utility
Two utility concepts..
marks the boundary between goods and services a household can…
likes and dislikes
the benefit or satisfaction that a person gets from consuming…
1. total utility... 2. marginal utility...
budget line
marks the boundary between goods and services a household can…
preferences
likes and dislikes
28 terms
Chapter 5 Efficiency and Equity
command system
consumer surplus
producer surplus
total surplus
a system allocates resources by the command of someone in aut…
when people buy some thing less than what it is worth to them…
the excess amount received from the sale of a good over the c…
...= (consumer surplus) + (producer surplus)
command system
a system allocates resources by the command of someone in aut…
consumer surplus
when people buy some thing less than what it is worth to them…
34 terms
Chapter 10 Organizing Production
firm
firms goal
economic profit
Opportunity cost of production is the…
an institution that hires factors of production and organizes…
who's goal to maximize profits?
the total revenue minus total cost;... total cost being the oppo…
1. bought in a market... 2. owned by a firm... 3. supplied by the f…
firm
an institution that hires factors of production and organizes…
firms goal
who's goal to maximize profits?
19 terms
Chapter 2- The Economic Problem
Production Possibilities Frontier (PPF)
Production Efficiency
Opportunity Cost
Allocative Efficiency
The graphical boundary between those combinations of goods an…
Achieved if goods and services are achieved at the lowest pos…
The highest value alternative foregone; a tradeoff is an oppo…
When goods and services are produced at the lowest possible c…
Production Possibilities Frontier (PPF)
The graphical boundary between those combinations of goods an…
Production Efficiency
Achieved if goods and services are achieved at the lowest pos…
8 terms
W16_Zelder_ ECN 1A: Lecture #1
microeconomics
Macroeconomics
positive economics
example of positive economics
the study of individual economic units (consumers, firms, gov…
the study of economy-wide aggregates such as prices, employme…
the study of cause-and-effects
1. If the price of home theater equipment falls, what will ha…
microeconomics
the study of individual economic units (consumers, firms, gov…
Macroeconomics
the study of economy-wide aggregates such as prices, employme…
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