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Econ 102

Exam 1 Terms

QuestionAnswer
Amount of goods available are not sufficent to satisfy all human desires Scarcity
Attempts to explain the way things are(mesurable) Positive
Attempts to explain the way things should be Normative
The Principal that individual human being is basic unit of research in social sciences Methodlogical Individualism
People pursue their own values Rational Choice
people exchange one good for another when both parties value the goods equally Exchange of Equivalence Theory
The face value of money Nominal Value
The goods and services that can be purchased with a certain amount of money Real Value
A situation in which for one party to gain the other must lose something Zero sum game
Father of Economics Adam Smth
The power of indiviual self intrest to create spontaneous order Invisiable Hand
The usefulness in satisfying human desires Utility
The theory that the price of a good is determined by utility Subjective Theory of Price
The price of a good is determined by its cost of production or amount of laor used to produce it Labor Theory of Value
Price of labor is determined by the cost of human subsistence and reproduction Iron Law of Wages
The next unit gained or given up Marginal unit
The additional utilty that a person gets from having one more unit of a good, or loses from having one less unit Marginal Utility
The range of potential prices Range of Indeterminacy
A price at which anyone who wants to buy or sell can find a willing trade partner Market Clearing Price
There is always a negative relationship between the price of a good and the quantity demanded Law of Demand
Holding all other varibles constant Certeris Paribus
The amount of a good a person is willing and able to buy at each price Quantity of Demand
The amount of a good a person is willing and able to sell at each price Quantity of Supply
Created by: jay2016
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