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ECN CHAP1

Chapter One Study Stack

QuestionAnswer
Scarce Not freely available and lacking an infinite source
Resource Anything consumed directly or used to make things that will be ultimately consumed.
Opportunity Cost The foregone alternative of the choice made
PPF Production Possibly Frontier, relates the choices we make in choosing output alternatives
Market Mechanism by which buyers and sellers negotiate an exchange.
Constant Opportunity Cost Likely to occur when people are identical in their skills.
Marginal Benefit Increase in benefit that results from an action
Positive Analysis Seeks to understand the way things are and why
Direct Correlation A higher level of one variable is associated with a higher level of the other variable.
Causation A change in one variable makes another variable change
Fallacy of composition Mistake in logic that says that the total economic impact of something is always and simply equal to the sum of the individual parts
Normative Anaylsis Seeks to understand the way things should be
Quantity Demanded Amount that consumers are willing and able to buy at a particular price during a particular time period
Equilibrium Price Price at which no consumers wish to purchase more, and no producers wish to sell more
Law of Demand The relationship between price and quantity demanded is negative
Shortage Condition where firms don't want to sell as many goods as consumers want to buy
Ceteris paribus Other things equal
Substitution Effect Purchase less of a product than originally wanted when its price is high because a lower-priced product is available.
You want to buy Ford, but Honda is having 30% off sale. How does this change buying decision, what economic principal is at work? Price down for Honda, Demand down for Ford. Substitution Effect
You make books and soda. You want to double number of books, but not change soda. How do you solve this? Technology needs to be improved in order to push the PPF graph to where you want it to be.
Nike official sneakers of 2012. What happens to demand? Shortage/Surplus?
Created by: Carprincess
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