Study Helps for Econ Test 1
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| Definition: economics | show 🗑
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| show | the condition of having unlimited wants and thus never being satisfied
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| Definition: scarcity | show 🗑
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| show | the value people place on a good or service
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| Definition: goods | show 🗑
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| Definition: services | show 🗑
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| Definition: economic goods | show 🗑
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| show | services that bear a positive economic cost
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| show | goods and services that bear a negative economic cost (be ready to give an example)
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| Definition: recycling | show 🗑
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| show | goods provided freely by God in nature (be ready to give an example)
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| Definition: free services | show 🗑
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| show | the riddle that asks which is more valuable,a handful of diamonds or a glass of water; solved by Karl Menger in 1871 when he proposed that value is not inherent in an object but rather is determined by the buyer
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| Definition: intrinsic value | show 🗑
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| show | the worth of a good or service as determined by its usefulness to the buyer
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| Definition: utility | show 🗑
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| Definition: opportunity benefit | show 🗑
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| show | the satisfaction one gives up or the regret one experiences for not choosing a desirable alternative
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| show | an imaginary unit of satisfaction
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| Definition: microeconomics | show 🗑
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| show | the level of economic study that is concerned with large-scale economic choices and issues
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| show | the approach to economic study involving the observation of economic choices and the prediction of economic events
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| show | the approach to economic study involving value judgments about existing and proposed economic policies
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| Why must we make choices? | show 🗑
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| What language did the word "economics" come from? | show 🗑
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| What was the original meaning of the word "economics"? | show 🗑
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| Why is economics considered a dismal science to an unsaved man? | show 🗑
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| show | our choices should seek to honor Jesus, not fulfill our wants
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| Is it possible for an unsaved person to be truly happy in an economic sense? | show 🗑
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| Why does the price of Christmas wrapping paper rise before 12/25 and fall after 12/25? | show 🗑
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| Definition: principle of diminishing marginal utility | show 🗑
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| Definition: marginal utility schedule | show 🗑
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| show | how many units of a product will be bought at a given price
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| Definition: law of demand | show 🗑
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| Definition: demand schedule | show 🗑
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| show | a graph illustrating the various quantities of an item that are demanded at various prices
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| Definition: change in quantity demanded | show 🗑
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| Definition: change in demand | show 🗑
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| Definition: increase in demand | show 🗑
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| show | a leftward shift in the demand curve representing a decrease in the willingness of buyers to demand an item at any price.
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| show | a good for which demand typically increases when the buyers' incomes increase (be prepared to give 5 examples you consider normal)
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| show | a good which typically experiences a decrease in demand as buyers' incomes increase (be prepared to give 5 examples you consider inferior)
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| show | goods that resemble one another and that may be used in place of each other (be prepared to give an example)
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| show | goods that are usually purchased or used together (be prepared to give an example)
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| How do prices act to transmit information? | show 🗑
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| Why is it that when the price of the original good rises we tend to purchase more substitute goods and fewer complementary goods? | show 🗑
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| show | Our satisfaction in life comes from joy in Christ, not amassing more worldly goods.
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| show | 1) change in people's incomes; 2) change in price of related goods; 3) change in people's tastes and preferences; 4) change in people's expectations
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| Who identified the principle of diminishing marginal utility? | show 🗑
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| show | 1) transmit information; 2) provide incentives; 3) redistribute income
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| What could cause a business to supply more or less of a good at the same price? | show 🗑
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| show | positively sloped because as the price we are willing to pay rises, suppliers become willing to provide greater quantities. As price falls, quantities fall.
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| show | 1) changes in technology; 2) changes in production costs; 3) changes in the price of related goods
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| show | the amount of goods and services business firms are willing and able to provide at different prices
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| show | the higher the price buyers are willing to pay, other things being held constant, the greater the quantity of the product a supplier will produce, and vice versa
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| Definition: supply schedule | show 🗑
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| show | when the change in the price of an item causes a change in the number supplied
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| show | the shifting of a supply curve that occurs when suppliers are willing to produce more or less of an item regardless of price
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| Definition: decrease in supply | show 🗑
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| show | a rightward shift in the supply curve indicating a willingness of business firms to produce more of an item at any given price
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| show | the point at which the demand curve and the supply curve for an item intersect
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| show | the price corresponding to the intersection of an item's supply and demand curves and at which consumers are willing to buy the same quantity that suppliers are willing to produce
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| show | an excess of unsold products resulting from a price above the market equilibrium price
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| Definition: price floor | show 🗑
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| show | an insufficient supply of an item as a result of its price below the market equilibrium price
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| show | a barrier preventing the price of an item from rising above a certain price
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| Why does a price above the equilibrium price result in surplus? | show 🗑
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| show | 1) advertising; 2) eliminating substitute goods; 3) decrease supply
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| What causes a shortage? | show 🗑
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| show | shortages
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| What occurs when the price of a product is higher than the price at which supply equals demand? | show 🗑
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| What is the simplest solution to a surplus? | show 🗑
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