ECON 102
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| show | study of how individuals and societies CHOOSE to use the scarce resources that nature and previous generations have provided
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| 3 Fundamental Concepts of Economics | show 🗑
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| Opportunity Cost | show 🗑
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| show | Process of analyzing the additional or incremental costs or benefits arising from a choice or decision
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| show | a market in which profit opportunities are eliminated almost instantaneously
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| show | good deals, risk free
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| show | Micro= looks at individual, examines the tree
Macro= looks at whole, examines the forest
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| Positive Economics | show 🗑
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| show | an approach to economics that analyzes outcomes of economic behavior, EVALUATES THEM AS GOOD OR BAD and may prescribe courses of action, also called policy economics
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| Model | show 🗑
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| Variable | show 🗑
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| Ockham's razor | show 🗑
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| Ceteris Paribus | show 🗑
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| Post hoc, ergo propter hoc | show 🗑
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| Empirical Economics | show 🗑
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| Criteria for judging economic outcomes | show 🗑
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| show | ALLOCATIVE EFFICIENCY. An efficient economy is one that produces what people want at the least possible cost i.e volunteer your time in exchange for product
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| show | Fairness- lies in the eye of the beholder: to some, a more equal distribution of income and wealth
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| Economic growth | show 🗑
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| Stability | show 🗑
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| show | includes those provide by nature as well as those tha tprevious generations have provided
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| CHOICE | show 🗑
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| Marginal Cost | show 🗑
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| show | increase profit
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| Descriptive Economics | show 🗑
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| Economic Theory | show 🗑
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| Sunk Cost | show 🗑
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| Human wants | show 🗑
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| Resources are | show 🗑
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| Capital | show 🗑
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| show | The inputs into the process of production, another term for resources
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| show | The process that transforms scarce resources into useful goods and services
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| Inputs/Resources | show 🗑
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| Outputs | show 🗑
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| show | specialization and free trade will benefit all trading parties, even those that may be "absolutely" more efficient producers- members of society BENEFIT BY SPECIALIZING in what they do best"
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| Absolute Advantage | show 🗑
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| Comparative Advantage | show 🗑
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| Consumer Goods | show 🗑
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| Investment | show 🗑
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| show | a graph that shows all the combinations of goods and services that can be produced if all of society's resources are used efficiently
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| Marginal Rate of Transformation (MRT) | show 🗑
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| show | an increase in the TOTAL OUTPUT OF AN ECONOMY. Growth occurs when a society acquires new resources or when it learns to produce more using existing resources
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| show | consumer goods
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| show | an economy in which a central government either DIRECTLY or indirectly SETS OUTPUT targets, incomes, and prices i.e Soviet Union
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| show | "allow [them] to do" AN economy in which individual people and firms pursue their own self interest WITHOUT ANY GOV. direction or regulation
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| Market | show 🗑
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| Consumer Sovereignty | show 🗑
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| show | As you increase the production of one good, the oppurtunity cost to produce the additional good will increase
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| show | amount of one good a country must give up in order to produce an extra unit of another good
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| Firm | show 🗑
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| Firms makes decisions | show 🗑
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| show | a person who organizes, manages, and assumes the risks of a firm, taking a NEW IDEA OR A NEW PRODUCT AND TURNING IT INTO A SUCCESSFUL BUSINESS
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| show | The consuming units in an economy
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| show | ultimately limited incomes
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| show | Product (output) and Input (Factor) markets
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| (Product) Output markets | show 🗑
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| (Factor) Input markets | show 🗑
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| show | the input/factor market in which households supply work for wages to firms that demand labor
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| Capital Market | show 🗑
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| Land market | show 🗑
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| show | the inputs into the production process are 3 factors: Land, Labor, Capitol
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| show | determine household income
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| 6 factors that affect decision on what to buy and how much | show 🗑
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| Quantity demanded | show 🗑
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| show | Market price and quantity demanded
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| show | shows how much of a given product a household would be willing to buy at different prices for a given time period
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| show | a graph illustrating how much of a given product a household would be willing to buy at different prices
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| show | Negative; negative slope (one rises while other decreases)
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| show | THE NEGATIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY DEMANDED: Ceteris paribus, as price rises, quantity demanded decreases and vice versa, all other things remaining constant
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| show | helps us explain economic behavior and predict reactions to possible price changes
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| Concept of utility | show 🗑
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| Law of Diminishing Marginal Utility | show 🗑
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| show | price rises
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| it is reasonable to expect QUANTITY DEMANDED TO RISE WHEN | show 🗑
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| show | the sum of all a household's wages, salaries, profits, interest payments, rents, and other forms of earnings IN A GIVEN PERIOD OF TIME. It is a flow measure
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| Wealth/Net Worth | show 🗑
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| If in a given period, you spend less than your income, you save; | show 🗑
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| Normal goods | show 🗑
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| show | goods for which demand tends to fall when income rises i.e get a raise, stop buying clothes from walmart
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| show | goods that can SERVE AS REPLACEMENTS FOR ONE ANOTHER; when the price of one increases, demand for the other increases
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| show | identical products i.e chinese cars and american cars
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| show | goods that "go together"; a decrease in the price of one results in an increase in demand for the other and vice versa
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| show | 1. income
2. wealth
3. price
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| show | the change that takes place in a demand curve corresponding to a new relationship between quantity demanded of a good and price of the good. THE SHIFT IS BROUGHT ABOUT BY A CHANGE IN THE OG CONDITIONS
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| show | price of good/service and the quantity demanded per period, ceteris paribus
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| Movement along a demand curve | show 🗑
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| show | change in QUANTITY DEMANDED (movement along demand curve)
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| change in INCOME, PREFERENCES, or PRICES of other goods or services leads to | show 🗑
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| show | The sum of all the quantities of a good or service demanded per period by all the households buying in the market for that good or service, at the price
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| show | the difference between revenues and costs
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| show | the amount of a particular product that a firm would be willing and be able to offer for sale at a particular price during a given time period
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| show | shows how much of a product firms will sell at alternative prices
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| show | the positive relationship between price and quantity of a good supplied: An INCREASE IN MARKET PRICE ceteris paribus, will lead to an INCREASE IN QUANTITY SUPPLIED, and vice versa
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| Supply curve | show 🗑
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| Supply slope is | show 🗑
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| Assuming that its objective is to maximize profit a firm's decision about what quantity of output, or product, to supply depends on | show 🗑
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| Movements along a supply curve | show 🗑
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| show | the change that takes place in a supply curve corresponding to a new relationship between quantity supplied of a good and the price of the good. The shift is brought by a change in the og conditions
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| When the price of a product changes | show 🗑
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| show | the supply curve shifts
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| Market supply | show 🗑
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| Excess Demand is also known as | show 🗑
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| show | SURPLUS
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| Excess Demand | show 🗑
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| show | the quantity supplied exceeds the quantity demanded at the current price- prices tend to fall
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| Equilibrium | show 🗑
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| show | PRICES tend to FALL
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| Invisible hand | show 🗑
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| show | a MAXIMUM PRICE set by the government that sellers can charge for a good or service
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| show | SHORTAGE
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| show | no economic impact
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| show | a MINIMUM SET by the government that buyers must pay for a good or service.
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| A price floor set ABOVE equilibrium will cause a | show 🗑
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| show | no economic impact
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| show | all societies
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| Price Rationing | show 🗑
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| show | Price System
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| show | central distribution of available supply- willingness depends on both: desires and income/wealth
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| show | price rationing means that whenever there is a need to ration a good, when a shortage exists, in a free market, the prices of the good will rise until quantity supplied equals quantity demanded
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| show | the price is determined solely and exclusively by the amount that the highest bidder or highest bidders are willing to pay
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| show | waiting in line as a means of distributing goods and services a non price rationing mechanism
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| Favored customers | show 🗑
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| show | tickets or coupons that entitle individuals to purchase a certain amount of a given product per month
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| show | a market in which illegal trading takes place at marker-determine prices
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| show | the difference between the maximum amount a person is willing to pay for a good and its current price
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| show | the difference between the current market price and the cost of production for the firm
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| consumers surplus is based off | show 🗑
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| producers surplus is based off | show 🗑
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| deadweight loss | show 🗑
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