principles of microeconomics exam 1 study set
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| show | the limited nature of society's resources
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| show | the study of how society manages its scarce resources
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| efficiency | show 🗑
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| show | the property of distributing economic prosperity uniformly among the members of society
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| opportunity cost | show 🗑
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| rational people | show 🗑
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| marginal change | show 🗑
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| show | something that induces a person to act
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| market economy | show 🗑
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| property rights | show 🗑
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| market failure | show 🗑
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| externality | show 🗑
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| market power | show 🗑
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| show | the quantity of goods and services produced from each unit of labor input
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| inflation | show 🗑
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| business cycle | show 🗑
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| show | a visual model of the economy that shows hoe dollars flow through markets among households and firms
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| production possibilities frontier | show 🗑
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| microeconomics | show 🗑
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| show | the study of economy-wide phenomena, including inflation, unemployment, and economic growth
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| show | claims that attempt to describe the world as it is
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| show | claims that attempt to prescribe how the world should be
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| absolute advantage | show 🗑
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| show | the ability to produce a good act a lower opportunity cost that another producer
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| imports | show 🗑
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| exports | show 🗑
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| market | show 🗑
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| show | the amount of a good that buyers are willing and able to purchase
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| show | a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
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| law of demand | show 🗑
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| demand schedule | show 🗑
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| show | a graph of the relationship between the price of a good and the quantity demanded
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| normal good | show 🗑
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| show | a good for which and increase in income reduces the quantity demanded ex: ramen
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| show | two goods for which and increase in the price of one leads to an increase in the demand for the other
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| show | two goods for which and increase in the price of one leads to a decrease in the demand for the other
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| show | the amount of a good that sellers are willing and able to sell
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| show | the claim that, other things being equal, the quantity supplied of a good raises when the price of the good rises
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| supply schedule | show 🗑
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| show | a graph of the relationship between the price of a good and the quantity. supplied
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| show | a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
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| equilibrium price | show 🗑
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| equilibrium quantity | show 🗑
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| surplus | show 🗑
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| shortage | show 🗑
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| show | the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
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| show | a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants
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| show | a measure of how much the quantity demanded of a good responds to a change in the price of that good. % change in Q demanded / % change in price
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| total revenue | show 🗑
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| income elasticity of demand | show 🗑
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| cross-price elasticity of demand | show 🗑
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| price elasticity of supply | show 🗑
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| show | to get something that we like, we usually have to give up something else that we also like. making decisions requires trading off one good against another.
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| show | the opportunity cost is the highest value thing you give up for something else
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| Principle 3: Rational people think at the margin | show 🗑
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| show | Because rational people make decisions by ciphering costs and benefits, they respond to incentives
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| Principle 5: Trade can make everyone better off | show 🗑
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| show | Even though no-one is looking out for the well-being of society as a whole, market prices reflect both the value of a good to society, and the cost to society of making it.
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| show | government enforces the rules and maintains the institutions that are key to a market economy.
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| show | a nations productivity (amount of goods and services produced by each unit of labor input) determines its standard of living
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| Principle 9: Prices rise when the government prints too much money | show 🗑
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| Principle 10: Society faces a short-run trade-off between inflation and unemployment | show 🗑
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