2023-09-06T19:35:19+03:00[Europe/Moscow] en true <p><strong>Microeconomics</strong></p>, <p><strong>Supply and Demand</strong></p>, <p><strong>Opportunity</strong> Cost</p>, <p><strong>Scarcity</strong></p>, <p><strong>Market</strong></p>, <p><strong>Factors of Production</strong></p>, <p><strong>Circular-Flow Diagram</strong></p>, <p><strong>Two Actors</strong></p>, <p><strong>Two Markets</strong></p>, <p><strong>Production Possibilities Frontier (PPF)</strong></p>, <p><strong>Possible and Efficient</strong></p>, <p><strong>Facing a trade-off</strong></p>, <p><strong>PPF and Economy Growth</strong></p>, <p><strong>If opportunity cost remains constant, what happens to the PPF shape/curve?</strong></p>, <p><strong>If opportunity cost rises, what happens to the PPF shape/curve?</strong></p>, <p><strong>What is a reason opportunity cost might rise?</strong></p>, <p><strong>Why might opportunity cost rise or fall?</strong></p>, <p><strong>Microeconomics</strong></p>, <p><strong>Positive Statements</strong></p>, <p><strong>Normative Statements</strong></p> flashcards

ECON 101 definitions Chapters 1-12 (Microeconomics)

Definitions for ECON 101

Customize
collection saved
Share
Long Term Learning Spaced Repetition
Add to Long Term Learning Desk
Fast learning Repeat this set of flashcards
Preview Test Spell
Play
Match
Review

  • Microeconomics

    The study of peoples/firms decision making and also their decisions making about resources, production, and consumption

  • Supply and Demand

    How prices are set in economics and how they fluctuate/change - led by the people/consumers.

  • Opportunity Cost

    What you have to give up to buy what you want/the benefit of an alternative option

  • Scarcity

    The problem of unlimited human wants and needs in a world with limited resources

  • Market

    A group of buyers and sellers

  • Factors of Production

    Resources used to produce goods and services; for example

  • Circular-Flow Diagram

    a visual model of the economy, that shows how dollars flow through markets among households(us/buyers) and firms

  • Two Actors

    Households(us/buyers) and Firms(businesses)

  • Two Markets

    Markets for goods and services and the markets for factors of production

  • Production Possibilities Frontier (PPF)

    a graph that shows the combinations of two goods the economy can produce given its available resources and the available technology. ex; computers and wheat.

  • Possible and Efficient

    Has to be possible for society and all resources have to be fully utilized

  • Facing a trade-off

    Society has to pick what good they want more and which one they could do with less of

  • PPF and Economy Growth

    With additional resources and more advanced technology, the economy can produce more of their wants/needs (wheat and computers)

  • If opportunity cost remains constant, what happens to the PPF shape/curve?

    Line of PPF will remain straight

  • If opportunity cost rises, what happens to the PPF shape/curve?

    Will turn bow shaped

  • What is a reason opportunity cost might rise?

    Workers have a high set of skills in that area

  • Why might opportunity cost rise or fall?

    The land they are on might be suitable or unsuitable for production

  • Microeconomics

    examines how households and firms make choices and how they interact in markets

  • Positive Statements

    Attempt to describe the world as it is - can construct a test (not theoretical)

  • Normative Statements

    Cannot be put to a test (kind of like an opinion)