Microeconomics hehe - Assignment Essays

question

Buyers will buy more when the price is

answer

lower price

question

suppliers are willing to sell more when price is

answer

higher price

question

Demand:

answer

relationship between price and how much buyers are willing to buy

question

Relationship will change if

answer

independent variable is added

question

wealth effect

answer

buy more at lower prices is

question

substitution effect

answer

reason why demand curve goes down

question

Price of related goods/substitution

answer

(coke and pepsi) are this. If price of Coke goes up demand for Pepsi goes up.

question

Consumer surplus

answer

savings that go to buyers who were willing to pay more than they had to

question

x Axis

answer

-----> independent variable

question

y axis

answer

^ dependent variable

question

New independent variable can

answer

shifts movement of the line! (maybe goes up to a different percent to start on that isn't 0, like 50, boyfriend)

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Land

answer

ex: steel, in the ground or on the ground

question

labor

answer

person moving the crane, human work

question

Capitol

answer

machines, tools, Technology, "crane"

question

Entrepreneurship

answer

people who buy and then create product/service

question

less than

answer

to succeed cost has to be ___ than sell but people still want it

question

Profit

answer

signal from society that the product works so you should make more

question

The winners

answer

Both the company with the cheapest and better version of the product, and the consumers because we are getting them to fight which lowers the price and improves quality.

question

Absolute advantage

answer

Annie, or person who has the best production amount i.e. bread AND shirts

question

Comparative Advantage

answer

in producing goods for which it has a lower opportunity cost. beauty of exchange ex: bread for shirts cause they think it costs different but then help each other

question

Normal good

answer

type of good: income increases, demand increases

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Inferior good

answer

type of good: income goes up, demand for good falls

question

change in price =

answer

= change in quantity demanded

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tastes, income, price, population

answer

T.I.P.P

question

sellers

answer

they supply

question

buyers

answer

they demand

question

up and down the curve

answer

change in price moves you

question

shortage

answer

price is below equilibrium. 37 buyers don't get to buy a good because of a

question

equilibrium

answer

when both are same, demand and supply curves cross

question

surplus

answer

price above equilibrium

question

what people aren't willing to buy

answer

can't sell

question

Demand relationship

answer

between price and quantity demanded

question

price ceiling

answer

maximum allowable price

question

SALE

answer

surplus means there is a

question

shortage

answer

upward pressure on prices =

question

consumer surplus

answer

benefits buyers get for buying at buyers price, is the consumers gain from exchange, or difference between eh maximum price a consumer is willing to a pay fo a certain quantity and the market price

question

unemployment

answer

surplus of willing workers =

question

the consumers

answer

who demands labor?

question

ED= % change in quantity demanded
-------------------------------------
% change in price

answer

elasticity formula =

question

new - old / old

answer

percent change formula =

question

incentives

answer

rewards or punishments that motivate behavior

question

drug lag

answer

put out a drug that's unsafe, but could also die from waiting for the new one

question

scarce resource

answer

when a resource is not available in sufficient quantities to satisfy all our wants

question

the great economic problem

answer

to arrange our limited resources to satisfy as many of our wants as possible

question

opportunity cost

answer

the value of the opportunities lost (ex: going to college for $100,000 when I could be at a full time job rn)

question

thinking on the margin

answer

weighing the benefits and cost and making a decision. (ex: driving over speed limit to get somewhere faster)

question

marginal revenue

answer

the additional revenue from selling a little bit more

question

marginal cost

answer

the additional cost of producing a little bit more of a good

question

marginal tax rates

answer

the tax rate on an additional dollar of income

question

specialization

answer

is what increases productivity, and also allows us to service cause it would be har Dif we all had to grow our own crops n stuff

question

inflation

answer

caused by the increase in the supple of money

question

absolute advantage again

answer

the ability to produce the same good using fewer inputs than the other producer

question

production possibilities frontier

answer

a graph that shows the combinations of output that the economy can possibly produce given the productivity and supply of inputs

question

= consumption

answer

no trade production =

question

demand curve

answer

a function that shows the quantity demanded at different prices

question

total consumer surplus

answer

is measured by the area beneath the demand curve and above the price

question

Make the PPF

answer

build a diagram showing how many resources we have and how much goes to each, then make the connections on the graph a, b, c, d, e.

question

imports

answer

goods produced abroad and sold domestically

question

exports

answer

goods produced domestically and sold abroad

question

market

answer

a group of buyers and sellers of a particular good or service

question

down

answer

price goes up then quantity demanded goes

question

total quantity demanded at any price

answer

we add the individual quantities for this. ex:( offers 16, offers 8, =24 market QD)

question

number of buyers, income, price of related good, tastes, expectations

answer

shifts in the demand curve are caused by changes in

question

right

answer

an increase on the graph means we shift to the

question

left

answer

a decrease on the graph means we shift to the

question

complement goods

answer

where the price of one leads to the decrease in demand for other

question

Also rises! (and the reverse)

answer

when price of a good rises the Quantity supply..

question

right

answer

an increase in sellers shifts the supply curve to the

question

left

answer

a decrease in sellers shifts the curve to the

question

downward

answer

the demand curve line goes

question

upwards

answer

the supply curve line goes

question

= total revenue

answer

price x quantity =

question

price elasticity of demand

answer

% change inQD/% change in Price is ___
50/20 = 2.5

question

standard method of computing the percentage change

answer

end value-start value/start value. Ex: 8-12/12 - 0.37 = 37%

question

constant

answer

the slope of a linear demand curve is

question

not constant

answer

elasticity Is (constant/not constant?)

question

total revenue

answer

price x quantity =

1 of 77

question

Buyers will buy more when the price is

answer

lower price

question

suppliers are willing to sell more when price is

answer

higher price

question

Demand:

answer

relationship between price and how much buyers are willing to buy

question

Relationship will change if

answer

independent variable is added

question

wealth effect

answer

buy more at lower prices is

question

substitution effect

answer

reason why demand curve goes down

question

Price of related goods/substitution

answer

(coke and pepsi) are this. If price of Coke goes up demand for Pepsi goes up.

question

Consumer surplus

answer

savings that go to buyers who were willing to pay more than they had to

question

x Axis

answer

-----> independent variable

question

y axis

answer

^ dependent variable

question

New independent variable can

answer

shifts movement of the line! (maybe goes up to a different percent to start on that isn't 0, like 50, boyfriend)

question

Land

answer

ex: steel, in the ground or on the ground

question

labor

answer

person moving the crane, human work

question

Capitol

answer

machines, tools, Technology, "crane"

question

Entrepreneurship

answer

people who buy and then create product/service

question

less than

answer

to succeed cost has to be ___ than sell but people still want it

question

Profit

answer

signal from society that the product works so you should make more

question

The winners

answer

Both the company with the cheapest and better version of the product, and the consumers because we are getting them to fight which lowers the price and improves quality.

question

Absolute advantage

answer

Annie, or person who has the best production amount i.e. bread AND shirts

question

Comparative Advantage

answer

in producing goods for which it has a lower opportunity cost. beauty of exchange ex: bread for shirts cause they think it costs different but then help each other

question

Normal good

answer

type of good: income increases, demand increases

question

Inferior good

answer

type of good: income goes up, demand for good falls

question

change in price =

answer

= change in quantity demanded

question

tastes, income, price, population

answer

T.I.P.P

question

sellers

answer

they supply

question

buyers

answer

they demand

question

up and down the curve

answer

change in price moves you

question

shortage

answer

price is below equilibrium. 37 buyers don't get to buy a good because of a

question

equilibrium

answer

when both are same, demand and supply curves cross

question

surplus

answer

price above equilibrium

question

what people aren't willing to buy

answer

can't sell

question

Demand relationship

answer

between price and quantity demanded

question

price ceiling

answer

maximum allowable price

question

SALE

answer

surplus means there is a

question

shortage

answer

upward pressure on prices =

question

consumer surplus

answer

benefits buyers get for buying at buyers price, is the consumers gain from exchange, or difference between eh maximum price a consumer is willing to a pay fo a certain quantity and the market price

question

unemployment

answer

surplus of willing workers =

question

the consumers

answer

who demands labor?

question

ED= % change in quantity demanded
-------------------------------------
% change in price

answer

elasticity formula =

question

new - old / old

answer

percent change formula =

question

incentives

answer

rewards or punishments that motivate behavior

question

drug lag

answer

put out a drug that's unsafe, but could also die from waiting for the new one

question

scarce resource

answer

when a resource is not available in sufficient quantities to satisfy all our wants

question

the great economic problem

answer

to arrange our limited resources to satisfy as many of our wants as possible

question

opportunity cost

answer

the value of the opportunities lost (ex: going to college for $100,000 when I could be at a full time job rn)

question

thinking on the margin

answer

weighing the benefits and cost and making a decision. (ex: driving over speed limit to get somewhere faster)

question

marginal revenue

answer

the additional revenue from selling a little bit more

question

marginal cost

answer

the additional cost of producing a little bit more of a good

question

marginal tax rates

answer

the tax rate on an additional dollar of income

question

specialization

answer

is what increases productivity, and also allows us to service cause it would be har Dif we all had to grow our own crops n stuff

question

inflation

answer

caused by the increase in the supple of money

question

absolute advantage again

answer

the ability to produce the same good using fewer inputs than the other producer

question

production possibilities frontier

answer

a graph that shows the combinations of output that the economy can possibly produce given the productivity and supply of inputs

question

= consumption

answer

no trade production =

question

demand curve

answer

a function that shows the quantity demanded at different prices

question

total consumer surplus

answer

is measured by the area beneath the demand curve and above the price

question

Make the PPF

answer

build a diagram showing how many resources we have and how much goes to each, then make the connections on the graph a, b, c, d, e.

question

imports

answer

goods produced abroad and sold domestically

question

exports

answer

goods produced domestically and sold abroad

question

market

answer

a group of buyers and sellers of a particular good or service

question

down

answer

price goes up then quantity demanded goes

question

total quantity demanded at any price

answer

we add the individual quantities for this. ex:( offers 16, offers 8, =24 market QD)

question

number of buyers, income, price of related good, tastes, expectations

answer

shifts in the demand curve are caused by changes in

question

right

answer

an increase on the graph means we shift to the

question

left

answer

a decrease on the graph means we shift to the

question

complement goods

answer

where the price of one leads to the decrease in demand for other

question

Also rises! (and the reverse)

answer

when price of a good rises the Quantity supply..

question

right

answer

an increase in sellers shifts the supply curve to the

question

left

answer

a decrease in sellers shifts the curve to the

question

downward

answer

the demand curve line goes

question

upwards

answer

the supply curve line goes

question

= total revenue

answer

price x quantity =

question

price elasticity of demand

answer

% change inQD/% change in Price is ___
50/20 = 2.5

question

standard method of computing the percentage change

answer

end value-start value/start value. Ex: 8-12/12 - 0.37 = 37%

question

constant

answer

the slope of a linear demand curve is

question

not constant

answer

elasticity Is (constant/not constant?)

question

total revenue

answer

price x quantity =

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