Economics Midterms

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Title of test:
Economics Midterms

Description:
Midterms

Author:
Angelica Ong
(Other tests from this author)

Creation Date:
09/10/2019

Category:
Mathematics
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Content:
is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
is a behavioral, or social, science. In large measure, it is the study of how people make choices. The choices that people make, when added up, translate into societal choices.
the best alternative that we forgo, or give up, when we make a choice or a decision.
the process of analyzing the additional or incremental costs or benefits arising from a choice or decision.
are costs that cannot be avoided because they have already been incurred.
are markets in which profit opportunities are eliminated almost instantaneously.
is the branch of economics that examines the functioning of individual industries and the behavior of individual decision-making units–that is, firms and households and industry.
the branch of economics that examines the economic behavior of aggregates–income, employment, output, and so on–on a national scale.
an approach to economics that seeks to understand behavior and the operation of systems without making judgments. It describes what exists and how it works.
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. .
one that produces what people want at the least possible cost.
is the increase in the total output of the economy.
a condition in which national output is growing steadily, with low inflation and full employment of resources.
are anything provided by nature or previous generations that can be used directly or indirectly to satisfy human needs.
are things that are produced and then used in the production of other goods and services.
are the inputs int.
is the process that transforms scarce resources into useful goods and services.
are goods and services of value to households.
is when a producer requires less resources to produce a good or service.
is when a producer produced a good or service at a lower opportunity cost.
is Ricardo’s theory that specialization and free trade will benefit all trading parties, even those that may be “absolutely” more efficient producers.
an organization that transforms resources (inputs) into products (outputs).
are the consuming units in an economy.
are markets in which goods and services are exchanged.
are markets in which the resources used to produce goods and services are exchanged.
the market in which households supply work for wages to firms that demand labor.
is the market in which households supply their savings, for interest or for claims to future profits, to firms that demand funds to buy capital goods.
is the market in which households supply land or other real property in exchange for rent.
is the amount or number of units of a product that a household would buy in a given period if it could buy all it wanted at the current market price.
is a table showing how much of a given product a household would be willing to buy at different prices.
is the sum of all household’s earnings.
is net worth, the total value of what a household owns minus what it owes.
are goods for which demand goes up when income is higher and for which demand goes down when income is lower.
are goods for which demand tends to fall when income rises.
are goods that can serve as replacements for one another, when the price of one increases, demand for the other increases.
are goods that go together, a decrease in the price of one results in an increase in demand for the other.
is 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.
is the amount of a particular product that firms would be willing and able to offer for sale at a particular price during a given time period.
is a table showing how much of a product firms will sell at alternative prices.
is the ratio of the percentage of change in quantity demandedto the percentage of change in price; measures the responsiveness of quantity demanded to changes in prices.
is net worth, the total value of what a household owns minus what it owes.
are goods for which demand goes up when income is higher and for which demand goes down when income is lower.
are the limits imposed on household choices by income, wealth and product prices.
is the satisfaction a product yields.
is the additional satisfaction gained by the consumption or use of one more unit of a good or service.
states that the more of any one good consumed in a given period, the less satisfaction (utility) generated by consuming each additional (marginal unit) of the same good.
is a paradox stating that (1) the things with the greatest value in use frequently have little or no value in exchange and (2) the things with the greatest value in exchange frequently have little or no value in use. .
is the amount received from the sale of the product.
covers out-of-pocket costs and opportunity cost of all inputs or factors of production .
is a rate of return on capital that is just sufficient to keep owners and investors satisfied (i.e. market interest rate).
The period of time for which two conditions hold: The firm is operating under a fixed scale (fixed factor) of production and firms can neither enter nor exit an industry.
The period of time for which there are no fixed factors of production: Firms can increase or decrease scale of operation and new firms can enter and existing firms can exit the industry .
Quantitative relationship between inputs and outputs.
Technology that relies heavily on human labor instead of capital.
Technology that relies heavily on capital instead of human labor.
A numerical or mathematical expression of a relationship between inputs and outputs. It shows units of total product as a function of units of inputs.
when units of a variable input are added to fixed inputs, after a certain point, the marginal product of the variable input declines.
average amount produced by each unit for a variable factor of production.
Any cost that does not depend on the firms’ level of output. These costs are incurred even if the firm is producing nothing.
A cost that depends on the level of production chosen.
is the cost divided by the number of units of output.
is the total of all costs that vary with output in the short run.
Variable costs per unit of output.
is the total economic cost of all the inputs used by a firm in production.
is the total costs per unit of output.
is the increase in total cost that results from producing 1 more unit of output.
is an industry structure in which there are many firms, each small relative to the industry, producing identical products and in which no firm is large enough to have any control over prices.
is the total amount that a firm takes in from the sale of its product.
is the additional revenue that a firm takes in when it increases output by one additional unit.
the lowest point on the average variable cost curve.
two basic decision-making units in an economy.
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