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Universities » Farmingdale State College (SUNY .. » ECO - Economics » 156 - Prin of Economics (Macro) » Flash Cards

eco test #1 - Flashcards

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Class:ECO 156 - Prin of Economics (Macro)
Subject:Economics
University:Farmingdale State College
Term:Spring 2010
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economics the study of the allocation of our limited resources to satisfy our unlimited wants
resources inputs used to produce goods and services
scarcity exists when human wants exceed human needs
theory is an established explanation that accounts for known facts or phenomena
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hypothesis a testable proposition
micro-economics the study of household and firm behavior and how they interact in the market place
macro-economics the study of the whole economy including topics of inflation unemployment and economics
fallicy of composition the incorrect view that what is true for the individual is always true for the group
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positive analysis an objective, testable statement that describes what happens and why it happens
normative analysis a subjective, contestable, statement that attempts to describe what should be done
oppurtunity cost the best forgone oppurtunity that was not chosen
marginal thinking focusing on the additional or marginal choices
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consumer sovereignty consumers vote with their dollars in a market economy; this accounts for what is produced
circular flow model and illustration of the continuous flow of goods, services, inputs and payments btw firms and households
Production Possibility Curve the potential total output combinations of any two goods for an economy
what can expand a p.p. curve? -Advancement in technology -improvements in labor -new sources of natural resources
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law of demand the quality of a good or service varies immensely with it's price
Market demand curve the horizontal summation of individual demand curves
non-price determinants of a demand curve -price of related goods -income -number of buyers -tastes -expectations
law of supply the higher the price of the good the greater the quantity supplied
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market supply curve a graphical representation of the amount of the amount of goods and services that supplies are willing and able to supply at various prices
non-price determinants of a supply curve -input prices -prices of substitutes -expectations -number of suppliers -technology regulation -taxes and substitutes -weather
market equil. the point at which the market supply and market demand curves intersect
equilibrium price the price at the intersection of the Marketing supply and demand curves; at this price the quantity demanded equals the quantity supplied
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 economics the study of the allocation of our limited resources to satisfy our unlimited wants
 resourcesinputs used to produce goods and services
 scarcityexists when human wants exceed human needs
 theory is an established explanation that accounts for known facts or phenomena
 hypothesisa testable proposition
 micro-economicsthe study of household and firm behavior and how they interact in the market place
 macro-economicsthe study of the whole economy including topics of inflation unemployment and economics
 fallicy of compositionthe incorrect view that what is true for the individual is always true for the group
 positive analysisan objective, testable statement that describes what happens and why it happens
 normative analysisa subjective, contestable, statement that attempts to describe what should be done
 oppurtunity cost the best forgone oppurtunity that was not chosen
 marginal thinking focusing on the additional or marginal choices
 consumer sovereigntyconsumers vote with their dollars in a market economy; this accounts for what is produced
 circular flow model and illustration of the continuous flow of goods, services, inputs and payments btw firms and households
 Production Possibility Curve the potential total output combinations of any two goods for an economy
 what can expand a p.p. curve?-Advancement in technology
-improvements in labor
-new sources of natural resources
 law of demand the quality of a good or service varies immensely with it's price
 Market demand curve the horizontal summation of individual demand curves
 non-price determinants of a demand curve-price of related goods
-income
-number of buyers
-tastes
-expectations
 law of supply the higher the price of the good the greater the quantity supplied
 market supply curvea graphical representation of the amount of the amount of goods and services that supplies are willing and able to supply at various prices
 non-price determinants of a supply curve-input prices
-prices of substitutes
-expectations
-number of suppliers
-technology regulation
-taxes and substitutes
-weather
 market equil.the point at which the market supply and market demand curves intersect
 equilibrium pricethe price at the intersection of the Marketing supply and demand curves; at this price the quantity demanded equals the quantity supplied
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