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Class:ECO 211 - Econ Prin & Probs
Subject:Economics (ECO)
University:University of Miami
Term:Fall 2010
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      Mode:   CARDS LIST       ? pages   PRINT EXIT
consumer surplus
producer surplus
marginal benefit
marginal cost
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efficient price
total surplus
measure of well being
price elasticity of demand
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determinants of price elasticity of demand
measures of elasticity elastic, inelastic, unit-elastic, perfectly elastic, perfectly inelastic
income elasticity of demand
income elasticity and normal, inferior, and luxury goods and necessities
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elasticity of supply
determinants of elasticity of supply
elasticity and total revenue
price floor legal minimum on the price at which a good can be sold
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binding price floor
non-binding price floor
economic analysis
surplus
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labor market (unemployment) Definition
price ceiling
binding price ceiling
non-binding price ceiling Definition
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shortage
black market
search
time cost
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welfare analysis
consumer surplus
producer surplus
dead weight loss
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per-unit tax
tax equation (Pb=T+Ps)
tax imposed on buyer
tax imposed on seller
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burden of tax buyers price, sellers price, tax revenue
buyers price
sellers price
tax revenue
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welfare analysis buyers share, sellers share, government share, DWL
buyers share
sellers share
government share
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DWL
tax on buyer in relation to tax on seller TAX ON BUYER=TAX ON SELLER
determinants of share of tax paid by buyer & the seller elasticity of demand and supply
tax (graph)
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absolute advantage
comparative advantage lower opportunity cost, show gains from trade using PPF diagram
theory of factor abundance factor endowments, factor intensive production, factor price equalization
factor endowments
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factor intensive production labor intensive
factor price equalization
exporter surplus=exports
importer excess demand=imports
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small country assumption
domestic demand and supply diagram
deomestic price
world price
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no-trade equilibrium
welfare analysis consumer surplus, producer surplus, increase in total surplus, winners & losers
consumer surplus
producer surplus
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increase in total surplus
winners&losers in exporters and importers Definition
tariffs tax on imports
government restriction on trade (Graph)
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government restriction on trade welfare analysis consumer surplus, producer surplus, and dead weight loss
explicit cost
implicit cost
economic profits
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accounting profits
production function Q=F(K,L)
short-run time period
long-run time period
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total product of labor
marginal product of labor
average product
diminishing marginal product
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fixed (k) and variable factors (L)
total cost total cost = TFC+TVC
ATC=AFC+AVC
marginal cost
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cost curves table
cost curves (graph)
long-run cost curves
economies of scale
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diseconomies of scale
assumptions of perfectly competitive market identical product, many buyers and sellers, free entry and exit, firms are price takers
total revenue
marginal revenue
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average revenue
profit maximizing output condition MR=MC
profit diagrams economic profits and economic losses
firms shut down point P=AVC
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firms supply curve MC curve
industry and firm long-run equilibrium P=ATC=MC=AR Demand = Supply
long-run equilibrium adjustments changes in industry demand and supply
monopoly single seller, one product with no good substitute, barriers to entry, price maker
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monopolist's average revenue curve
monopolist's marginal revenue curve
profit maximizing output MR=MC
monopolist profit diagram
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monopolist price mark-up (P-MC/P) p=percentage markup
monopolist curve? no supply curve
externality uncompensated impact of one persons actions on the well being of a bystander cause markets to be inefficient and fail to maximize total surplus ex. neighbor smoking weed gives you brain cancer, but you like his fireworks
negative externality end up with excess, demand and supply diagram of negative externality problem (social cost, private cost) bad effect from an externality ex. from the market, cigaretttes, automobile exhaust....
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positive externality good effect from an externality ex. from the market, immunizations, buildings...
internalizing and externality Pigovian taxes where people take account of the external effects of their actions
social cost private costs of producers+cost to bystanders adversely affected social cost higher than private cost(supply)
private cost supply
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Pigovian taxes correct the effects of a negative externality
Term
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 consumer surplus 
 producer surplus 
 marginal benefit 
 marginal cost 
 efficient price 
 total surplus 
 measure of well being 
 price elasticity of demand 
 determinants of price elasticity of demand 
 measures of elasticityelastic, inelastic, unit-elastic, perfectly elastic, perfectly inelastic
 income elasticity of demand 
 income elasticity and normal, inferior, and luxury goods and necessities 
 elasticity of supply 
 determinants of elasticity of supply 
 elasticity and total revenue 
 price floorlegal minimum on the price at which a good can be sold
 binding price floor 
 non-binding price floor 
 economic analysis 
 surplus 
 labor market (unemployment)Definition
 price ceiling 
 binding price ceiling 
 non-binding price ceilingDefinition
 shortage 
 black market 
 search 
 time cost 
 welfare analysis 
 consumer surplus 
 producer surplus 
 dead weight loss 
 per-unit tax 
 tax equation(Pb=T+Ps)
 tax imposed on buyer 
 tax imposed on seller 
 burden of taxbuyers price, sellers price, tax revenue
 buyers price 
 sellers price 
 tax revenue 
 welfare analysisbuyers share, sellers share, government share, DWL
 buyers share 
 sellers share 
 government share 
 DWL 
 tax on buyer in relation to tax on sellerTAX ON BUYER=TAX ON SELLER
 determinants of share of tax paid by buyer & the sellerelasticity of demand and supply
 tax (graph) 
 absolute advantage 
 comparative advantagelower opportunity cost, show gains from trade using PPF diagram
 theory of factor abundancefactor endowments, factor intensive production, factor price equalization
 factor endowments 
 factor intensive productionlabor intensive
 factor price equalization 
 exportersurplus=exports
 importerexcess demand=imports
 small country assumption 
 domestic demand and supply diagram 
 deomestic price 
 world price 
 no-trade equilibrium 
 welfare analysisconsumer surplus, producer surplus, increase in total surplus, winners & losers
 consumer surplus 
 producer surplus 
 increase in total surplus 
 winners&losers in exporters and importersDefinition
 tariffstax on imports
 government restriction on trade (Graph) 
 government restriction on trade welfare analysisconsumer surplus, producer surplus, and dead weight loss
 explicit cost 
 implicit cost 
 economic profits 
 accounting profits 
 production functionQ=F(K,L)
 short-run time period 
 long-run time period 
 total product of labor 
 marginal product of labor 
 average product 
 diminishing marginal product 
 fixed (k) and variable factors (L) 
 total costtotal cost = TFC+TVC
 ATC=AFC+AVC 
 marginal cost 
 cost curves table 
 cost curves (graph) 
 long-run cost curves  
 economies of scale 
 diseconomies of scale 
 assumptions of perfectly competitive marketidentical product, many buyers and sellers, free entry and exit, firms are price takers
 total revenue 
 marginal revenue 
 average revenue 
 profit maximizing output conditionMR=MC
 profit diagramseconomic profits and economic losses
 firms shut down pointP=AVC
 firms supply curveMC curve
 industry and firm long-run equilibriumP=ATC=MC=AR
Demand = Supply
 long-run equilibrium adjustmentschanges in industry demand and supply
 monopolysingle seller, one product with no good substitute, barriers to entry, price maker
 monopolist's average revenue curve 
 monopolist's marginal revenue curve 
 profit maximizing outputMR=MC
 monopolist profit diagram 
 monopolist price mark-up(P-MC/P) p=percentage markup
 monopolist curve?no supply curve
 externalityuncompensated impact of one persons actions on the well being of a bystander
cause markets to be inefficient and fail to maximize total surplus
ex. neighbor smoking weed gives you brain cancer, but you like his fireworks
 negative externalityend up with excess, demand and supply diagram of negative externality problem (social cost, private cost)
bad effect from an externality
ex. from the market, cigaretttes, automobile exhaust....
 positive externalitygood effect from an externality
ex. from the market, immunizations, buildings...
 internalizing and externalityPigovian taxes
where people take account of the external effects of their actions
 social costprivate costs of producers+cost to bystanders adversely affected
social cost higher than private cost(supply)
 private costsupply
 Pigovian taxescorrect the effects of a negative externality
 Term 
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