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Economic Fundamentals: Scarcity, Supply and Demand, and Comparative Advantage

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Economics - Microeconomics

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andrsonztdc Created by 10 mon ago

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Cards in this deck(66)
What is the study of how society manages its scarce resources?
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What term describes the condition where human wants for goods exceed what is available?
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What does microeconomics focus on?
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What are the overarching concerns of macroeconomics?
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What is the ability to produce a good using fewer inputs than another producer called?
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What is the ability to produce a good at a lower opportunity cost than another producer?
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What is it called when individuals or countries focus on producing goods for which they have a comparative advantage?
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What law states that consumers buy more of a good when its price decreases and less when its price increases?
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What does a shift to the right or left in demand and supply curves indicate?
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What is the term for the change in quantity demanded brought about by a change in price?
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What causes a shift along the demand curve?
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What law states that producers offer more of a good as its price increases and less as its price falls?
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What is the definition of supply?
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What is the definition of quantity supplied?
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What is the formula for the area of a rectangle?
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What is the formula for the area of a triangle?
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How do you find a mutually agreeable trade range?
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What is the definition of marginal benefit?
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What is the income effect?
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What is the substitution effect?
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What is diminishing marginal utility?
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What is a service?
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What is a good?
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What is the formula for marginal benefit?
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What is the formula for marginal cost?
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What happens when a price floor is set above the equilibrium price?
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What happens when a price floor is set below the equilibrium price?
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How do you find consumer surplus on a graph?
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How do you find producer surplus on a graph?
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How do you find economic surplus on a graph?
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How do you find deadweight loss on a graph?
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What is elasticity in economics?
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How do you find the percentage change in quantity?
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What is the formula for percentage change in price?
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What does it mean when a good is unit elastic?
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What does it mean when a good is perfectly inelastic?
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What does it mean when a good is elastic?
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What does it mean when a good is inelastic?
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What is the starting point formula for elasticity?
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What is the cross-price elasticity of demand formula?
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What is the formula for percentage change in the quantity demanded?
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What are the relationships in cross-price elasticity?
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What is the midpoint formula for elasticity?
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What are explicit costs?
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What are implicit costs?
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What is the economic cost?
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What is the formula for economic profit?
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What is the formula for average product?
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What is marginal product?
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What is the formula for average total cost?
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What is the formula for average variable cost?
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What are economies of scale?
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What are constant returns to scale?
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What are diseconomies of scale?
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What is the normal profit formula?
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What happens if P > Average Total Cost in the short run?
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What happens if P = Average Total Cost in the short run?
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Why is surplus important in relation to quantity?
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What happens if P < Average Total Cost in the short run?
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What is the short-run supply curve?
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What is the long-run market supply curve?
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What is a price taker in a competitive market?
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What is a price maker in a monopoly?
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What is a monopoly?
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What is marginal revenue in a monopoly?
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What is the formula for marginal revenue?
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