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13 Cards in this Set
- Front
- Back
microeconomics
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branch of economics that deals with the bahvior of individual economics units - consumers, firms, workers and investors - as well as the markets that these units comprise
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macroeconomics
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branch of economics that deals with aggregate economics variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation
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positive analysis
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analysis describing relationships of cause and effect.
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normative analysis
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Analysis examining questions of what ought to be done
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market
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Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products
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market definition
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Determination of the buyers, sellers, and range of products that should be included in a particular market.
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arbitrage
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Practice of buying at a low price at one location and selling at a higher price in another.
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perfectly competitive market
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Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.
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market price
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Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.
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extent of a market
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Boundaries of a market, both geographical and in terms of range of products produced and sold within.
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nominal price
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absolute price of a good, unadjusted for inflation.
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real price
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price of a good relative to an aggregate measure of prices; price adjusted for inflation.
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Consumer price index
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measure of the aggregate price level
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