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37 Cards in this Set
- Front
- Back
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study of human behavior between what people want to accomplish and the means they have to accomplish these goals
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economics
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4 Types of Resources:
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1. Land
2. Labor 3. Capital 4. Human Capital |
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4 Most Common Economic Errors:
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1. Ignoring implicit costs
2. Caring about sunk costs 3. Measuring costs as proportions 4. Positive vs. Normative Economics |
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individuals, markets
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micro
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aggregate behavior of markets, micro foundations
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macro
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x^1/2
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x^0.5
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x^1/3
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x^0.333
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(x/y) / (z/w)
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xw/yz
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-(-x)
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x
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(-x)(-x)
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x^2
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3(1/2)
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3/2
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4/3-1/5
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17/15
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radical 18 + radical 2
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4 radical 2
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radical 15 radical 37
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radical (15x37)
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y^3 x y^5
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y^8
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a radical x^b
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x^(b/a)
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radical x^5
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x^(5/2)
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3 radical x^4
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x^(4/3)
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x^a x^b
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x^(a+b)
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x^2 x^7
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x^9
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(1/2)/(2/3)
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3/4
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10-(-5)
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15
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(-x)(-y)
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xy
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(1/2) / 3
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1/6
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radical 2 + 7 radical 3
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cannot be simplified
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x^2 + 3x^2
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4x^2
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(y^a) / (y^b)
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y^a-b
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500-3x=400
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x=33.3
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% increase in x
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final value of x - initial x / initial x
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% decrease in x
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initial - final / final
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base x height
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area of rectangle
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base x height / 2
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area of triangle
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rise/run
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slope
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choosing the best element from some set of available alternatives
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optimization
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condition of a system in which competing influences are balanced
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equilibrium
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highest price you are willing to pay for something
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reservation price
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the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter
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comparative statics
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