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13 Cards in this Set
- Front
- Back
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Microeconomics |
Branch of economics that deals with the behaviour of individual economic units - consumers, firms, workers, and investors - as well as the markets that these units comprise. |
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Macroeconomics |
Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation. |
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Positive Analysis |
Analysis describing relationships of cause and effect. |
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Normative Analysis |
Analysis explaining questions of what ought to be. |
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Market |
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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Arbitrage |
The practice of buying at a low price in one location and selling at a high price in another location. |
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Perfectly Competitive Market |
Market with many buyers and sellers, so that no single buyer or seller has significant impact on price. |
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Market Price |
Price prevailing in a competitive market. |
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Extent of a Market |
Boundaries of a market, both geographical and in terms of geographical and in terms of range of products produced and sold within it. |
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Nominal Price |
Absolute price of a good, unadjusted for inflation. |
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Real Price |
Price of a good relative to an aggregate measure of prices; price adjusted for inflation. |
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Consumer Price Index |
Measure of the aggregate price level. |
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Producer Price Index |
Measure of the aggregate price level for intermediate products and wholesale goods. |
