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21 Cards in this Set

  • Front
  • Back
Efficiency
macimun benefit from its scarce resources
Equity
the benefits are distributed fairly among society's members
Market Economy
Decisions made by millions of firms and households
Market Power
a single person to unduly influence market prices
Business Cycle
short term decrease in unemployment for long term inflation
Circular Flow
Markets For Goods And Services
Markets For Factors Of Productions
Firms - Households Exchange Money & Inputs & Outputs
Production Possibilities Frontier
combo of two outputs that an economy can possibly produce
Micro vs. Macro
Micro: Household
Macro: Society As A Whole
Positive vs. Normative
Positive: True
Normative: way should be
Council of Economic Advisors
3 members & Staff
Comparative Advantage
Drop To Bottom unless Less Time Is required than divide other side down
Complements
Fudge & Ice Cream
Oligopoly
Few Sellers
Not Agressive Competition
Monopolistic Competition
Many Sellers
Slighty Different Products
Set price for its own product
Breakfast Cerals/Antiacids
Perfect Competition
Products Are same
numerous buys/sellers so that each has no influence on price
Price Takers
Monopoly
One Seller, and controls price
Marginal Cost vs. Benefit
Cost: How Much it will cost you
Benefit: How much it will benefit you
Shift In Demand
Taste, Substitute/Complement, Expectations, # of buyers, Income
Shift In Supply
Input Price, technology, expecations, # of sellers, taxes/subsidies
Factors Of Production
Land, Labor, Capital
Increase In Supply & Demand
S & D In/De-crease: Price is Ambiguous
S & D Different: Quantity Is ambiguous