Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
|
Microeconomics
|
Branch of economics that deals with the behavior of individual economic units--consumers, firms, workers, and investors--as well as the markets that these units comprise
|
|
|
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
|
|
|
Positive analysis
|
Analysis describing relationships of cause and effect
|
|
|
Normative analysis
|
Analysis examining questions of what ought to be
|
|
|
Market
|
collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products
|
|
|
Market Definition
|
Determination of the buyers, sellers, and range of products that should be included in a particular market
|
|
|
Arbitrage
|
Practice of buying at a low price at one location and selling at a higher price in another.
|
|
|
Perfectly competitive market
|
Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price
|
|
|
Market Price
|
Price prevailing in a competitive market
|
|
|
Extent of a market
|
Boundaries of a market, both geographical and in terms of range of products produced and sold within it
|
|
|
Nominal Price
|
Absolute price of a good, unadjusted for inflation
|
|
|
Real Price
|
Price of a good relative to an aggregate measure of prices; price adjusted for inflation
|
|
|
Consumer Price Index
|
Measure of the aggregate price level
|
|
|
Producer Price Index
|
Measure of the aggregate price level for intermediate products and wholesale goods
|
