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21 Cards in this Set

  • Front
  • Back
Micro is
study of one-firm ata time
Macro is
study of the whole economy
Father of economics
Adam Smith
Title of father of economic's book?
Wealth of Nation
Adam Smith's premise or known for
Invisible hand
Scarcity is due to
1. Limited resources
2. Unlimited wants
Latin for all else equal
Citeris Parbus
Define Opportunity Cost
the value of the best alternative foregone.
Contrast efficiency
focusing on max (Micro) equity - being fair to all (Micro).
Contrast between economic theory and conomic model
1. vague economic opinions
2. more elaboration on the theory, using an equation.
Explain the law of demand
P Q , C.P.
Law of supply
P Q , C.P.
Positive economics
what should be (fact)
Normal economics
what should be (opinion)
Thorston Veblin's theory
Conspicuous Consumption
3 factors of production are?
L and N and K
L, N, K stand for
Land, Labor and Capital
Explain a normal good
1. Normal: Inc Q , C.P.
2. Normal: Inc Q , C.P.
Who is the father of Math Economics?
Alfred Marshall
4 out of 5 Factors cause shift in Demand
1. Taste shifts
2. Income shifts
3. Prices of sub/complements
4. Population
5. Expectation
3 out 6 shifts in Supply
1. Input prices
2. Technology Advances
3. Expectations re: Future prices
4. Prices of subs/Complements
5. # of sellers
6. Natural Events