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