Econ Exam 1 Study Guide.pdf - Stephen Grant Econ Exam 1...

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Stephen Grant Econ Exam 1 Study Guide Normative Economics: What aught to be the price of gas (should be) Positive Economics: What is the price of gas Traditional Systems: What is produced is decided by a person Market Systems: What is produced is decided by demand Scare good: Economics Good Good is a product that is tangible Service: A thing or an action that is done for you Product: Good or Service Opportunity cost: Sacrifice, the highest valued thing you didn’t do with the time/resources NAFTA: North American Free Trade Agreement NAICS: North American Industry Code System -5 numbers used to indentify a good First number is broad: Agriculture, Mining and Extraction, Manufacturing, Construction, Services The it gets more defined: Metal à Copper à Pipe Market is defined by: -What is being produced -Market Region -Who is selling Law of Demand: Increase in price leads to a decrease in quantity demanded Effective Demand: Ability and desire to buy a good or service
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