Exam1 - Flashcards2

Exam1 - Flashcards2 - to produce it Assumptions Assumptions...

Info iconThis preview shows pages 1–25. Sign up to view the full content.

View Full Document Right Arrow Icon
Equity Efficiency
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Trade-off that refers to the size of the economic pie. Trade-off that refers to how the economic pie is divided.
Background image of page 2
Financial Accounting Management Accounting
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Primarily provides information for internal users (i.e. managers within a firm). Primarily provides information for external users (i.e. individuals, investors and creditors, taxing authorities, and the government).
Background image of page 4
Guns and Butter “No such thing as a free lunch”
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
To get something we like, we usually have to give up another thing we like; adage. Used to represent the classic societal tradeoff between spending on national defense and consumer goods.
Background image of page 6
Marginal Change Lost Wages
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
The largest single cost of going to college. A small incremental adjustment.
Background image of page 8
Price Market Activity
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. Reflect both the value of a product to consumers and the cost of the resources used
Background image of page 10
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 12
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 14
Background image of page 15

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 16
Background image of page 17

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 18
Background image of page 19

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 20
Background image of page 21

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 22
Background image of page 23

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 24
Background image of page 25
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: to produce it Assumptions Assumptions The art of scientific thinking is deciding which ____ to make. The foundation stones from which economic models are built. Supply and Demand Comparative Advantage The basis for gains from specialization and trade. Forces that make market economies work. Elastic Inelastic Points with a low price and a high quantity. Points with a high price and a low quantity. Inelastic Demand Curve Elasticity Used to analyze supply and demand with greater precision. Price and total revenue go in the same direction. Increases, then Decreases Elastic Demand Curve Price and total revenue go in opposite directions. How total revenue changes as one moves down a linear demand curve. Time Unit Elastic The change in the price of a good results in no change in total revenue. The main determinant of the price elasticity of supply. Less Elastic A tax burden falls more heavily on this side of the market....
View Full Document

Page1 / 25

Exam1 - Flashcards2 - to produce it Assumptions Assumptions...

This preview shows document pages 1 - 25. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online