ECONOMICS
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    MICHEAL, Staff, LuciaDunn, RuohanWu, PujaBhattacharya, BruceBellner, Professorbluefall, ryanruddy, Ian Krajbich, huxangXing, William J. White, MaryamSaeedi
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ECONOMICS Documents

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ECONOMICS Flashcards

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  • 22 terms

    Term:

    Market

    Definition:

    Buyers and sellers who trade for a particular good or service; a market exists wherever and whenever an exchange takes place; every transaction needs seller (supplier) and buyer (demand) Does not include physical space; allows buyers and sellers to communicate

    • Economics Chapter 3
    • 22 terms
    • Vocabulary for Economics Chapter 3. Find, create, and access Economics, flashcards with Course Hero.
  • 19 terms

    Term:

    Elasticity

    Definition:

    A measure of how much consumers and producers will respond to a change in market conditions

    • Economics Chapter 4
    • 19 terms
    • Vocabulary for Economics Chapter 4. Find, create, and access Economics, flashcards with Course Hero.
  • 8 terms

    Term:

    Law of increasing opportunity cost (Why would ppc be concave?)

    Definition:

    -Resources do not transfer perfectly from the production of one good to the other -Increasing quantities of goods only obtained by sacrificing ever-increasing quantities of other goods

    • Economics Chapter 2
    • 8 terms
    • Vocabulary for Economics Chapter 2. Find, create, and access Economics, Opportunity Cost, Adam Smith, The Wealth of Nations, producer flashcards with Course Hero.
  • 8 terms

    Term:

    Externality

    Definition:

    External costs and benefits; can be positive or negative; assume constant benefit or cost; reduce surplus Private cost: costs fall upon decision maker Private benefit: benefit upon decision maker Public/external cost: cost imposed without compensation on someone other than person who caused it Public/external benefit: benefits to those who did not take part in a transaction

    • Economics Chapter 18
    • 8 terms
    • Vocabulary for Economics Chapter 18. Find, create, and access flashcards with Course Hero.
  • 21 terms

    Term:

    Total Revenue

    Definition:

    The amount that a firm receives from the sale of goods and services; calculated as the quantity sold multiplied by the price paid for each unit.

    • Economics Chapter 12
    • 21 terms
    • Vocabulary for Economics Chapter 12. Find, create, and access flashcards with Course Hero.
  • 12 terms

    Term:

    Utility

    Definition:

    A measure of the amount of satisfaction a person derives from something. Hard to measure. Utility maximization: people are rational utility maximizers

    • Economics Chapter 7
    • 12 terms
    • Vocabulary for Economics Chapter 7. Find, create, and access flashcards with Course Hero.
  • 13 terms

    Term:

    Interest Rate

    Definition:

    The price of borrowing money for a specified period of time, expressed as a percentage per dollar borrowed and per unit of time. (Opportunity cost for businesses having to wait to get their money) Price per dollar/time=rate

    • Economics Chapter 11
    • 13 terms
    • Vocabulary for Economics Chapter 11. Find, create, and access flashcards with Course Hero.
  • 11 terms

    Term:

    A fundamental idea in economics (think ebay)

    Definition:

    voluntary exchanges create value and can make everyone involved better off; surplus is usually the benefit

    • Economics Chapter 5
    • 11 terms
    • Vocabulary for Economics Chapter 5. Find, create, and access flashcards with Course Hero.

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