Chapter 1 Notes
Incentives
rewards and penalties that motivate behavior
Opportunity cost
the value of the opportunities lost
Three ways trade makes people better off:
access to a greater variety of goods and services, increased productivity
through specia
Homework Assignment #1
Coke and Pepsi are substitute soft drinks. Which of the following would
cause the demand curve for Pepsi to shift to the left?
The price of Coke decreases
Which of the following choices contains only factors that cause the
supply cu
Chapter 4 Notes
Complement of A
The event consisting of all sample points that are not in A.
Venn Diagram
A graphical representation for showing symbolically the sample space and
operations involving events in which the sample space is represented by a
re
Homework Assignment #2
If north and South Korea were both equally poor in 1950, why did
South Korea develop so much faster?
South Korea has more market- based economic system
In Zimbabwe, the government _ the _ money, which caused the
country's severe inf
Chapter 8 Notes
Interval Estimate
An estimate of a population parameter that provides an interval believed to
contain the value of the parameter. It has the form: point estimate +/- margin
of error.
Margin of Error
The +/- value added to and subtracted fr
Exam 1 Study Guide part 1
Define Economics
the study of how to best allocate scarce resources
Explain the concepts of scarce and free goods
scarce goods- "limited", to have more scarce goods causes one to have to
give up something else
free goods- unlimit
Chapter 5 Notes
Discrete Random Variable
A random variable that may assume either a finite number of values or an
infinite sequence of values.
Random Variable
A numerical description of the outcome of an experiment.
Continuous Random Variable
A random var
Exam 1 Study Guide part 2
Use supply and demand to illustrate changes in the price and quantity
of women in the marriage marker over time; explain why these changes
occurred
1. advances in birth control
2. more independent (careers)
Define and calculate t
Chapter 2 Notes
Frequency Distribution
A tabular summary of data showing the number (frequency) of data values in
each of several nonoverlapping classes.
Relative Frequency Distribution
A tabular summary of data showing the fraction or proportion of data
Chapter 3 Notes
Mean
A measure of central location computed by summing the data values and
dividing by the number of observations.
Median
A measure of central location provided by the value in the middle when the
data are arranged in ascending order.
Mode