Describe and give examples of implicit and explicit costs and the difference between
accounting and economic profit.
Implicitdont require cash layout . examplesopportunity cost, what else you
couldve done with your funds
Explicit- input costs that require
Quiz 1 Study Guide
Define Micro and Macro Economics
Micro- How households/firms make decisions
o Macro - Economy-wide phemomia: includes inflation, unemployment,
economic growth, etc.
o What are the 10 principles of Microeconomics?
People Face Trade-of
Ten Principles of Economics
1. The word that comes from the Greek word for "one who manages a household" is
TOP: Economy MSC: Definitional
2. The word econom
Thinking Like an Economist
1. Which of the following terms are most closely associated with the study of economics?
a. force and acceleration
b. torts and venues
c. ego and cognitive dissonance
d. comparative advantage and deadwe
This letter pertains to the current system that involves large amounts of taxes
being taken out of our hard earned paychecks and used for welfare and unemployment
funds. 17.26% percent of our tax dollars are being taken away from us and
1. According to the video, what are 3 arguments for raising the minimum wage.
1. Average labor costs $9.00/hour- exceeds the current minimum wage of
$7.25/hour or even $8.25/hour in some places.
2. As the dollar gets weaker, McDonalds exports g
Quiz 3 Study Guide
Understand consumer and producer surplus and be able to graph the concept.
Consumer surplusAbove equilibrium below demand
Producer Surplus-Below equilibrium above demand
Explain how the supply curve relates to cost and how demand relate
Quiz 2 Study Guide
What are the steps for solving problems involving supply and demand?
Does it affect Supply or demand?
Which way does the curve go towards (left- less, more-right)
Whats the equilibrium? (Were the two lines meet)
What step did we add tha
CPA- Implementing Cap and Trade
1. What makes Cap and Trade a unique "green tax"?
Cap and Trade is a unique green tax, because its basically implemented to help
steadily reduce carbon dioxide and other greenhouse gas emissions economy-wide in a