Response paper 2 - A troubling trajectory
The website explained the relationship between the growth of share of GDP due to
international trade and the total growth of GDP. As the article indicated that the
slowdown in intern
Response paper 3 - Big, bad Amazon
As this article mentioned, digital economy does present some very tricky market
power questions with the involvement and influence of Internet. For Amazon as an
specific example, physical b
Chapter 8 notes
Micro (households and firms)/Macro (economy as a whole)
Business cycle: Alternating periods of economic expansion and economic
Expansion: The period of a business cycle during which the total production and
total employment are
Chapter 14 Summary
Economists consider money to be any asset that people are generally willing to
accept in exchange for goods and services, or for payment of debts.
Barter (double coincidence of wants)
Commodity moneygoods used as money that also have va
Response Paper 2 Negative Interest Rate
This article is talking about why the some world central banks are using negative
interest rate and we are talking about nominal interest rate. For current globe
market, investors are
Chapter 7 notes
Falling shipping and transportation costs have made international trade more
profitable and desirable.
Countries imposed high tariffs (a tax imposed by a government on imports)
on imports (goods & services bought domestically but produced
Types of Firms
Sole proprietorship: (involve in day-to-day decisions)
A firm owned by a single individual and not organized as a corporation.
A firm owned jointly by two or more persons and not organized as a corporation.
Perfectly competitive market:
(1) many buyers and sellers
(2) all firms selling identical products
(3) no barriers to new firms entering
Ceteris paribus (all else equal) condition:
The requirement that when analyzing the relationship between
Chapter 4 summary
(the net benefit to consumers from participating in a market)
the difference between the highest price a consumer is willing to pay for a good
or service and the actual price the consumer receives.
Producer surplus (net
Response Paper 1 The economic impact of refugee
This article from the Economist is talking about the economic and fiscal
influence that brought by influx of refugee into Europe. Angela Merkel, as a chief
advocate for accepti
The Costs of Production
Costs: explicit and implicit
Short run versus long run
Law of diminishing returns
Four market models
Pure competition defined; demand curve
Profit maximizing in short run
Profit maximizing in long run
Pure competition and efficiency
UNIT 4 PRACTCE TEST
Directions: Do this test quickly and skip the questions you do not know the answers to. This will allow
you to isolate the topics that you need to devote the most time to studying and give us more time in class
to review them.
1. In wh
Micro Chapter 23 Practice Problems #1 Key
1. Which is a characteristic of monopolistic competition?
standardized product C)
absence of nonprice competition
a relatively small number of firms
relatively easy entry
2. In which industry is
Monopoly Practice Quiz
Directions-Place a piece of paper on your screen to cover the answers as you quiz yourself
The nondiscriminating monopolist's demand curve:
A) is less elastic than a purely competitive firm's demand curve.
B) is perfectly elastic.
Which of the following is not a barrier to entry?
A) economies of scale
D) ownership of essential resources
2. If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its
Week 8 Concept Questions
Env S& 100
Questions to Guide Your Study
1. What are the benefits of recyclin
Chapter 1 Handout
Data: are collections of observations (such as measurements, genders, animals, plants and people)
Statistics: is the study of procedures for collecting, describing and drawing conclusions form information.