ISM 2000 01/12/2016-T
10 class quizzes (250 points)
3 exams (150 points)
10 Journals (50 points)
Lab (250 points)
Bring headset to lab
PDA (Personal digital assistance)
First Computer he bought in (1986) cost him $3,000
Chapter 12 Microeconomics
Monopolistic competition-Market in which many firms produce similar goods
or services but each maintains some independent control of its own price.
Concentration ratio-the proportion of total industry output produced by the
Chapter 18 Microeconomics:
Financial intermediary-Institution (e.g., bank or the stock market) that makes
savings available to dissavers (e.g., investors)
Even though diversification permits greater risk management, lenders will
want to be compensated f
Normative analysis incorporates subjective judgments about what out to be
o Ex. Suggest that market reliance is tantamount to economic freedom
and inherently superior to more government interventionthat
market are good and
Chapter 17 microeconomics
By counting the number of individuals willing to work at each and every
wage rate, we can construct a market labor supply (willingness and ability to
work specific amounts of time at alternative wage rates in a given time
Chapter 5 Micro
Demand entails the willingness and ability to pay for goods and services. To
say that someone demands a particular good means that he or she will offer
to buy it at some price.
An individuals demand for a specific product is determined b
Chapter 6 Microeconomics
The response of consumers to a change in price is measured by the price
elasticity of demand.
Price elasticity of demand refers to the percentage change in quantity divided
by the percentage change in price.
Chapter 7 Microeconomics
Production function-technological relationship expressing the maximum
quantity of a good attainable from different combinations of factor inputs.
Efficiency (technical)-Maximum output of a good from the resources used in
Chapter 11 Microeconomics
A perfect monopoly exists when only one firm is the exclusive supplier of a
Oligopoly is a situation in which only a few firms have a great deal of power
in a product market. An oligopoly may exist because o
Chapter 4 Micro
Market mechanism-use of a market prices and sales to signal desired outputs
(or resource allocations).
Market failure-imperfection in the market mechanism that prevents optimal
Market failure establishes a basis for government
Chapter 16 Micro
Labor supply-Willingness and ability to work specific amounts of time at
alternative wage rates in a given time period, ceteris paribus.
o These individuals are offering to sell their time and talents to anyone
whos willing to pay
Chapter 3 Microeconomics
Businesses also try to maximize in the marketplace.
Business profits are the difference between sales receipts and total costs. To
maximize profits, business firms try to use resources efficiently in producing
products that cons
Chapter 10 Microeconomics
During this early development of the U.S auto industry, Henry Ford
dominated the field. There were other producers, but the Ford Motor
Company was the only producer of an inexpensive motorcar for the
multitudes. In this situatio
Form Factor- indicates how your desktop looks
Peripheral device is any externally input, output and storage
Workstation- a lot of memory and graphical processing unit
Consider a ram, chip (i3, i5, and i7)
Arm chip doesnt require a lot of power a
ISM 2000- Chapter 1
Quiz on chapter 1 due Sunday till 11:59PM
The Digital revolution
Digitization is the process of converting text, number, sound, photos and
video in data that can be processed by digital devices
The digital revolutio
Chapter 21 Micro
These imports included the consumer items mentioned earlier as well as
capital equipment, raw materials, and food.
While were buying goods (merchandise) and services from the rest of the
world, global consumers are buying exports.