# Shared Flashcard Set

## Details

ECN 143:Notes:Day 1
ECN 143:Notes:Day 1
45
Economics
01/11/2016

Term
 What is the instructor's name?
Definition
 Dr. W. David Allen
Term
 Where is the instructor's office?
Definition
 BAB310
Term
 What are the three parts of Microeconomics 143?
Definition
 Introduction to Markets and the ConsumerTheory of the FirmAdditional Topics
Term
 How many quizzes are in the class?
Definition
 Four
Term
 Are there make-ups for quizzes?
Definition
 No
Term
 How many tests are there?
Definition
 Three
Term
Definition
 At the beginning of class
Term
 How much are quizzes and homework sets worth?
Definition
 Twenty Points
Term
 How much are tests worth?
Definition
 One hundred points
Term
 If you miss class when a homework set is given what do you score on the homework set?
Definition
 Zero points
Term
 How many homework sets are there?
Definition
 Five
Term
 How many points is the final test worth?
Definition
 120 points
Term
 What does Part One of Tests Consist of?
Definition
 Multiple Choice Items
Term
 What does Part Two of Tests consist of?
Definition
 Critical thinking and analysis of concepts.
Term
 When is a homework set due?
Definition
 One week after it is assigned
Term
 Can you keep track of class progress online using canvas?
Definition
 No
Term
 Can you reschedule an exam?
Definition
Term
 If you are interested in supplement knowledge relevant to the class, where can you find it online?
Definition
 cba.uah.edu/allend
Term
 What is the instructor's email?
Definition
 allend@uah.edu
Term
 Are the tests comprehensive?
Definition
 The first two, not so much, the third one, yes.
Term
 What does today's introduction cover?
Definition
 Graphics, Mathematics, and Thinking
Term
 What does Economics Involve?
Definition
 Many Variables
Term
 How do economic variables seem to appear?
Definition
 Very Chaotic
Term
 What are economic thinkers interested in?
Definition
 The relationships between economic variables
Term
 What do economic thinkers use to help understand the relationship between variables?
Definition
 Diagrams
Term
 What are the three analytical tools of economics?
Definition
 Language, Graphics, Mathematics
Term
 Variables in a sample can have three possible relationships?
Definition
 Direct relationship, Inverse relationship, or no relationship.
Term
 What are direct variables?
Definition
 Variables that move in the same direction
Term
 What are examples of variables with direct relationships?
Definition
 Consumption and Disposable Income--------Price and Quantity of Supply----------Labor Input and Production Output-----------Total Cost of Production and Production Costs
Term
 What does y equal when referring to a direct relationship, indirect relationship, and no relationship between variables?
Definition
 Y equals f(x)
Term
 What is an inverse relationship between variables?
Definition
 When variables move in opposite directions
Term
 What are examples of inverse variable relationships?
Definition
 Price and Quantity Demanded------Interest Rate and Quantity of Capital Demanded---------Decision to Buy More of One Good and Decision to Buy Less of Another Good
Term
 What is Slope?
Definition
 A ratio of absolute changes in a function. The change in y over the change in x.
Term
 The distance across the x-axis from one point to another is what?
Definition
 The Change in x
Term
 What is the Change in y?
Definition
 The distance across the y-axis from one point to another.
Term
 How are variables that are directly related graph?
Definition
 As a positively sloped function.
Term
 How do variables that are inversely related graph?
Definition
 As a negatively sloped function.
Term
 If change in y and change in x are both positive or both negative then the slope is what?
Definition
 Positive
Term
 If the change in y and the change in x are one positive and one negative then the slope is what?
Definition
 Negative
Term
 Can a function represent multiple relationships?
Definition
 Yes
Term
 If there is no slope then what is the relationship?
Definition
 There is no relationship
Term
 If there is no change in y then there is no what?
Definition
 Slope
Term
 What type of slope does a curve have?
Definition
 A variable slope
Term
 What are tangent lines?
Definition
 The infinite number of lines that intersect at a point with the curve that has its own slope which can be used to determine the relationship of the point of a curve.
Term
 No relationship can indicate what of a curve?
Definition
 Its maximum and/or minimum
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