Shared Flashcard Set

Details

econ
econ
43
Economics
Undergraduate 2
12/14/2009

Additional Economics Flashcards

 


 

Cards

Term
Brand Loyalty
Definition
What allows a firm to charge a price greater than marginal cost?
Term
of a good, produced at too high of a price
Definition
A negative externality in a perfectly competitive market yeilds too much of
Term
Rivalrous
EX: movie tickets, bathroom
Definition
As we use it, it gets used up
We can't use it together.EX?
Term
Nonrivalrous
Definition
EX: T.V. show
Term
Private good
EX: Computer
Definition
Exclusive/ Rivalrous
Term
Common Property
Definition
Non-exclusive/ Rivalrous
Term
Club good
Definition
Exclusive/Rivalrous
Term
Club good
Definition
Exclusive/Rivalrous
Term
Public Good
EX: sunrise, T.V., public radio, public park
Definition
Non-exclusive/ Non-rivalrous
Term
Firms themselves won't provide ads but industry will. EX: Got Milk?
Definition
What ads might you see in a perfectly competitive industry?
Term
Public goods
Definition
People consume in excess without having to pay for it.
Term
Shouldnt exist in a perfectly competitive market
Definition
Long run economic profits?
Term
Marginal Benefit
Definition
Reduce externality to when Marginal Cost=
Term
public goods
Definition
Gov't goods are not always
Term
Average Total cost in the long run
Definition
Monopolisticly competitive firms produce where price=
Term
Barriers to entry
Definition
Monopolies have
Term
Easy exit and entry
Definition
Monopolistic Competition
Term
incentive based regulation
Definition
Regulation where firms can choose technologies and pollution reduction strategies that make the most sense to them
Term
Monopolistic Competition
Definition
U.S. market structure most represtents
Term
Marginal Cost of clean up
Definition
Externality costs are determined by setting Marginal Benefit of clean up = to
Term
Producers
Definition
A perfectly competitive good with a sales tax places the burden on
Term
You need to decrease price, so you decrease quantity supply and increase in quantity demanded.
Definition
When there is excess quantity supply, how do you return to the equlibrium?
Term
Negative and greater than the absolute value of one.
Definition
2 complementary goods, before absolute value
Term
When you can cover all variable costs and some fixed costs
Definition
When would a frim operate at a loss in the short run?
Term
shuts down
Definition
If a firm cannot cover all its variable costs it?
Term
Both prices increase
Definition
Goods A & B are substitutes. Production costs of A increase... Price of A & B does what?
Term
Total revenue DECREASES.
Definition
On a linear demand cuvre there is an increase of price on the elastic portion, What happens to total revenue?
Term
Greater than Marignal Revenue
Definition
Monopolistic frim lowers price of all units to sell one more unit, Price is always going to be ...?
Term
Dead Weight Loss
Definition
In a market that is at a non-equlibrium there is always going to be?
Term
Income elasticity of demand
Definition
The % change in DEMAND due to a % change in income.
Term
Average costs & output. A change in Average costs and how it affects the output.
Definition
Economies of Scale reffers to ?
Term
Price- not sure
Q- increases
Definition
Huge heat wave hits U.S. when AC becomes easier to get. What happens to price of AirC? and quanitity?
Term
ABOVE
Definition
In a monopoly making a loss the Average Total cost is ________ the demand curve?
Term
BELOW
Definition
In a monopoly making a profit the Average Total cost is ________ the demand curve?
Term
speech topic- consider audience & occasion
central idea-
general purpose- inform,persuade, entertain
specific purpose-specify behavior you seek from the audience
Definition
difference between speech topic, central idea, general purpose, and specific purpose?
Term
1.Planned
2.Formal
3.Roles and audience is clearly defined
Definition
different forms conversation:
Term
verbal trans: In add, therefore, in summary
nonverbal- change in facial express, vocal pitch, speaking rate
previews- internal preview/summary
Definition
types of verbal and nonverbal signposts ?
Term
Atten getter
Reason to listen
Subject
Est Credibility
Preview Main pts
Definition
purposes and elements of introductions and conclusions to a speech?
Term
Inro: humor, quote, ?, anecdotes, hist. personal.moccasion, perceding speeches, recent events.
Con: Re-emp. central idea, main ideas, use verbal/non cues to signal end, motivate ppl to respond
Definition
effective methods of introducing and concluding a speech?
Term
1. speaking to enhance understanding
2. speaking to maintain interest
3. speaking to be remembered
Definition
goals of informative speaking?
Term
1. speaking to enhance understanding
2. speaking to maintain interest
3. speaking to be remembered
Definition
goals of informative speaking?
Term
Speeches about:
Objects
Procedures
People
Events
Ideas
Definition
types of informative speeches ?
Term
1. Speak with clarity
2. Use principles & techniques about learning
3. Clarify unfamiliar ideas/ complex processes
4.Use effective visual reinforcement
Definition
Informative strategies to enhance audience reactions?
Supporting users have an ad free experience!