Term
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Definition
| The study of how we make choices |
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Term
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Definition
| Study of national and global economy |
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Term
| Buying an Iphone is an example of what? |
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Definition
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Term
| Getting a haircut is an example of what? |
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Definition
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Term
| Items that are purchased to increase a business productive resources is know as? |
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Definition
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Term
| Goods and Services bought by a government account for what percent of total production? |
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Definition
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Term
| Production Possibility Model, describe the vertical axis and the horizontal axis. |
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Definition
Vertical- measures quantity of goods or services
Horizontal- measures the other goods and services |
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Term
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Definition
| Production Possibility Frontier...the boundary between attainable and unattainable goods or services |
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Term
| What is an market example of when buyers and sellers come together to sell and buy? |
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Definition
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Term
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Definition
| Goods and Services is the amount that the consumers is welling to buy during a given period of time at a specific price |
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Term
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Definition
| states that other things remain the same if the price of a good falls the QD increases. |
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Term
| What is a demand schedule? |
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Definition
| List of QD's at each different price when all other influence remain the same |
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Term
| what is price elasticity of demand? |
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Definition
| used to measure how responsive consumer are in change of price of the good |
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Term
| How is Price of elasticity measured? |
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Definition
| measures the response of QD of a good to change of its price |
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Term
| What is perfectly elasticity demand? |
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Definition
| means that consumers will buy a certain quantity regardless of price |
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Term
| what is a command system? |
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Definition
| allocates resources by order of someone of authority |
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Term
| what is the market price allocation method? |
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Definition
| allows people who are will and able to pay the price to get the resources |
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Term
| waiting in line is a prime example of what allocation method? |
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Definition
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Term
| lottery allocation who gets the resources |
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Definition
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Term
| personal characteristics allocation who gets resources |
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Definition
| the person who fits the right characteristics |
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Term
| allocated efficiency is achieved when? |
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Definition
| when quality of good and services are produce of t hose who value most highly |
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Term
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Definition
| max price that can be legally charged |
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Term
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Definition
| set below equilibrium and creates shortage |
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Term
| price on black market does what? |
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Definition
| it exceeds the legal impose of price ceiling example, selling weed on streets because price to high by government |
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Term
| what does rent ceiling do to the housing market? |
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Definition
| increases the time spent on searching for homes |
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Term
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Definition
is the division of burden of a tax between buyers and sellers
they share the cost |
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Term
| what happens when a tax is imposed on sellers |
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Definition
| decreases the supply and the supply curve shifts left |
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Term
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Definition
| goods and services we buy from other countries |
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Term
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Definition
| goods and services we buy sell to other countries |
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Term
| what is a prime example of the largest import in USA? |
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Definition
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Term
| what can domestic producers do? |
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Definition
| they can determine if there are comparative advantages by comparing the amount received to world prices |
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Term
| can a country export the goods that countries can produce at a low opportunity cost? |
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Definition
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Term
| what happens when US imports goods that previously produce in US |
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Definition
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Term
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Definition
| it is a tax on goods that imposed when imported |
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