Term
| Part One of the upcoming test is composed of what? |
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Definition
| Twenty-five multiple choice questions |
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Term
| How much are multiple choice questions worth? |
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Definition
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Term
| What are the major topics of the upcoming test? |
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Definition
Demand
---
Supply
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Equilibrium
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Elasticity
---
Introductory Material
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Scarcity
--- |
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Term
| Where can you find Test tips for the upcoming test? |
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Definition
The Teaching Blog
Post: 5 February |
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Term
| What is Marginal Analysis? |
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Definition
| An examination of the additional benefits of an activity compared to the additional costs of that activity. |
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Term
| How is Marginal Analysis Used? |
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Definition
| As a decision-making tool to help them maximize their profits. |
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Term
| Marginal analysis of the same dilemma can be completely different depending on the what? |
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Definition
| The Situation in which the Dilemma is Taking Place in each scenario. |
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Term
| What is the fundamental economic problem? |
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Definition
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Term
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Definition
| Unlimited Wants are posed against Limited Resources. |
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Term
| What are examples of limited resources? |
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Definition
Land
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Labor
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Capital
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Entrepreneur
--- |
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Term
| What are examples of unlimited wants? |
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Definition
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Term
| What is Opportunity Cost? |
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Definition
| The loss of potential gain from other alternatives when one alternative is chosen. |
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Term
| What is Marginal Revenue? |
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Definition
| Additional revenue that will be generated by increasing product sales by one unit. |
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Term
| What is Price Elasticity of Demand? |
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Definition
| Measurement of Buyer Responsiveness to Price Changes. |
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Term
| How is Price Elasticity of Demand Represented? |
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Definition
| Change in Percentage of Quantity Demanded/Change in Percentage in Price |
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Term
|
Definition
Change in Percentage of Quantity Demanded/Change in Percentage in Price is greater than one.
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Percentage Change in Quantity Demanded is Greater than Percentage Change in Price.
--- |
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Term
| What is Inelastic Demand? |
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Definition
Change in Percentage of Quantity Demanded/Change in Percentage in Price is less than one.
---
Percentage Change in Quantity Demanded is Less than Percentage Change in Price.
--- |
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Term
| What is Unit Elastic Demand? |
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Definition
Change in Percentage of Quantity Demanded/Change in Percentage in Price is equal to one.
---
Percentage Change in Quantity Demanded is Equal to Percentage Change in Price.
--- |
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Term
| Supply and Price have what kind of relationship? |
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Definition
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Term
| Price and Consumer Demand have what kind of relationship? |
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Definition
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Term
| How do you calculate Economic Profit? |
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Definition
Economic Profit
Equals
Total Revenue - Total Costs |
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Term
| How do you calculate Total Revenue? |
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Definition
| Price Times Quantity Sold |
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Term
| What is the objective of producers? |
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Definition
| To maximize economic profit. |
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Term
| How do you calculate a shortage? |
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Definition
Quantity Demanded
Minus
Quantity Supplied
Equals
Shortage |
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Term
| How do you calculate a surplus? |
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Definition
Quantity Supplied
Minus
Quantity Demanded
Equals
Surplus |
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Term
| What is the average grade on the first economics test? |
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Definition
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Term
| Consumer Income and Consumer Demand have what kind of relationship? |
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Definition
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Term
| Operating Costs and Supply have what kind of relationship? |
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Definition
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Term
| Economic Profit and Total Cost have what kind of relationship? |
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Definition
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Term
| Economic Profit and Total Revenue have what kind of relationship? |
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Definition
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Term
| Supply Curves go in what direction? |
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Definition
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Term
| Demand Curves go in what direction? |
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Definition
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Term
| When Demand and Supply move in the same direction, what becomes ambiguous, Quantity Demanded or Price? |
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Definition
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Term
| When Demand and Supply move in opposite directions what becomes ambiguous, Quantity Demanded or Price? |
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Definition
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Term
| How can you tell if Demand or Price is going to be ambiguous or not? |
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Definition
| You have to see how the changes in supply and demand relate to price and quantity in isolation and then together. |
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Term
| How is a Surplus Vanquished? |
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Definition
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Term
| How is a Shortage Vanquished? |
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Definition
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Term
| Price of a Substitute Good and Quantity Demanded have what kind of relationship? |
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Definition
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