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Chapter # 1
Scarcity: the resource we use to produce goods and services are limited.
economics: the study of choices when there is scarcity
Factors of production: the resource used to produce goods and services; also know as production inputs or resources.
Labor: human effort, including l=both physical and mental effort, used to produce goods and services.
Physical capital: the stock of equipment, machines, structure, and infrastructure that is used to produce goods and services.
Human capital: the knowledge and skills acquired by a worker through education and experience and used to produce goods and services.
Entrepreneurship: the effort used to coordinate the factors of production-natural resources, labor, physical capital, and human capital- to produce and sell products.
Positive analysis: answers the question ' what is? Or what will be?
Normative analysis: Answers the question "what ought to be?"
economic model: A simplified representation of an economic environment, often employing a graph
Variable: a measure of something that can take on different values.
Cetris paribus: the Latin Expression meaning that other variables are held fixed.
Marginal change: A small, one-unit change in value.
Macroeconomics: The study of the nation's economy as a hole; focuses on the issues of inflation, unemployment, and economic growth.
Microeconomic: the study of the choices made by household, firms and government and how these choices affect the markets for goods and services.
Positive relationship: A relationship in which two variables move in the same direction.
Negative relationship: A relationship in which two variables move in opposite direction.
slope of curve: The vertical difference between two points ( the rise) divided by the horizontal difference( the run)
Chapter # 2
Opportunity cost: what you sacrifice to get something.
Production possibilities curve: A curve that shows the possible combinations of products that economy can produce, given that its production resources are fully employed and efficiently used.
Marginal benefit: The additional benefit resulting from a small increase in some activity.
Marginal cost: the additional cost resulting from a small increase in some activity.
Nominal value: the face value of an amount of money.
Real value: the value of an amount of money in terms of what it can buy.
Chapter # 3
Perfectly competitive market: A market with many sellers and buyers of a homogeneous product and no barriers to entry.
Quantity demanded: the amount of a product that consumers are willing and able to buy.
Demanded schedule: A table that show the relationship between the price a product and the quantity demanded.
Individual demand curve: A curve that show the relationship between the price of a good and quantity demanded by an individual consumer.
Law of demand: there is a negative relationship between price and quantity demanded.
Change in quantity demanded: Changes in the quantity consumers are willing and able to buy when the price changes; represented graphically by movement along the demand curve.
Market demand curve: A curve showing the relationship between price and quantity demanded by all consumers.
Quantity supplied: The amount of a product that firms are willing and able to sell.
Supply schedule: a table that shows the relationship between the price of a product and quantity supplies.
individual supply curve: A curve showing the relationship between price and quantity supplied by a single firm
law of supply: there is a positive relationship between price and quantity supplied
Change in quantity supplied: A change in the quantity firms are willing and able to sell when the price changes, represented graphically by movement along the supply curve.
Minimum supply price: the lowest price at which a product will be supplied.
Market supply curve: a curve showing the relationship between the market price and quantity supplied by all firms.
market equilibrium: a situation in which the quantity demanded equals the quantity supplied at the prevailing market price
Excess demand: A situation in which, at the prevailing price, the quantity demanded exceeds the quantity supplied.
Excess supply: A situation in which the quantity supplied exceeds the quantity demanded at the prevailing price.
Change in demand: A shift of the demand curve caused by a change in a variable other than the price of the product.
Normal good: a good for which an increase in income increase demand.
inferior good: A good for which an increase in income decrease demand
Complements: two goods for which a decrease in the price of one good increase the demand for the other good.
Change in supply: A shift of the supply curve caused y a change in a variable other than the price of the product.
substitutes: two goods for which an increase in the price of one good increase the demand for the other good.
Chapter: 4
Price elasticity of demand (Ed): A measure of the responsiveness of the quantity demanded to changes in price; equal to the absolute values of the percentage change in quantity demanded divided by the percentage change in price.
Elastic demand: the price elasticity of demand is greater that one, so the percentage change in quantity exceeds the percentage change in price.
Inelastic demand: The price elasticity of demand is less than one, so the percentage change in quantity is less than the percentage change in price.
Unit elastic demand: the price elasticity of demand is one, so the percentage change in quantity equals the percentage change in price.
Perfectly inelastic demand: The price elasticity of demand is Zero.
Perfectly elastic demand: The price elasticity of demand is infinite.
Total revenue: The money a firm generates from selling its product.
Income elasticity of demand: A measure of the responsiveness of demand to changes in consumer income; equal to the percentage change in the quantity demanded divided by the percentage change in income.
Cross-price elasticity of demand: A measure of the responsiveness of demand to changes in the price of another good; equal to the percentage change in the quantity demanded of one good (x) divided by the percentage change in the price of another good (Y)
Price elasticity of supply: A measure of the responsiveness of the quantity supplied to changes in price; equal to the percentage change in quantity supplied divided by the percentage change in price.
Perfectly inelastic supply: The price elasticity of supply equals ZERO.
Perfectly elastic supply: The price elasticity of supply is equal to infinity.
Chapter # 5
Economic profit: total revenue minus economic cost.
Economic cost: The opportunity cost of the input used in the production process; equal to the explicit cost plus implicit cost.
Explicit cost: A monetary payment.
Implicit cost: An opportunity cost that does not involve a monetary payment.
A**ounting cost: The explicit costs of production.
A**ounting profit: Total revenue minus a**ounting cost.
Marginal production of labor: The change in output from one additional unit of labor.
Diminishing returns: As one input increase while the other inputs are held fixed, output increase at a decreasing rate.
Total-product curve: A curve showing the relationship between the quantity of labor and the quantity of output produced.
Fixed cost (FC): cost that doesn't vary with the quantity produced.
Variable cost (VC): Cost that caries with the quantity produced.
Short-run total cost (TC): The total cost of production when at least one input is fixed; equal to fixed cost plus variable cost.
Average fixe cost (AFC): fixed cost divided by the quantity produced.
Average variable cost (AVC): Variable cost divided by the quantity produced.
Short-run average total cost ( ATC ): short-run total cost divided by the quantity produced; equal to AFC plus AVC
Short-run marginal cost (MC): The change in short-run total cost resulting from a one-unit increase in outputs.
Long-run total cost (LTC): the total cost of production when a firm is perfectly flexible in choosing its inputs.
Long-run average cost (LAC): the long-run cost divided by the quantity produced.
Constant returns to scale: A situation in which the long-run total cost increase proportionately with output, so average cost is constant.
Long-run marginal cost (LMC) The change in long-run cost resulting from a one-unit increase in output.
Indivisible input: An input that cannot be scaled down to produce a smaller quantity of output.
Economies of scale: A situation in which the long-run average cost of production decrease as output increase.
Minimum efficient scale: The output at which scale economies are exhausted.
Diseconomies of scale: A situation in which the long-run average cost of production increase as output increase.