Basics of Economics
Elasticity
Graphs
Housing Market
Terms
100
The part of economics concerned with single factors and the effects of individual decisions.
What is Microeconomics?
100
When the price elasticity of demand is equal to one it is referred to as this.
What is Unit Elastic Demand
100
The spot on the PPF graph is unattainable, cannot produce at this area on the graph.
What is the area outside of the PPF.
100
These two Canadian cities are at the heart of the housing bubble
What is Toronto and Vancouver.
100
The growth of capital resources, including human capital.
What is Capital Accumulation.
200
The idea that all resources are finite, and therefore we cannot satisfy all of our wants.
What is Scarcity?
200
This product is referenced as being perfectly inelastic due to its life sustaining ability and is frequently mentioned in the textbook.
What is Insulin
200
The Highlighted line is referred to as this.
What is a Supply Curve
200
The year that the world went in to a recession due to the crash of the American economy and housing market
What is 2008.
200
When a company makes decisions to benefit all of society.
What is Social Interest
300
When you have to decide between one product or another because you simply cannot have both.
What is trade-off?
300
The system that is used to estimate the elasticity based on a companies revenue.
Total Revenue Test
300
A horizontal line on a price/quantity sold graph represents this.
What is perfect elastic demand
300
This is the process of taking away rules and boundaries made by governments, bankers lobbied for this.
What is deregulation.
300
When supply is higher than demand.
What is a surplus
400
The cost of producing one more of a product or service
What is Marginal Cost
400
When your income rises and you consume less of a good; A good with a negative income elasticity of demand
What is an inferior good
400
An attainable but inefficient area on the Production possibilities frontier graph
What is inside the PPF.
400
Rating companies often gave even the least safe CDOs this rating.
What is a AAA rating.
400
An index that measures the average of the prices paid by urban consumers for a fixed basket of consumer goods and services
What is Consumer Price Index
500
Land, Labour, Capital, and Entrepreneurship are classified as this
What is Factors of production.
500
Closeness of a substitute, the proportion of a income spent on a good, the time elapsed since the price change
What is factors that influence the elasticity of demand
500
A poor growing year would move the _______ Curve _______ward
What is supply, left
500
A foreign buyer would receive this if they try purchasing a property in certain parts of Canada (Vancouver)
What is the Foreign Buyers Tax
500
A market that has many buyers and sellers, no one person can influence the market.
What is a Competitive Market.
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