Accounting vs Economists
Are accountants or economists looking at the world from a past view>
What is accountants?
created the scissors rule, action happens at the intersection
Alfred Masrshall
Name an exception to the "P" rule
Change of income, change of price, change in aesthetics, a change in price expectations, change in population
what a buyer pays for a unit of the specific good or service
What is price?
goods that are often used together so that consumption of one good tends to enhance consumption of the other
What is compliments?
What are cardinal numbers
can + - x /
Who wrote beyond freedom and dignity?
B.F Skinner
Name the two elements on supply
The ability and desire to produce
a legal maximum price
What is price ceiling?
the relationship between price and the quantity demanded of a certain good or service
What is demand?
what are ordinal numbers
cant + - x /
Wrote "The structure of scientific revolutions"
Thomas Kuhn
Name the 2 elements of demand
The desire and ability to consume
at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
What is shortage?
the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
equilibrium
Are economists ordinal or cardinal
what is ordinal
Who came up with sequence vs. causation
David Hume
Name the law of ecology
What is you can not just change one thing
a legal minimum price
What is a price floor?
the total number of units of a good or service consumers are willing to purchase at a given price
Quanity demanded
Do economists have objective or subjective thought?
What is subjective
Who wrote the inductive principle?
Bertrude Russell
Name the law of learning
What is, you can not just learn one thing?
the extra benefit producers receive from selling a good or service, measured by the price the producer actually received minus the price the producer would have been willing to accept
What is producer surplus?
a line that shows the relationship between price and quantity supplied on a graph, with quantity supplied on the horizontal axis and price on the vertical axis
what is supply curve?