Chapter 1
What is the study of choice under the conditions of scarcity
What is Economics
As the price of a good rises the quantity demanded falls/ceteris paribus
What is Law of demand
Shows us the quantity that will be supplied at various prices
What is Supply Schedule
a group of buyers and sellers that have potential to trade
What is Market
How many seasons of Friends are there
10 seasons
What is a cost that has been occurred and cannot be reversed
What is Sunk Cost
Ramen is an example of what type of good
What is Inferior good
These are included in your marginal cost so they vary with quantity output
What is Variable cost
When the quantity demand is equal to the quantity supplied
What is the name of the restaurant where Monica works as a chef for most of the series?
Alessandro's
What are the 4 core principles
What is Cost Benefit, Opportunity Cost, Marginal, and Interdependence
There is an inverse relationship between...
What is price and quantity demanded
Positive relationship between...
Price and Quantity supplied
central authority determines what to produce, how to produce, and for whom
What is Command Economy
What is the name of Phoebe's husband who she marries to help him get a green card?
Duncan Sullivan
Your best choice depends on your other choices, choices others make, development in other markets, and expectations about the future
What is Interdependence
If you expect the price to increase in the future
Your current demand will increase now
If the number of sellers increase the supply will...
the supply is going to increase
We all act in pursuit in our own self interest, but collectively, our actions result in desirable market outcome
Invisible hand
Chandler couldn't remember which of Joey's sisters he kissed — can you?
Mary-Angela
Showing all combos of 2 goods and services that can be produced with resources and technology currently available
What is Production possibilities frontier
A dress you want to wear is to formal but you find out that three people also bought it so demand...
Your demand decreases
Suppose the government imposes a new tax on cigarette producers supply will...
Shift left
Three symptoms of disequilibrium
What is Queving, Bundling of extra, and Secondary market
How long is the letter Rachel writes Ross at the beach house?
18 pages, front and back