Demand
Supply
PPF
Opportunity Costs
Other Info
100
Good which demand decreases as income goes up
What is an inferior good?
100
The type of relationship between price level and quantity supplied
What is a direct/positive relationship?
100
The four factors of production, also exchanged in the resource market for rent, wages, interest, and profit
What are land, labor, capital, and entrepreneurship?
100
Opportunity costs are the cost of giving this up
What is the next best alternative?
100
Simplified versions of reality used to analyze economic situations
What are economic models?
200
Law which states that if ceteris paribus holds true, price level and quantity demanded are inversely related.
What is the law of demand?
200
An increase in the costs of production has this effect on the supply line
What is a shift of the line to the left?
200
These goods are typically on the opposite axis from consumer goods on a PPF graph
What are capital goods?
200
Craig's opportunity cost of growing one tomato if he can grow one watermelon for three tomatoes
What is 1/3 of a watermelon?
200
The study of "what ought to be"
What is normative analysis?
300
Table that shows the relationship between the price of a product and the quantity demanded
What is a demand schedule?
300
Set limit on how high a price can be
What is a price ceiling?
300
This is represented by a point below the PPF curve
What is production inefficiency (unemployment)?
300
Our opportunity cost of attending college
What is the money forfeited by not working full time?
300
Term that describes comparing marginal benefits and marginal costs
What is marginal analysis?
400
The two determinants of demand that have an inverse relationship with quantity demanded
What is the price level and the price of compliments?
400
Wages, rent, interest, and profit fall under this determinant of supply in the Qs equation
What are the costs of production?
400
The PPF curve has a bowed out shape because these change at different points on the curve
What are opportunity costs?
400
LeBron's opportunity cost of going professional straight out of high school
What is going to college?
400
The market of the circular flow diagram where employment is traded for wages
What is the resource market?
500
The decrease in added satisfaction that results as one consumes additional units of a good or service
What is diminishing marginal utility?
500
The impact a technological breakthrough has on the equilibrium price level, assuming ceteris paribus
What is a decrease in prices?
500
A shift of the point along the PPF curve represents a change in this
What are tastes and preferences?
500
The edge a nation has when it can produce a good more efficiently than another nation in terms of opportunity costs
What is a comparative advantage?
500
The three main assumptions of people when making decisions
What is people are rational, people respond to incentives, and decisions are made at the margin?
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