Supply and Demand
What are the 5 shifters of Demand
What is 1. Tastes
2. Number of Consumers/Buyers
3.Price of Related Goods
4.Income
5.Future Expectations
What does PPC stand for?
What is Product Productive Curve
What are the characteristics of perfect competition?
What is many small firms, Identical products, and firms and "Price Tales"
When someone is better at making a product than another.
What is Comparative advantage.
What is economics?
what is social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants
What are the 6 shifters of supply
What is 1. Change pf input price/availability
2.Change in the price of related goods
3.Technology
4.Change of Expectations
5. Government Actions
6. Number of Competitors
What is productive efficiency?
What is Any point on the PPC curve.
What is an oligopoly?
what is state of limited competition, in which a market is shared by a small number of producers or sellers
When someone produces more goods then someone else.
What is absolute advantage.
what is we have unlimited wants but limited
In this scenario if population boom and the pizza is the normal good. Would this increase or decrease for pizza?
What is Increase
What are the 3 PPC shifters?
What is 1. Change in technology
2. Change in trade
3. Change in resource/quality/quality
What is a monopoly?
what is the exclusive possession or control of the supply of or trade in a commodity or service
Who has comparative advantage for cars?
United States: 100 cars 200 Ovens
France: 90 cars 100 Ovens
What is France
What is the product market?
what is the place where goods and services produced by businesses are sold to households.
Market: Corn
A drought destroys much if the crop
Would this be a demand curve or supply curve shift?
What is Supply Curve
Draw a PPC for the Changes of the following:
Decrease in the demand for French Fries
Can't inset image so What is the PPC curve is shifted inward since there is a decrease of demand for French Fries
Fill in the Blank:
Price is the same at all quantities demanded, therefore the demand curve is___________
what is perfectly elastic
Who has absolute advantages in cakes?
Tim 4 cakes 6 pies
Amy 3 cakes 8 pies
Who is Tim
what is marginal product?
what is additional output generated by additional inputs change in total/change in Inputs
In this scenario the Government taxes pizza producers What shifter of supply would this be?
What is Government Actions
Draw the curve to represent the scenario being described:
Constant opportunity cost per unit of Apple
Can't insert image but What is it should be a diagonal line from apple towards the bottom since it's a constant
Which of the 4 market structures had no competition at all?
what is monoploy
How could both parties benefit if they wanted each others goods more efficiently?
What is terms of trade.
what is the law of diminishing marginal return?
what is as variable resources are added to fixed resources, the additional output produced from each additional variable resource will eventually fall.