Graphs/Market Shifts
When consumer income increases and a normal good becomes more desirable, this curve shifts to the right.
What is the demand curve?
This field studies how individuals and firms make decisions about allocating scarce resources.
What is microeconomics
The point where quantity demanded equals quantity supplied in a market.
What is equilibrium?
When the price of a good rises and consumers buy less of it, economists say this relationship exists between price and quantity demanded.
What is law of demand
This club hosts discussions and networking for econ students at UMD
What is "The Economics Association of Maryland"
A technological improvement that lowers production costs causes this curve to shift to the right.
this field studies economy-wide outcomes such as inflation, unemployment, and economic growth.
What is Macroeconomics
The additional benefit or satisfaction gained from consuming one more unit of a good.
What is marginal utility?
When the price of coffee increases and consumers begin buying more tea instead, economists say these two goods have this relationship.
What are substitute goods.
This college at UMD houses the Economics Department
What is the "College of Behavioral and Social Sciences" / BSOS
When the price of a good increases, movement along this curve occurs.
What is the demand curve?
This field develops statistical and mathematical methods used to analyze economic data and test economic theories.
What is econometrics
The difference between what consumers are willing to pay and what they actually pay.
What is consumer surplus
If the government sets a maximum price for rent that is below the equilibrium price, this market outcome is most likely to occur.
What is a shortage
The University of Maryland’s economics program holds this overall ranking among U.S. schools.
What is 34
When the government sets a price floor above equilibrium, this market outcome appears on the graph.
What is a surplus?
This field studies trade, financial flows, and economic relationships between countries.
International economics
When a worker or firm becomes more productive by focusing on a specific task.
What is specialization?
When demand for a product is highly responsive to price changes, economists describe demand as this.
What is elastic demand?
These two introductory courses are required in both economics pathways at UMD.
what is Principles of Micro/Macro (ECON 200 & Econ 201)
If both supply and demand increase, the equilibrium quantity will do this.
What is increase?
This field focuses on government taxation, public spending, and policy decisions.
Public economics
A situation where one party in a transaction has more information than the other.
What is asymmetric information?
When the price of a good increases and total revenue also increases, economists conclude that demand for that good is this.
What is inelastic demand
This person is head of the Econ department at UMD
What is Andrew Sweeting