When people have to choose from one activity or the other
What is a trade off?
100
It describes how the world should be. it is an opinion.
What is a normative statement?
100
producing domestically and selling abroad
What is an export?
100
As price increases, demand decreases
What is a false statement about the law of demand?
100
Measures how much one variable responds to changes in another variable
What is elasticity?
200
Something that encourages people to do action if they are given something for it
What is an incentive?
200
a graph that shows the combination of two goods in the economy in which they can possibly produce given the available resources and technology. (full name)
What is the production possibility frontier?
200
ability to produce a good using fewer inputs than another producer
What is absolute advantage?
200
the amount that sellers are willing and able to sell
What is quantity supplied?
200
it is used to find the elasticity of a line
What is the midpoint formula?
300
What you must be given up to obtain
What is opportunity cost?
300
they explain the world and they try to improve the world. (must be said in the right order)
What is a scientist and a policy advisor?
300
ability to produce a good at a lower opportunity cost than another producer
What is comparative advantage?
300
the shifters of demand (list all)
What are taste, number of buyers, expectations, income, price of related goods?
300
how much Qd responds to changes in P
What is price elasticity of demand?
400
how society manages scarce resources
What is economics?
400
capital, entrepreneurship, land, labor
What are the factors of production?
400
the principle that is associated with this chapter (chapter 3)
What is "trade can make everyone better off"?
400
the shifters of supply (list all)
What are technology, number of sellers, input prices, expectations?
400
on the graph it is shown as a vertical line (name of elasticity)
What is inelastic demand?
500
it impacts beyond the buyers and sellers. It affects bystanders
What is an externality?
500
wages, rent, profit, and interest
What are the forms of payment for the factors of production?
500
Who has comparative advantages in pizzas?
Ann: 4 pizzas: 1 sandwich
Bob: 6 pizzas: 2 sandwiches
Ann
500
many buyers and sellers, price takers, identical products, easy entry and exit to market.