Micro 3
microeconomics
microeconomics
Set of flashcards Details
| Flashcards | 121 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 19.04.2017 / 25.04.2017 |
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which 2 groups of goods are there?
goods for consumption and goods for production
which is not a feature of scarce goods?
what two kinds of price are there?
absolut and real
which price type is mostly used in economics?
real prices
real prices are...?
How do you measure real prices?
what is a perfectly competitive market?
many buyers and sellers, no single entity has influence on the price
what is a monopoly or oligopoly?
few producers many buyers
what is a noncompetitive market?
producerse jointly influence price
what is the extent of a market?
geographical and product range produced and sold
which two reasons are important for market definition
find actual and potential customers and public policy
what can happen in not perfectly competitive markets?
providers can charge different prices for the same products
what helps customers to decide on a product in a not perfectly competitive market?
brand loyalty, or offers
wrong or right? " Market prices fluctuate over time?"
MICRO OR MACRO? Production output in individual businesses or industries
MICRO OR MACRO? Price of individual goods and services
MICRO OR MACRO? Distribution of wealth and income
MICRO OR MACRO? Employment by individual businesses and industries
MICRO OR MACRO? National production / output
MICRO OR MACRO? Aggregate price level
National Income
MICRO OR MACRO? Employment and unemployment in the economy
what are the 4 divisions of economics
production, prices, income, employment
which method of economics analyses what ought to be?
which method in economics analysis how things work?
what are the 3 ?s in Scarcity?
what resources are allocated in scarcity?
land, labour and capital
Who is the author of the theory of comparative advantage?
How much is the opportunity cost if
Wood 10 Food 10
for the production of Food?
How much is the opportunity cost if
Food 8 Wood 4
for the production of Food?
How much is the opportunity cost if
Wood 4 Food 8
for the production of Wood instead of Food?
Who has a comparative advantage for Product 2, if
Person A - Product 1: 2 Product2: 4
Person B - Product 1: 5 Product2: 1
Fill the blank: "Specialisation yields .... outputs if cooperating. This is the value of free trade."
Fill the blank:
The ... is a graph that shows all the combinations of goods and services that can be produced if all of the society's resources are being used efficiently.
producing the goods and services that people want at least cost is called
efficient economy
"a given mix of outputs is produced at least costs" is called
production efficiency
Bring in Order: " Points on the PPF present points of (1) and (2). (2) means a given mix of (3) is produced at (4)
what is the name of the slope of the ppr?
marginal rate of transformation
economic growth shifts the PPF ...
up and right
RIGHT OR WRONG?
Poor countries find it easier to devote resources to production of capital
