100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Economics for MTTC 105 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified $13.48   Add to cart

Exam (elaborations)

Economics for MTTC 105 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified

 5 views  0 purchase
  • Course
  • Top Academic Resources 2024/2025
  • Institution
  • Top Academic Resources 2024/2025

Economics for MTTC 105 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified

Preview 2 out of 11  pages

  • August 22, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Top Academic Resources 2024/2025
  • Top Academic Resources 2024/2025
avatar-seller
oneclass
Economics for MTTC 105 Exam | Questions And Answers Latest {2024- 2025} A+ Graded |
100% Verified


Economics - the study of the ways specific societies allocate resources to individuals and groups within
that society

In general, the economic system that drives an individual society is based on: what goods are produced,
how those goods are produced, and who acquires the goods or benefits from them



Macroeconomics - the study of economy-wide phenomena, including inflation, unemployment, and
economic growth

studies larger systems

Looks at economic trends and structures on a national level

variables studied include: output, consumption, investment, government spending, net exports



Microeconomics - the study of the economic behavior and decision making of small units, such as
individuals, families, and businesses

studies smaller systems

elements studied are factors of production, cost of production, and factor income. These factors
determine production decisions of individual firms, based on resources and costs



A Market economy - is based on supply and demand which is determined by consumers



Demand - has to do with what customers want and need, as well as what quantity those consumers are
able to purchase based on other economic factors



Supply - Refers to how much can be produced to meet demand, or how much suppliers are willing and
able to sell



Market Equilibrium Price - where the needs of consumers meet the needs of suppliers.

This price varies depending on many factors, including the overall health of a society's economy and the
overall beliefs and considerations of individuals in society

, Market Economy: Elasticity - this is based on how the quantity of a particular product responds to the
price demanded for that product. If quantity responds quickly to changes in price, the supply/demand
for that product is said to be elastic. If it does not respond quickly, then the supply/demand is inelastic



Market Economy: Market Efficiency - this occurs when a market is capable of producing output high
enough to meet consumer demand



Market Economy: Comparative Advantage - in the field of international trade, this refers to a country
focusing on a specific product that it can produce more efficiently and more cheaply, or at a lower
opportunity cost, than another country, thus giving it a comparative advantage in production



Planned Economy - A public entity or planning authority makes the decisions about what resources will
be produced, how they will be produced, and who will be able to benefit from them. The means of
production such as factories, are also owned by a public entity rather than by private interests



Market Socialism - the economic structure falls somewhere between the market economy and the
planned economy. Planning authorities determine the allocation of resources at higher economic levels,
while consumer goods are driven by a market economy



Classification of various markets by economists - -existence of a competition

-number and size of suppliers

-influence of suppliers over price

-variety of available products

-ease of entering the market



5 types of Market Failure - -inadequate competition

-inadequate information

-immobile resources

-negative externalities, or side effects

-failure to provide public goods

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.48
  • (0)
  Add to cart