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EC 201 MSU Exam 1 With Complete Solutions Graded A+
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EC 201 MSU Exam 1 With Complete Solutions Graded A+
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10/12/24, 12:17 PMEC 201 MSU Exam 1
Jeremiah
Terms in this set (48)
behavior of individual decision making units in economy (ex: households, business
microeconomics
firms)
positive statements can be proved right or wrong
normative statements based on individual values, thus can NOT be proved right or wrong
demand behavior of buyers
supply behavior of sellers
table of quantity & price demanded, holding all else constant.
demand schedule & law of D
LoD= Holds all else equal
demand curve graph of P + Qd
graph showing P & Qs combos, holding all else constant.
supply schedule curve & law of S
LoS= All else equal, direct positive relationship of P & Qs
Qs>Qd Surplus
Qs<Qd Shortage
Qs=Qd Equilibrium
economics study of how society chooses to use its scarce resources
overall aggregates: 3 main
1. (un)employment
macro
2. growth
3. inflation
Out of the choices you made the best one, this one has the lowest backlash from the
Low Opp. Cost=
options you didn't pick.
You chose poorly. You picked the wrong option when another had more
High Opp. Cost
opportunity. Because you gave up so much "opportunity" the opp. cost is HIGH
Graph displaying 2 items, one on each axis.
PPF
Can be produced if available resources are used as well as possible (efficiently)
slope of PPF negative slope signifies the negative opportunity cost of a good on horiz. axis
EC
Law 201
of D: PMSU Exam 1
goes down.. Qd goes up, item became cheaper, therefore more accessible to the public
1/3
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