Exam (elaborations)
NYU Intro to Microeconomics Questions and Answers 2024
- Course
- Institution
NYU Intro to Microeconomics
[Show more]
Content preview
NYU Intro to MicroeconomicsEconomics - answer the study of choice under conditions of scarcity
scarcity - answer A situation in which the amount of something available is insufficient to
satisfy the desire for it
explicit cost - answer The dollars sacrificed—and actually paid out—for a choice
opportunity cost - answer the cost of the next best alternative
implicit cost - answer The value of something sacrificed when no direct payment is
made
equation for OC - answer explicit costs + implicit costs = OC
resources - answer The labor, capital, land (including natural resources), and
entrepreneurship that are used to produce goods and services
labor - answer the time human beings spend producing goods and services
capital - answerany long-lasting tool that is itself produced and helps us make other
goods and services
physical capital - answerThe part of the capital stock consisting of physical goods, such
as machinery, equipment, and factories
human capital - answerThe skills and training of the labor force
capital stock - answerThe total amount of capital in a nation that is productively useful at
a particular point in time
land - answerThe physical space on which production takes place, as well as the
natural resources that come with it.
Entrpeneurship - answerThe ability and willingness to combine the other resources—
labor, capital, and land—into a productive enterprise
microeconomics - answerThe study of the behavior of individual households, firms, and
governments; the choices they make; and their interaction in specific markets
Macroeconomics - answerThe study of the behavior of the overall economy
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now