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Econ: The Grand Finale Flashcards | StudBud
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Econ: The Grand Finale
Econ: The Grand Finale
41 terms
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StudBud Administration
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3 plays
Covers laws of supply and demand, Determinants, Graphs, Market Failure and Externalites.
Flashcards
41 cards
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Questions
41
Answers
1
Law of Demand
Price falls quantity demanded rises/Price rises quantity demanded falls
price rises, quantity supplied rises/price falls quantity supplied falls
2
What Graph does this image depict?
Demand shift right
Market equilibrium
Supply Curve
Demand Curve
3
A Postive externality is a...
Supply Side Failure
Demand Side Failure
4
Resource prices
Determinant of supply
Determinant Of Demand
5
Change in price: DOWN Change in TR: DOWN
Elastic!
Inelastic
6
Change in price: UP Change in TR: UP
Elastic!
Inelastic
7
Price of OTHER goods
Determinant of supply
Determinant Of Demand
8
Demand
direct relationship between price and quantity supplied
inverse relationship between price and quantity demanded
9
Consumer expectations
Determinant of supply
Determinant Of Demand
10
Change in price: UP Change in TR: DOWN
Inelastic
Elastic!
11
An effective price floor is located....
Below EP
Above EP
Diagonal from EP
Across from EP
12
What Graph does this image depict?
Demand shift right
Market equilibrium
Demand Curve
Supply Curve
13
Consumer income
Determinant of supply
Determinant Of Demand
14
Supply
inverse relationship between price and quantity demanded
direct relationship between price and quantity supplied
15
DO THE DANCE!
Nice Moves!
NOW CLICK HERE QUICK!!
Good form!
Wow that was terrible...
16
Rational
Neoclassical
Behavioral
17
What Graph does this image depict?
Demand shift right
Demand Curve
Market equilibrium
Supply Curve
18
Bad at math calculations...
Behavioral
Neoclassical
19
Number of sellers
Determinant Of Demand
Determinant of supply
20
Taxes and Subsides
Determinant Of Demand
Determinant of supply
21
If ED>1 We know that
TR will increase Substantially
TR will decrease Substantially
TR will eventually decrease
TR will stay the same
22
Purchases ahead..
Neoclassical
Behavioral
23
Price of RELATED goods
Determinant of supply
Determinant Of Demand
24
Selfless
Behavioral
Neoclassical
25
Law of diminishing marginal utility
As consumption Decreases the satisfaction of each additional unit declines
Consumption is the satisfaction of each additional unit as it decreases.
As consumption increases the satisfaction of each additional unit decreases
As consumption increases the satisfaction of each additional unit increases
26
Fair
Behavioral
Neoclassical
27
An effective price ceiling is located....
Across from EP
Diagonal from EP
Above EP
Below EP
28
Law of Supply
price rises, quantity supplied rises/price falls quantity supplied falls
Price falls quantity demanded rises/Price rises quantity demanded falls
29
Strong willpower
Neoclassical
Behavioral
30
Technology
Determinant Of Demand
Determinant of supply
31
If ED<1 We know that
TR will eventually decrease
TR will decrease Substantially
TR will stay the same
TR will increase Substantially
32
Consumer taste
Determinant of supply
Determinant Of Demand
33
What are the two types of Related goods?
Insulting/Main
Complimentary/substitute
Related/Unrelated
Positive/Negative
34
What Graph does this image depict?
Market equilibrium
Demand shift right
Demand Curve
Supply Curve
35
If ED=1 We know that
TR will increase Substantially
TR will eventually decrease
TR will decrease Substantially
TR will stay the same
36
Stable Preference
Behavioral
Neoclassical
37
Change in price: DOWN Change in TR: UP
Elastic!
Inelastic!
38
Producer expectations
Determinant of supply
Determinant Of Demand
39
ED formula...
% change in price/% change in quantity demanded
% Change in RP/ % Change in TR
% Change in
% change in quantity demanded/% change in price
40
Number of buyers
Determinant Of Demand
Determinant of supply
41
A Negative externality is a...
Demand Side Failure
Supply Side Failure
