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Chapter 4+5 Econ Flashcards | StudBud
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Chapter 4+5 Econ
What is microeconomics?
What is a principle?
Chapter 4+5 Econ
30 terms
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StudBud Administration
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10 plays
By: Ryan Caudill and Lindsey Galvan
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is a principle?
A fundamental law of idea
To predominate
Something that motivates
Satisfaction someone gets
2
What is microeconomics?
list showing quantity demanded at all possible prices
Branch of economic theory deals with behavior by small units
branch of economic theory deals with large-scale economics
RATNEST
3
How does demand relate to price?
Inversely
Directly
Harambe was innocent
Like really well
4
What is the acronym for supply curve shifters?
RATNEST
TIMER
5
How does supply relate to price?
False
Inversely
Directly
True
6
What are the stages of production?
Increasing returns
Negative returns
Diminishing returns
All of the above
7
What is elastic demand?
when changes in price cause a relatively larger change in QD
when changes in price cause a relatively smaller change inQD
when a change in price causes a proportional change in QD
the extent to which a change in price causes a change in QD
8
Which one can cause a change on supply?
Cost of resources
All of the above
Technology
Taxes
9
What is a substitute?
Candy
Products that can be used in place of one another
A law in economy
A type of supply curve
10
How is a demand schedule showed?
Graph
Circle
List
Calendar
11
To whom does diminishing satisfaction occur?
Technology
All of us
Pets
Economy
12
RATNEST is the acronym for determining a shift in the supply curve
True
False
13
What is subsidy?
Making profit
Gov payment to encourage/protect a certain economic activity
People paying the governemt
Secret organization
14
Definition of hypothetical
Production period
Assumed but not proven
Extra output or change
Total output or production by a firm
15
What is the acronym for demand curve shifters?
TIMER
RATNEST
16
A increase in price will result in an increase in QD
False
True
17
What is unit elastic demand?
when changes in price cause a relatively smaller change inQD
when changes in price cause a relatively larger change in QD
the extent to which a change in price causes a change in QD
when a change in price causes a proportional change in QD
18
When is demand elastic?
Never
Most of the time
Always
Change in price results in larger change in QD
19
What is Inelastic demand?
the extent to which a change in price causes a change in QD
when changes in price cause a relatively larger change in QD
when changes in price cause a relatively smaller change inQD
when a change in price causes a proportional change in QD
20
What are complements?
competing products that can be used in place of each other
Number of consumers in a market
None of these
products that increase the use of other products
21
What is an incentive?
A graph
A rule
Something that motivates
A bug
22
What is the substitution effect?
Satisfaction you get
Change in price that alters consumers' income
Change in quantity demanded b/c of shift in relative prices
It's shown with an image
23
What is supply?
Amount of product offered for sale at all possible prices
Stuff
Economy
Price
24
You ask yourself these questions in market economy
What
How
All of the above
For whom
25
When consumer taste increases, demand for higher quality products will increase
False
True
26
What is the law of diminishing marginal utility?
increase in satisfaction as additional units are acquired
desire, ability, and willingness to buy a product
Honey Buns
decrease in satisfaction as additional units are acquired
27
TIMER is the acronym for determining a shift in the supply curve
True
False
28
An increase in consumer income will result in an increase in demand for an inferior product
False
True
29
Definition of contributes
Act of not repaying borrowed money
Tax on imported products
Gives time, money, or effort
Persons or institutions that owe money
30
What is demand elasticity?
when changes in price cause a relatively smaller change inQD
when changes in price cause a relatively larger change in QD
the extent to which a change in price causes a change in QD
when a change in price causes a proportional change in QD
