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macroeconomics > macro > Flashcards

macro Flashcards

1
Q

Marginal

A

extra, additional

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2
Q

What is Marginal change?

A

change to the plan

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3
Q

What is Marginal analysis?

A

comparing marginal benefits and costs

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4
Q

Positive analysis

how is the world

A

fact-based, how the world is

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4
Q

normative analysis

A

opinion based, how the world should be

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5
Q

What is Economics?

A

decision making

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6
Q

Microeconomics

A

individual markets

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6
Q

macroeconomics

A

global markets

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7
Q

what decision do households make

A

what to buy

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7
Q

what decisions do firms make

A

how much to produce

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8
Q

Who runs the market

A

buyers and sellers on a product

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9
Q

how is efficiency described?

A

maximum benefits from scarce resourses

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10
Q

what is equity?

A

resources given equally

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11
Q

what is equality?

A

everyone getting an equal chance

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12
Q

opportunity cost

A

what you give to get up

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13
Q

comparative adv

A

produce at a lower opportunity cost

14
Q

absolute advantage

A

doing more given the same

15
Q

what does the circular flow diagram show?

A

visual of market economy

16
Q

what is labor?

A

ability to work

17
Q

human capital

A

human skills

18
Q

factors of production

A

labor, land, human capital, entr

19
Q

trade offs

A

if you get something you have to give something up

20
Q

PPF inside

A

inefficient

21
Q

PPF

A

efficient

21
Q

PPF outside

A

unattainable

22
Q

can you have a comparative advantage in both categories

A

no

23
Q

is demand inc inc or inc dec

A

inc,inc

23
Q

what is supply inc inc or inc dec

A

inc,dec

23
Q

can you have a absolute advantage in both categories

A

yes

24
Q

why trade when you have absolute advantage in both

A

to get outside of the PPF line

25
Q

what would make the demand chart shift

A

price,income,taste,related good,buyers

26
Q

what would make the supply chart shift

A

wages,tech,future,sellers

27
Q

shortage

A

on bottom

28
Q

surplus

A

on top

macroeconomics (1 decks)

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