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culture and society exam 2 > Macro Exam 1 > Flashcards

Macro Exam 1 Flashcards

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Sociology 101 flashcards
1
Q

Determinants of Supply

A
  1. Number of suppliers
  2. Price of related commodities
  3. Expectations
  4. Cost of resources
  5. Taxes and Subsidies
  6. Technology
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2
Q

Allocative Efficiency

A

The mix of goods and services is just what society desires

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3
Q

Prices too low

A

Shortage

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4
Q

Complement Goods

A

typically consumed together;
when the price of one product decreases, the demand for the other good increases (and vice versa)

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5
Q

Determinants of Demand
(held constant in demand curve)

A
  1. Number of buyers
  2. Price of related goods
  3. Expectations
    4.Taste/preferences
  4. Income
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6
Q

Increase

A

Right shift

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7
Q

Absolute Advantage

A
  • can produce more of a good
  • requires a smaller quantity of inputs
  • higher productivity
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8
Q

Normative Question

A

Addresses societies beliefs about what should or should not take place

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9
Q

Opportunity Cost

A

a cost of a good in terms of another that must be given up

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10
Q

Law of Demand: price decreases…

A

quantity demanded rises

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11
Q

Scarcity

A

Unlimited wants exceed limited resources

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12
Q

Economics

A

About peoples decisions regarding the use of scarce resources

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13
Q

Marginal Cost

A

The extra cost associated with undertaking action

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14
Q

Law of Demand: price increases…

A

quantity demanded falls

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15
Q

Production Efficiency

A

Being able to produce goods and services at the lowest cost possible

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16
Q

Normal Goods

A

Have more money, buy more goods

17
Q

More producers enter the market…

A

Supply increases

18
Q

Positive Question

A

Can be answered by available information or facts

19
Q

Technology

A

supply increases when improvements in technology lower the cost of production

20
Q

Prices too high

A

Surplus

21
Q

When taxes are more expensive

A

People produce less

22
Q

Market Equilibrium

A

occurs when quantity supplied equals quantity demanded

23
Q

Decrease

A

Left shift

24
Q

Comparative Advantage

A
  • smaller opportunity cost
  • sacrifices the quantity of one good to produce another
25
Q

Inferior Goods

A

Have more money, buy less goods

26
Q

Macroeconomics

A

the study of broader issues in economy, such as inflation, unemployment, and national output

27
Q

PPF

A

A model that shows the combinations of two goods a society can produce with the right resources and technology

28
Q

Efficiency

A

How well resources are being used and allocated

culture and society exam 2 (4 decks)

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