micro econ

Question 1

Microeconomics

Answer 1

Individual markets

Question 2

macroeconomics

Answer 2

explores economies as a whole

Question 3

3 ?s

Answer 3

what to produce, how much to produce, for whom to produce

Question 4

command econ

Answer 4

gov. controls means of production

Question 5

trad. econ

Answer 5

traditions, customs, and beliefs, shape goods

Question 6

mixed econ

Answer 6

both command and market economies

Question 7

market econ

Answer 7

supply + demand control goods

Question 8

opportunity cost

Answer 8

giving up something when choosing an option

Question 9

endowment

Answer 9

natural and human resources that you can trade, buy, and sell. Finite but not fixed

Question 10

utility

Answer 10

satisfaction

Question 11

utils

Answer 11

measure of utility/satisfaction

Question 12

consumer sovereignty

Answer 12

econ power of an individual in a free market

Question 13

Profit motive

Answer 13

the reason people engage in activities that will lead to money gain

Question 13

Marginal utility

Answer 13

increasment of utility when consuming one more unit of goods/service

Question 14

margin

Answer 14

succession of units, specific units you are focusing on

Question 15

Discounting the future

Answer 15

utility diminishes the further in the future that utility is realized

Question 16

Diminishing marginal productivity

Answer 16

initially, one input increases the initial successive units of input toward the output, but eventually, this will add to less output

Question 17

Satiate

Answer 17

satisfy

Question 18

Scarcity

Answer 18

the fixed amount of goods or services available

Question 19

Goods

Answer 19

objects that can fulfill human wants/needs, provide utility

Question 20

Services

Answer 20

economic activity that is intangible; provides utility, but cannot be stored

Question 21

Government regulation

Answer 21

requirements the government places on private firms and individuals to achieve the government’s goals

Question 22

Total utility

Answer 22

the total satisfaction derived from consuming a specific quantity of a good or service; the total of marginal utilities for all individual units consumed

Question 23

Initial decision

Answer 23

over-simplified decision-making process based on utility (consume until marginal utility =0)
Bliss point-maximization of utility

Question 24

Marginal analysis

Answer 24

evaluating the impact of one additional unit

Question 25

Balancing at the margin

Answer 25

maximizing utility in light of scarcity

Question 26

Bliss points

Answer 26

maximization of utility