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FINANCE > Microeconomics > Flashcards

Microeconomics Flashcards

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1
Q

Price goes down, quantity goes up

A

Law of demand

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2
Q

Price goes up, supply goes up AEHC (v.v)

A

Law of supply

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3
Q

Anyplace where, or mechanism by which, buyers and sellers interact to trade g,s,r

A

Market

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4
Q

A tangible product customers wish to buy

A

Good

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5
Q

An often intangible product or action consumers wish to purchase

A

Service

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6
Q

The quantity of a g,s,r that consumers are willing and able to pay at a given price.

A

Quantity demanded

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7
Q

Price goes up and purchasing power goes down (v.v)

A

The income effect

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8
Q

An increase in the price of one good will increase the demand for its substitutes (v.v)

A

The substitution effect

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9
Q

Describes how the benefit of consuming more of a good falls with each additional unit

A

Diminishing marginal utility

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10
Q

The overall, or total demand for a g,s,r.

A

Market demand

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11
Q

A good for which there is a direct relationship between the demand for the good and income. Income increases, demand increases (v.v)

A

Normal good

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12
Q

A good for which there is an inverse relationship between the demand for the good and income. Income increases, demand decreases (v.v).

A

Inferior good

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13
Q

In the determinants of income — what causes a movement along the demand curve ?

A

Income effect

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14
Q

In the determinants of income — what causes a shift in the demand curve ?

A

Change in income

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15
Q

A change in the quantity of a g,s,r demanded at every price

A

Change (shift) in demand

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16
Q

A change in the quantity of a g,s,r demanded due to a change in its price.

A

Movement along the demand curve ( down the line/increasing) v.v

17
Q

The perception and desirability associated with consuming a g,s,r

A

Tastes and Preferences

18
Q

Market participants who seek to obtain g,s,r.

A

Buyers

19
Q

The anticipation by individuals and firms of costs and benefits that lie in the future

A

Expectations

20
Q

When a NPD changes - increasing or decreasing in demand

A

The demand curve shifts

21
Q

When a price of a good changes - increase or decrease in quantity demanded

A

Movement along the demand line

22
Q

If the # of buyers increase - demand will ?

A

Increase

23
Q

If consumers expect an increase in the future - demand will ? V.V

A

Increase

24
Q

G,s,r that are viewed as replacements for one another.

A

Substitutes

25
Q

G,s,r that are used or consumed with one another

A

Complements

26
Q

Does substitutes have a direct or inverse relationship?

A

Direct

27
Q

Does complements have an direct or inverse relationship?

A

Inverse

28
Q

If at lease one input of production is fixed, the marginal productivity of additional variable resources will eventually fall, AEHC

A

Diminishing marginal productivity

29
Q

The overall, or total supply of a g,s,r

A

Market supply

30
Q

A change in the quantity of a g,s,r supplied at every price. Shift or movement along the line?

A

Change (shift) in supply

31
Q

A change in the quantity of a g,s,r supplied due to a change in its price. Shift or movement along the curve?

A

Movement along the supply curve

32
Q

A payment made by the government that does not necessarily require an exchange of economic activity in return

A

Subsidies

33
Q

A payment made to the government that is the result of economic activity

A

Tax

34
Q

The inputs used to produce a g,s,r

A

Resource

35
Q

The knowledge, inventions and innovations that can potentially increase resource productivity.

A

Technology

36
Q

Market participants who are willing and able to sell g,s,r

A

Sellers

37
Q

The anticipated future outcomes, including prices, that sellers associate with production of a g,s,r

A

Sellers expectations

FINANCE (8 decks)

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