Study Session 4: Economics Flashcards
Distinguish among types of markets.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Explain the principles of demand and supply.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe causes of shifts in and movements along demand and supply curves
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe the process of aggregating demand and supply curves.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe the concept of equilibrium (partial and general), and mechanisms by which markets achieve equilibrium.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Distinguish between stable and unstable equilibria, including price bubbles, and identify instances of such equilibria.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Calculate and interpret individual and aggregate demand, and inverse demand and supply functions, and interpret individual and aggregate demand and supply curves.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Calculate and interpret the amount of excess demand or excess supply associated with a non-equilibrium price.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe types of auctions and calculate the winning price(s) of an auction.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Calculate and interpret consumer surplus, producer surplus, and total surplus.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe how government regulation and intervention affect demand and supply.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Forecast the effect of the introduction and the removal of a market interference (e.g., a price floor or ceiling) on price and quantity.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Calculate and interpret price, income, and cross-price elasticities of demand and describe factors that affect each measure.
READING 13. DEMAND AND SUPPLY ANALYSIS: INTRODUCTION
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Describe consumer choice theory and utility theory.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Describe the use of indifference curves, opportunity sets, and budget constraints in decision making.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Calculate and interpret a budget constraint.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Determine a consumer’s equilibrium bundle of goods based on utility analysis.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Compare substitution and income effects.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Distinguish between normal goods and inferior goods, and explain Giffen goods and Veblen goods in this context.
READING 14. DEMAND AND SUPPLY ANALYSIS: CONSUMER DEMAND
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Calculate, interpret, and compare accounting profit, economic profit, normal profit, and economic rent.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Calculate and interpret and compare total, average, and marginal revenue.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Describe a firm’s factors of production.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Calculate and interpret total, average, marginal, fixed, and variable costs.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Determine and describe breakeven and shutdown points of production.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Describe approaches to determining the profit-maximizing level of output.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Describe how economies of scale and diseconomies of scale affect costs.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Distinguish between short-run and long-run profit maximization.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Distinguish among decreasing-cost, constant-cost, and increasing-cost industries and describe the long-run supply of each.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Calculate and interpret total, marginal, and average product of labor.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Describe the phenomenon of diminishing marginal returns and calculate and interpret the profit-maximizing utilization level of an input.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Determine the optimal combination of resources that minimizes cost.
READING 15. DEMAND AND SUPPLY ANALYSIS: THE FIRM
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Describe characteristics of perfect competition, monopolistic competition, oligopoly, and pure monopoly;
READING 16. THE FIRM AND MARKET STRUCTURES
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Explain relationships between price, marginal revenue, marginal cost, economic profit, and the elasticity of demand under each market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Describe a firm’s supply function under each market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Describe and determine the optimal price and output for firms under each market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Explain factors affecting long-run equilibrium under each market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Describe pricing strategy under each market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Describe the use and limitations of concentration measures in identifying market structure.
READING 16. THE FIRM AND MARKET STRUCTURES
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Identify the type of market structure within which a firm operates.
READING 16. THE FIRM AND MARKET STRUCTURES
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