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Economics > Tutorial 1 > Flashcards

Tutorial 1 Flashcards

1
Q

Positive statements

A

are descriptive. They make a claim about how the world is

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2
Q

Normative statements

A

are prescriptive. They make a claim about how the world ought to be

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3
Q

quanity demanded

A

the amount of a good that buyers are willing and able to purchase.

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4
Q

normal good

A

a good for which, other things being equal, an increase in income leads to an increase in quantity demanded

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5
Q

inferior good

A

a good for which, other things being equal, an increase in income leads to a decrease in quantity demanded

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6
Q

substitutes

A

two goods for which a decrease in the price of one good leads to a decrease in demand for the other good.

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7
Q

complements

A

two goods for which a decrease in the price of one good leads to an increase in the demand for the other good.

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8
Q

price

A

represents a movement along the demand curve

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9
Q

Income

A

shifts the demand curve

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10
Q

Prices of related goods

A

shifts the demand curve

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11
Q

tastes

A

shifts the demand curve

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12
Q

expectations

A

shifts the demand curve

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13
Q

number of buyers

A

shifts the demand curve

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14
Q

demand curve

A

a graph of the relationship between the price of a good and the quantity demanded

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15
Q

quantity supplied

A

the amount of a good that sellers are willing and able to sell

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16
Q

supply curve

A

a graph of the relationship between the price of a good and quantity supplied

17
Q

price

A

represents a movement along the supply curve

18
Q

Input prices

A

shifts the supply curve

19
Q

Technology

A

shifts the supply curve

20
Q

Expectations

A

shifts the supply curve

21
Q

Number of sellers

A

shifts the supply curve

22
Q

equilibrium

A

a situation in which supply and demand have been brought into balance

23
Q

equilibrium price

A

the price that balances quantity supplied and quantity demanded

24
Q

equilibrium quantity

A

the quantity supplied and the quantity demanded at the equilibrium price

25
Q

surplus

A

a situation in which quantity supplied is greater than quantity demanded

26
Q

shortage

A

a situation in which quantity demanded is greater than quantity supplied

27
Q

elasticity

A

a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants

28
Q

price elasticity of demand

A

a measure of how much the quantity demanded of a good responds to a change in the price of that good, calcuated as the percentage change in quantity demaned divided by the percentage change in price.

29
Q

the excess supply

A

quantity supplied would exceed quantity demanded

30
Q

an excess demand

A

quantity demanded would exceed quantity supplied.

Economics (11 decks)

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