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AS复习 > Unit 2 - S&D model - part 1 > Flashcards

Unit 2 - S&D model - part 1 Flashcards

1
Q

Q1

S和D的变化的答题套路

A
  1. 定角度，when Q stays unchanged 或者 P stays unchanged
  2. 分析情况会导致另外一个变量怎么变
  3. 因此线是 shift down/up；或者shift to the left/right
  4. 小尾巴, all else equal
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2
Q

Q2

S和D的变化的答题套路练习：
If tax on producer impact

A
  1. 定角度。例如 when quantity supplied stays unchanged,
  2. With tax, producers have to pay extra money to the government. This is equivalent to higher cost. Therefore producers have to charge a higher price.
  3. As a result, the supply curve shifts up (S往上移动）
  4. , all else equal
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3
Q

Q3

决定Supply的”变量“是什么

A

Cost and productivity

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4
Q

Q4

how to explain that the supply curve is upward sloping?

A
  • Quantity supplied ↑ ➪ Productivity ↓ ，Extra unit cost ↑ ➪ Price charged ↑
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5
Q

Q5. 价格 Price

  • 对于consumer来说，price是什么
  • 对于producer来说，price是什么
A
  • price willing to pay / willingness to pay
  • price charged
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6
Q

Q6. How to explain that the demand curve is downward sloping?

A

Quantity demanded ↑ ➪ Extra satisfaction ↓ ➪ Willingness to pay ↓

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7
Q

Q7. What are the difference between the following

  1. quantity demanded increases
  2. Demand increases
A
  1. movement downwards along the demand curve
  2. the demand curve shifts up or the right
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8
Q

Q8. What are the difference between the following

  1. quantity supplied increases
  2. Supply increases
A
  1. movement upwards along the supply curve
    1. the supply curve shifts up or the right
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9
Q

Q9.

Definition:

The market demand refers to….

A

the sum of all individual demand for a product.

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10
Q

Q10. Definition:

Demand refers to ….

A

the willingness and the ability of customers to pay a given price to buy a good or service.

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11
Q

Q11. Definition:

Quantity demanded refers to

A

the amount of a good or service demanded at each price level

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12
Q

Q12. Definition:

The law of demand states there is an ________ relationship between the _______________ and the __________.

The higher the price of a product, the lower its demand tends to be

A

inverse; price of a good or service; quantity demanded

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13
Q

Q13. the demand curve is downward sloping because people have different taste and preference

a. true
b. false

A

b. false.

The demand curve is downward sloping because the extra satisfaction people get, hence the price they are willing to pay, decreases with quantity consumed

People will have different demand curves because of different taste

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14
Q

Q14. If there is an increase in quantity demanded in burgers

  1. Has people’s income risen?
  2. what drives the increase in quantity demanded?
A
  1. No. Factors other than price willing to paid are constant along the same demand curve
  2. The price of burgers
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15
Q

Q15 使得demand curve shifts的几个因素，缩写是什么？这些缩写具体都是什么？

A

HIS AGE

  • Habits, tastes and fashions.
  • income levels
  • Substitutes and complements (price and availability).
  • advertising
  • policy
  • economy
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16
Q

Q16 Definition：

Supply refers to ….

A

the ability and willingness of firms to provide goods and services at given price levels.

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17
Q

Q17 Definition:

Quantity supplied refers to….

A

the amount of a good or service supplied at each price level

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18
Q

Q18 Definition:

The market supply refers to ….

A

the sum of all individual supply for a product.

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19
Q

Q19 Definition:

The law of supply says there is a _______ relationship between __________________

The higher the price of a product, the higher its supply tends to be

A

positive;

price and the quantity supplied of a product

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20
Q

Q20. If there is an increase in quantity supplied in cell phones

  1. Has people’s income risen?
  2. Are there new entrants in the cell phone market?
  3. Is there a new iPhone being released?
A
  1. Input prices have not changed. Factors other than production costs hence price charged are constant along the same supply curve
  2. No. Factors other than production costs hence price charged are constant along the same supply curve
  3. No. Factors other than production costs hence price charged are constant along the same supply curve
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21
Q

Q21. If there is an increase in quantity supplied in cell phones

  1. has input price increased?
  2. has production costs increased?
  3. what drives the increase in quantity supplied?
A
  1. no. Input prices have not changed. Factors other than production costs hence price charged are constant along the same supply curve
  2. Yes. 注意，我们说 production cost随着Qs ↑ ，也越来越高，原因是lower efficiency（而不是input原材料的价格上涨了）。
  3. Price charged
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22
Q

Q22 What are the factors deteriming supply?

A

TWO TIPS + JOINT supply

  • Time
  • Weather
  • Opportunity cost of production options (price of other goods)
  • Taxes
  • Innovations
  • Production costs
  • Subsidies
  • Joint supply
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23
Q
  1. supply refers to the ____________ and ______________ to ______ a product
A

supply refers to the willingness and ability to sell a product

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24
Q
  1. supply shortage is____________________
A

demand > supply

25
Q
  1. excess demand is
A

demand > supply

26
Q
  1. Qs increases, __________________ will worsen, so that ___________ will increase.

As a result, producers have to charge a ___________________ price

A

Qs increases, ___productivity___ will worsen, so that ____per unit cost_______ will increase.

As a result, producers have to charge a __________higher_________ price

27
Q
  1. Law of supply 说的是_____________
A

Qs 与 price charged 呈正比的关系

28
Q
  1. Law of demand 说的是
A

Qd 与 price willing to pay are inversely related

29
Q
  1. subsidy是_______________. Subsidy will ______ production cost, causing supply curve to _______
A

a payment made by the government to encourage the production and consumption of a product;

lower;

shift to the right (or shift down)

30
Q
  1. indirect tax 会让供应成本_____________，supply curve will____________
A

indirect tax会让供应成本增加，supply curve will shift to the left

31
Q
  1. higher income tax will _____________ income, causing d_emand / supply_ to shift to the left / right
A

reduce people’s income. Causing demand curve to shift to the left

32
Q
  1. Macroeconomics is the study of __________________________.
A

economic behaviour and decision making of the whole economy, rather than individual markets

33
Q
  1. Microeconomics is the study of ____________
A

particular markets and sections of the economy, rather than the economy as a whole.

34
Q

37. Quantity demanded ↑ ➪ Extra satisfaction _____________ ➪ Willingness to pay ____________

A

Quantity demanded ↑ ➪ Extra satisfaction ↓ ➪ Willingness to pay ↓

35
Q
  1. Substitute 是

If the price of one product falls, then it is likely the demand for its substitute will_______________

A
  • Substitutes are goods or services that can be used instead of each other, such as Coca-Cola or Pepsi and tea or coffee

If the price of one product falls, then it is likely the demand for its substitute will FALL

36
Q
  1. Complement 是

If the price of one product increases, then the demand for its complement is likely to ______________-

A
  • Complements are products that are jointly demanded, such as cinema movies and popcorn, or mobile phones and phone cases.
  • If the price of one product increases, then the demand for its complement is likely to fall.
37
Q
  1. if people expect car price to rise in the future, their Supply / Demand will increase / decrease now

Graphically:

A

if people expect car price to rise in the future, their Demand will increase now

Graphically: demand curve shifts to the right

38
Q
  1. Market Equilibrium is reached when….
A

Market is in equilibrium when the market price and market traded quantity have no tendency to change.

This occurs when the demand for a product is equal to the supply of the product, so there is no excess demand (shortage) or excess supply (surplus)

If the market price is below Pe, then there is an excess demand, driving up the market price.

If the market price is above Pe, then there is an excess supply, driving down the market price.

39
Q
  1. a shortage of labour will_____________ labour price;

Producers that use labour for input will see production cost to ____________; their supply curve will_____________

A

drives up labour price (wages);

cause production cost to increase;

the supply curve to shift to the left

40
Q
  1. Labour and _________________ are substitute
A

capital

41
Q
  1. 如果有一部机器，一定要师傅来操作，机器和师傅的关系是
A

complement

42
Q
  1. if price of pepsi ↑ , Demand/supply of coca cola will ________
A

demand for coca cola will increase

43
Q
  1. if price of aluminium ↑ , supply/demand** for pepsi will **increase/decrease
A

Cost of production ↑ , supply curve will decrease

44
Q
  1. indirect tax will _______________________________
A

raise cost of production, Supply shifts to the left

45
Q
  1. direct tax will
A

reduce income, reduce demand, cause demand curve to shift to the left

46
Q
  1. supply curve shifts to the left = supply ________
A

decrease

47
Q
  1. cost ↑ , supply __________-
A

supply ↓ (supply curve shiftrs to the left, when price stayst the same; OR we say supply curve shifts down, when Qs stays the same)

48
Q
  1. 一个机器，要不印刷报纸，要不印刷杂志。那么 opportunity cost of printing magazines is _____________;

If the price of newspaper goes up, printing magaine becomes _____________, therefore the supply of magazine will____________

A

一个机器，要不印刷报纸，要不印刷杂志。那么 opportunity cost of printing magazines is _ The gains forgone in printing newspaper____________;

If the price of newspaper goes up, printing magaine becomes ____relatively more costly (in opportunity cost)_________, therefore the supply of magazine will_____decline, even if price of magazine stays unchanged_______

49
Q
  1. income ↑ , demand/supply ______
A

demand ↑ ,

the demand curve shifts to the right, even if price paid stays unchanged

50
Q
  1. Supply 的关键词是
A

COST and PRODUCTIVITY

51
Q
  1. Opportunity cost的关键词是
A

Forgone / Tradeoff / 牺牲

52
Q
  1. Direct tax影响_____________;

indirect tax 影响_______________________

A

income hence demand;

cost hence supply

53
Q
  1. subsidy 怎么从 supply curve中看出
A

两条curve 的垂直距离

54
Q
  1. labour shortage will_____________
A

labour shorage = excess demand in the labour market, this will

raise labour price; cause firm’s production cost to increase, a good’s supply curve shifts to the left

55
Q
  1. market shortage is excess ______
A

demand

56
Q
  1. market surplus is excess _________
A

supply

57
Q
  1. excess supply is market ________
A

surplus

58
Q
  1. excess demand is market __________
A

shortage

AS复习 (11 decks)

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