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ECON 2106 > videos 11-14 > Flashcards

videos 11-14 Flashcards

2
Q

Bernie’s slope is ?

A

-0.5

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3
Q

When one country or company can produce a product more efficiently than another

A

comparitive advantage

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4
Q

________ is the quantity of a good or service that households want to purchase in a given period of time.

A

Demand

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5
Q

a person has a __________ at an activity if they can perform that activity at a lower opportunity cost than anyone else

A

Comparative Advantage

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6
Q

a person has a __________ at an activity if they can perform that activity at a lower opportunity cost than anyone else

A

Comparative Advantage

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7
Q

when someone can produce a product or service with less effort or resources

A

Absolute Advantage

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8
Q

Anne’s slope is

A

-1

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9
Q

Unit labor requirement=

A

the amount of time it takes to perform a task

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10
Q

________ is the quantity of a good or service that firms want to sell in a given period of time.

A

Supply

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11
Q

who has an absolute advantage in the provision of both services

A

Anne

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12
Q

The task in which Bernie has a comparitive advantage in?

A

Sweeping

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13
Q

Pakistan has ____ workers

A

60

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14
Q

________ is the market condition in which the interaction of buyers and sellers finds a particular price and quantity to be traded and from which there is no incentive to move.

A

Equilibrium

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15
Q

Since Bernie specializes in sweeping, Anne reduces her amount of _________

A

Sweeping

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16
Q

Pakistan has 2 workers per bushel of wheat, what is the max ouput of wheat

A

30

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17
Q

Determinants of demand include price, price of complementary goods, price of substitute goods, ______, tastes and preferences, and expectations.

A

income

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18
Q

Anne’s opportunity cost of scrubbing is?

A

1 room not swept

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19
Q

Working together Anne and Bernie scrub and sweep a total of ___ rooms

A

9

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20
Q

Pakistan has 3 workers per bushel of rice, what is max output of rice

A

20

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21
Q

Latin term meaning everything else held the same is ________.

A

ceteris paribus

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22
Q

Anne’s opportunity cost of scrubbing is?

A

1 room not swept

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23
Q

A straight line=?

A

Constant opportunity cost

24
Q

Bernie’s curve is flatter representing _____ opportunity cost

A

lower

25
Q

Maylasia has 1 person required for 1 bushel of wheat instead of 2, this gives Maylasia an ________ to Pakistan

A

absolute advantage

26
Q

_________: as the price of a good or service increases, the quantity purchased generally decreases.

A

Law of Demand

27
Q

Anne’s opportunity cost is constant because

A

her resources are equally well suited for each task

28
Q

Does anyone read these flashcards?

A

Yes

29
Q

One country can produce more with less

A

absolute advantage

30
Q

If the price of bread increases the quantity demanded will ________.

A

decrease

31
Q

The trader with the flatter curve will have a __________ for providing the good or service on the horizontal axis.

A

comparitive advantage

32
Q

To create an extra bushel of rice, Pakistan must give up 1.5 bushels of wheat, so ___ is the opportunity cost

A

1.5

33
Q

If the price of bread decreases, the quantity demanded will _______.

A

increase

34
Q

Horizontal intercept is ?

A

Max on the horizontal axis but 0 on the vertical

35
Q

If you have a comparitive advantage for one good you have a ______ for the other good

A

comparitive disadvantage

36
Q

When the production prossiblities is straight, it means the opportunity cost is _________.

A

constant

37
Q

__________: two goods for which a decrease in the price of one leads to an increase in the demand for the other, and vice versa.

A

Complementary goods

38
Q

Horizontal intercept is ?

A

Max on the horizontal axis but 0 on the vertical

39
Q

You always have a comparitive advantage in something? True or False

A

TRUE

40
Q

Maylasia’s slope is ____.

A

-2

41
Q

An price increase in a complementary good will result in a _______ in demand for bread.

A

decrease

42
Q

Anne can sweep and scrub ___ rooms working independent from Bernie

A

6

43
Q

By specializing according to ________ everyone who is trading can gain

A

comparitive advantage

44
Q

Formula for Maylasia = W=60-2R, the -2 equals the _____.

A

slope

45
Q

__________: two goods for which and increase in the price of one good leads to an increase in the demand for the other.

A

Substitute goods

46
Q

Anne can sweep and scrub ___ rooms working independent from Bernie

A

6

47
Q

Formula for Pakistan is W=30-3/2R, the -3/2 represents the ______.

A

slope

48
Q

An increase in a substitute good will result in an ________ in demand for bread.

A

increase

49
Q

In the formula W=30-3/2R, the W represents wheat and the R represents_____.

A

Rice

50
Q

A decrease in a substitute will result in a ________ in demand for bread.

A

decrease

51
Q

The slope is also known as the ________.

A

opportunity cost

52
Q

__________: any good for which the demand increases as income increases.

A

Normal good

53
Q

The consumption point is ________.

A

the point where the economies work independently from each other

54
Q

__________: any good for which the demand decreases as income increases.

A

Inferior good

55
Q

Most important variable in the market model is _______.

A

price

ECON 2106 (4 decks)

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