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Econ > Ch 3 > Flashcards

Ch 3 Flashcards

1
Q

Demand schedule

A

Shows quantity of good and services people desire to buy at different prices during the specific period

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2
Q

Demand curve

A

Graphical representation of the demand schedule which has a negative slope

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3
Q

Is quantity demanded a flow or stock variable?

A

Flow

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4
Q

Flow variable

A

Measured per unit of time

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5
Q

Stock variable

A

Measured at one specific time and requires quantity accumulated at that point of time

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6
Q

Law of demand

A

Ceteris Paribus, when price of good falls, the quantity demanded increases and vice versa

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7
Q

Change in quantity demanded

A

Movement along the demand curve due to changes in goods price only

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8
Q

Change in demand

A

Change in the entire demand curve caused by external factors except price

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9
Q

Factors affecting demand curve

A

Change in price of related goods and services

Changes in income

Changes in taste

Changes in expectations

Change in # of consumers

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10
Q

Market demand curve

A

Horizontal sum of individual demand curves of all consumers in a market of private goods

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11
Q

Factors affecting number of consumers in market

A

Access to international market

Demographic trend

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12
Q

Supply schedule

A

Shows quantity of goods and services sellers desire to sell at different prices during specific time period

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13
Q

Quantity supplied

A

Ceteris paribus, price of product and quantity supplied are positively related

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14
Q

Change in quantity supplied

A

Illustrated by a movement along the supply curve from one point to another cause by change in goods price

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15
Q

Change in supply

A

Shift of the entire supply curve cause by change in external factors not the price of product

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16
Q

Factors affecting supply curve

A

Change in input prices

Changes in prices of related goods and services produced

Changes in technology

Changes in weather

Changes in expectations

Changes in number of producers

17
Q

Market

A

Any situation in which buyers and sellers negotiate transaction of goods and services

18
Q

Types of competition

A

Perfectly competitive market

Oligopoly

Monopoly

Monopolistic competition

19
Q

Perfectly competitive market

A

Many buyers and sellers in a market and buyers and sellers are price takers

20
Q

Equilibrium price

A

The quantity of good sold and bought at that price. Quantity demanded = quantity supplied

21
Q

Shortage

A

Qd > Qs cause by lower price than equilibrium

22
Q

Surplus

A

Qs > Qd caused by price higher than equilibrium

23
Q

Comparative static

A

Analysis comparing two different economic outcomes before and after some underlying exogenous factor changes

24
Q

Exogenous

A

Action or object coming from outside a system

Econ (10 decks)

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