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Economics > Microeconomics > Flashcards

Microeconomics Flashcards

1
Q

What is microeconomics?

A

Behavior of an individual or a small group

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2
Q

What are the types of microeconomics

A 
Businesses
Schools
Families
Households
Churches
Communities
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3
Q

What three criteria must be met for demand

A

Want
Willingness
Ability to exchange trade or buy for a gooder service.

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4
Q

Why do we buy what we buy?

A 
Because we want it
Satisfaction 
Function
Peer pressure
In style
Interest/hobby 
Advertising
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5
Q

What is a demand schedule

A

Schedule showing how much of a good or service people will purchase at any price during a specified time period, other things being constant.

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6
Q

What are economic models?

A

Graphs charts pictures or anything to express data very simple in nature.

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7
Q

What are the two types of economic models?

A

Static and dynamic

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8
Q

What is a static model ?

A

A particular point in time (a snapshot)

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9
Q

What is a dynamic model?

A

A model that shows changes over time.

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10
Q

What is a demand schedule?

A

Individual demands.

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11
Q

What is a market?

A

Any situation where good and services are exchanged in any solution.

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12
Q

What is the law of demand?

A

Quantity demand is inversely related to price. Holding other factors constant.
Price goes up, quality demand goes down
Vice versa

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13
Q

What is demand?

A

Willingness, want and ability at a set price or ranged price

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14
Q

What is quality demand?

A

How many wanted at a certain price

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15
Q

What causes shift in demand curves?

A 
Taste
Preference
Income
Inferior goods
Normal goods
Number of consumers
Price of related goods
Complements
Expeditions
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16
Q

What is supply

A

A price or quantity schedule showing amount of a produce that producers are willing and able to make for sale at a set price during a specific time period

17
Q

What is quantity supplied

A

The amount producers bring to market at any given price

18
Q

What is the law of supply

A

Offering more at a higher price - direct relationship.

Offer less at lower price.

19
Q

What are some reasons for shift in supply

A 
Cost of inputs
Productivity
Technology 
Taxes
Subsidies
Expectation 
Government regulations
Number of sellers
20
Q

Where is the demand curve always ?

A

Higher on left. Lower in right

21
Q

Where is a supply curve always?

A

Lower left

Higher right

Economics (4 decks)

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