Social GA 2.1 More flashcards

Question 1

conventionally refered to producers, manufacturers, or suppliers

Answer 1

firm

Question 2

refers to the goods and services made available in the market

Answer 2

supply

Question 3

defined as the number of goods and services made available in the market by the producers that are willing and capable to sell at different price levels

Answer 3

quantity supplied

Question 4

as the price of a good goes, up the quantity supplied also goes up

Answer 4

the law of supply

Question 5

referred as the curve in a linear graph

Answer 5

supply curve

Question 6

a change in the quantity supplied of a good arising from a change in the good’s price

Answer 6

movement along the supply curve

Question 7

causes an imbalance in the market that is corrected by prices and demand

Answer 7

shift along the supply curve

Question 8

cost of inputs, price of other goods, producer expectations, government policy

Answer 8

determinants of supply

Question 9

all raw materials, ingredients, and other factors of production that contribute to what determines supply

Answer 9

cost of inputs

Question 10

in addition to the cost of inputs, the price of other goods manufactured by the same producer also affects supply

Answer 10

price of other goods

Question 11

refers to a firm’s behavior to the likely change in prices

Answer 11

producer expectations

Question 12

subsidy, taxes, tarrifs, and quotas

Answer 12

government policy

Question 13

financial assistance extended by the government to specific sectors or industries

Answer 13

subsidy

Question 14

fees imposed by the government on individuals and businesses

Answer 14

taxes

Question 15

limits on the volume of trade imposed by the government on individuals and businesses

Answer 15

quotas

Question 16

limits the number of products in certain categories a nation can import

Answer 16

import quota

Question 17

A limit, set by the exporting country’s government, on the quantity of a specific commodity that can be exported in a given year.

Answer 17

export quota

Question 18

form of tax levied on imported goods

Answer 18

tariff

Question 19

the responsiveness of quantity supplied changes in price

Answer 19

price elasticity of supply

Question 20

means that supply is relatively – meaning that when there is a large change in supply for a small change in price

Answer 20

elastic supply

Question 21

means that supply is relatively – or does not respond easily to the change in price easily

Answer 21

inelastic supply

Question 22

Based on people’s personals opinions. Value based approach. Ex. Unemployment harms an economy more than inflation

Answer 22

Normative Approach

Question 23

Based on data and facts. A person on payday will spend a lot. Based on people’s financial situation rather than how they feel. Ex. An increase in tax rates ultimately results in a decrease in total tax revenue

Answer 23

Positive Approach

Question 24

Theory is developed from data to explain social phenomenon

Answer 24

Deductive Approach

Question 25

A theory is developed from general observations and the theory is either accepted or rejected

Answer 25

Inductive Approach

Question 26

Observed in a single period

Answer 26

Cross-sectional Analysis

Question 27

Observed in several periods

Answer 27

Time Series Analysis

Question 28

Studied from hypothesis to research

Answer 28

Bottom Up

Question 29

From research to being studied

Answer 29

Top Down