Exam (elaborations)
ECO 2013 HAMMOCK FSU FINAL PART 1 (1)
- Course
- Institution
ECO 2013 HAMMOCK FSU FINAL PART 1 (1)
[Show more]
Seller
Follow
lydiaomutho
Content preview
ECO 2013 HAMMOCK FSU FINAL PART 1Price - ANS-doesn't shift the curve
The Law of Demand - ANS-as prices rise, quantity demanded falls
Law of Supply - ANS-as prices rise, quantity supplied falls
When the price of flour rises - ANS-the quantity of bread falls (EXAMPLE)
Why do price ceilings/ floor happen? - ANS-Lobbying of interest groups
Deadweight Loss (DWL) - ANS-producer and consumer surplus falls
SHORTAGE - ANS-A situation in which quantity demanded is greater than quantity supplied
SURPLUS - ANS-A situation in which quantity supplied is greater than quantity demanded
Final Good - ANS-a good sold to final users/ or reached its final consumer
Gray market production - ANS-doesn't get calculated in GDP
Inflation - ANS-super markets hire staff to update product costs = menu costs (EXAMPLE)
Trade Deficit - ANS-situation in which a country imports more than it exports/ capital inflow >
capital outflow
export subtracted by import equals - ANS-outflow subtracted by capital investment
no use of money equals - ANS-store of account (made up)
Store of Account - ANS-a business relationship between a bank, department store, stockbroker,
etc., and a depositor, customer, or client permitting the latter certain banking or credit services.
Fiat/ Commodity of Money - ANS-silver or gold hold value
The most liquid type of investment is: - ANS-a money market account (savings account)
Most liquid equals - ANS-more money in circulation
Why is GDP bad? - ANS-product quality and new goods
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lydiaomutho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now