Tentamen (uitwerkingen)

SOCIOL 173 Midterm Study Guide (Fall 2024)

8 keer verkocht

Vak
Sociology 173 UCLA

Instelling
Sociology 173 UCLA

This midterm study guide for SOCIOL 173 at UCLA combines information from class notes and assigned readings to create a thorough review resource. It covers essential topics such as economic sociology, behavioral economics, organizational decision-making, and the role of the state in market institut...

[Meer zien]

Laatste update van het document: 4 maanden geleden

Voorbeeld 1 van de 6 pagina's

Bekijk voorbeeld

Geupload op 28 oktober 2024
Bestand laatst geupdate op 29 oktober 2024
Aantal pagina's 6
Geschreven in 2024/2025
Type Tentamen (uitwerkingen)
Bevat Vragen en antwoorden

economic sociology
rossman soc 173
sociology ucla
sociol 173 notes
ucla soc 173
class notes soc 173
sociol 173 notes
sociol 173 midterm stu
midterm study guide sociology
sociol 173 midterm study guide

Instelling Sociology 173 UCLA
Vak Sociology 173 UCLA

Volgen

grantgeyerhahn Lid sinds 4 maanden 54 documenten verkocht

$6.99

In winkelwagen

Opslaan

100% tevredenheidsgarantie
Direct beschikbaar na je betaling
Lees online óf als PDF
Geen vaste maandelijkse kosten

Introduction to Microeconomics

Microeconomics studies individual markets, firms, and transactions between consumers and
producers. Unlike sociology, psychology, and anthropology, which focus on broader human
behavior and cultural practices, economics specifically deals with how resources are allocated
and how markets function.

For example, the telecommunications industry has seen a dramatic change in pricing, where
once it cost the inflation-adjusted equivalent of $12 for a three-minute long-distance phone call
in the 1960s, and now with the internet, people can make unlimited calls for free. This shift in
pricing reflects how microeconomic principles shape real-world consumer behavior and market
evolution.

Micro-Economics Concepts

Low vs High-Valued Uses: This concept refers to how resources are used in ways that bring the
most benefit or value. Opportunity cost plays a big role here—it’s what you give up by
choosing one option over another. So, if a resource (like oil) can be used in different ways, you
want to allocate it to the option that brings the highest return or value.

- For example, during the 2020 oil price war, Saudi Arabia and Russia lowered their oil
prices to hurt North American oil producers (who had higher costs). By doing this, they
chose to sell their oil cheaply in the short term to drive out competition and dominate the
market in the long run. They sacrificed short-term profit (low-value use) for future
market control (high-value use).

Low vs High-Cost Providers: Low-cost providers can offer goods at a lower price, allowing
them to dominate markets. For example, McDonald's uses self-checkout kiosks to substitute
labor, which reduces costs and helps the company provide cheaper meals than restaurants relying
on traditional cashiers.

Demand Curves: The demand curve illustrates how consumers’ willingness to purchase changes
as the price shifts. In the 1870s, the high cost of sending a telegram ($15 adjusted for inflation)
restricted its use to high-value communications. As communication became cheaper (e.g.,
texting), demand for lower-value uses increased.

Supply Curves: The supply curve reflects how much producers are willing to sell at various
prices. Fracking technology shifted the supply curve for oil and natural gas by lowering
production costs, allowing companies to increase supply at any given price.

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.