100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Economics for Today by Irvin B. Tucker CA$15.05   Add to cart

Exam (elaborations)

Economics for Today by Irvin B. Tucker

 7 views  0 purchase
  • Course
  • Economics for Today by Irvin B. Tucker
  • Institution
  • Economics For Today By Irvin B. Tucker

Economics for Today by Irvin B. Tucker Chapter 1: Introduction to Economics 1. Scarcity ️: The condition in which human wants are forever greater than the available supply of time, goods, and resources. 2. Resources (Factors of Production) ️: The basic categories of inputs used to produ...

[Show more]

Preview 4 out of 48  pages

  • September 9, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Economics for Today by Irvin B. Tucker
  • Economics for Today by Irvin B. Tucker
avatar-seller
Economics for Today by Irvin B. Tucker
Chapter 1: Introduction to Economics




1. Scarcity ✔️: The condition in which human wants are forever greater than the available supply of

time, goods, and resources.


2. Resources (Factors of Production) ✔️: The basic categories of inputs used to produce goods and

services: land, labor, and capital.


- Land ✔️: Any natural resources provided by nature that are used to produce goods or services.


- Labor ✔️: The mental and physical capacity of workers to produce goods and services.


- Entrepreneurship ✔️: The creative ability of individuals to seek profits by taking risks and combining

resources to produce innovative products.


- Capital ✔️: A human-made good used to produce other goods and services.


3. Economics ✔️: The study of how society chooses to allocate its scarce resources to produce goods

and services to satisfy unlimited wants.


4. Macroeconomics ✔️: The branch of economics that studies decision making for the economy as a

whole.


5. Microeconomics ✔️: The branch of economics that studies decision making by a single individual,

household, firm, industry, or level of government.

,6. Model ✔️: A simplified description of reality used to understand and predict the relationship

between variables.


7. Ceteris Paribus ✔️: A Latin phrase meaning "all other things remain unchanged" while analyzing

certain variables.


8. Positive Economics ✔️: An analysis limited to statements that are verifiable.


9. Normative Economics ✔️: An analysis based on value judgments.




### Chapter 1 Appendix




10. Direct Relationship ✔️: A positive association between two variables.


11. Inverse Relationship ✔️: A negative association between two variables.


12. Slope ✔️: The ratio of the change in the variable on the vertical axis to the change in the variable on

the horizontal axis.


13. Independent Relationship ✔️: A zero association between two variables.




### Chapter 2: Opportunity Cost and Production




14. Opportunity Cost ✔️: The best alternative sacrificed for a chosen alternative.

,15. Marginal Analysis ✔️: An examination of the effects of additions to or subtractions from a current

situation.


16. Production Possibilities Curve ✔️: A curve showing the maximum combinations of two outputs an

economy can produce in a given time period.


17. Technology ✔️: The body of knowledge applied to how goods are produced.


18. Law of Increasing Opportunity Costs ✔️: The principle that the opportunity cost increases as

production of one output expands.


19. Economic Growth ✔️: The ability of an economy to produce greater levels of output, represented

by an outward shift of its production possibilities curve.


20. Investment ✔️: The accumulation of capital, such as factories, machines, and inventories used to

produce goods and services.




### Chapter 3: Demand and Supply




21. Law of Demand ✔️: There is an inverse relationship between the price of a good and the quantity

buyers are willing to purchase.


22. Demand ✔️: A curve or schedule showing various quantities of a product consumers are willing to

purchase at possible prices during a specified period.


23. Change in Quantity Demanded ✔️: A movement between points along a stationary demand curve.


24. Change in Demand ✔️: An increase or decrease in quantity demanded at each price.

, 25. Normal Good ✔️: A good where there is a direct relationship between changes in income and its

demand.


26. Inferior Good ✔️: A good with an inverse relationship between changes in income and its demand.


27. Substitute Good ✔️: A good that competes with another good for consumer purchases.


28. Complementary Good ✔️: A good that is jointly consumed with another good.


29. Law of Supply ✔️: There is a direct relationship between the price of a good and the quantity sellers

are willing to offer.


30. Supply ✔️: A curve showing the quantities of a product sellers are willing to produce at possible

prices.


31. Change in Quantity Supplied ✔️: A movement between points along a stationary supply curve.


32. Change in Supply ✔️: An increase or decrease in quantity supplied at each price.


33. Market ✔️: Any arrangement in which buyers and sellers interact to determine the price and

quantity exchanged.


34. Surplus ✔️: A market condition where the quantity supplied is greater than the quantity demanded.


35. Shortage ✔️: A market condition where the quantity supplied is less than the quantity demanded.


36. Equilibrium ✔️: The condition where quantity demanded and quantity supplied are equal.


37. Price System ✔️: A mechanism that uses supply and demand forces to create equilibrium.




### Chapter 3 Appendix

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 CertifiedGrades. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$15.05. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79271 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$15.05
  • (0)
  Add to cart