Chapter 2 Terms
Economics 2010 with De Bartolom at University of Colorado Boulder
About this deck
By: Michele Martinson
Textbook:
Principles of Microeconomics
Created: 2011-02-13
Size: 8 flashcards
Views: 15
Textbook:
Principles of MicroeconomicsCreated: 2011-02-13
Size: 8 flashcards
Views: 15
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Circular Flow Diagram
-a visual model of the economy that shows how dollars flow through markets among households and firms.
Production Possibilities Frontier
-a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.
Opportunity Cost
-the cost of something is whatever you give up in order to get it.
Microeconomics
-the study of how households and firms make decisions and how they interact in markets.
Macroeconomics
-the study of economy-wide phenomena, including inflation, unemployment and economic growth.
Positive Statements
-claims that attempt to describe the world as it is; facts.
-can be confirmed or refuted.
Normative Statements
-claims that attempt to prescribe how the world should be; ideals.
-value judgment.
Demand Curve
-traces the effect of a good's price on the quantity of goods the consumers want to buy.
About this deck
By: Michele Martinson
Textbook: Principles of Microeconomics
Created: 2011-02-13
Size: 8 flashcards
Views: 15
Textbook:
Principles of MicroeconomicsCreated: 2011-02-13
Size: 8 flashcards
Views: 15
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have used this website for three exams, and I see a huge difference in my test results.”
Naj
Naj