what is economics?

what is the difference between micro and macro?

2 big economic questions

what are goods and services?

what are the types of goods and services?

what are the factors of production?

what is self interest?

what is social interest?

when are we efficient?

what is equity?

what current topics may illustrate tension between self interest and social interest?

a choice is always a _________

________ is what you gain from something

_____ is what you must give up to get something

what is considered a rational choice

what is marginal benefit

what is marginal cost?

what is a positive statement?

what is a normative statement?

what is an economic model?

what is the production possibilities frontier? (PPF)

describe where on a PPF you are inefficient, efficient and not attainable?

what is production efficiency?

why is the PPF curved?

the more we have of a good the ______ the marginal benefit.

what is the optimum point of production?

what causes economical growth?

what is the cost of economic growth?

what is a comparative advantage?

what is the absolute advantage?

what are markets?

what is a competitive market?

the money price

the relative price

what is the difference between demand and quantity demanded?

what is the law of demand?

what influences a change in quantity demanded?

what is substitution effect?

what is income effect?

what is willingness to pay?

when there is change in demand what happens to the curve?

what are the 6 main factors that change demand?

in terms of related goods what causes demand to increase?

if the price of a good is expected to rise in the future, current demand will ________?

when income increases, a normal good will _______ and an inferior good (cheap stuff) will _______.

when income is expected to increase in the future the demand will _______?

the larger the population the ________ the demand?

if a preferences increases, the demand will ________?

what does an increase in demand look like?

what does an increase in quantity demanded look like?

what is the law of supply?

producers will only produce a good if they can produce ____ or _______ then the MC.

what are the 6 main factors that change supply?

if the price of oil increases the production will ______?

if the production of a substitute decreases, supply will ______.

compliments must be produced ________.

if the price of a good is expected to rise in the future, supply of the good today _____ and the supply shifts ______.

the larger the number of suppliers of a good, the ________ is the supply of a good? therefore supply shift rightward

an increase in technology causes a ______ in supply.

if a natural disaster occurs, the supply will _______?

what is the difference between a change in supply and a change in quantity supplied?

when does market equilibrium occur?

when does equilibrium price occur?

what is equilibrium quantity?

describe a shortage

a surplus forces the price to go ______, whereas a shortage forces the price to go ______.

an increase in demand and an increase in supply _____ the equilibrium quantity.

a decrease in demand and an increase in supply _______ the equilibrium price.

an increase in demand and a decrease in supply _______ the equilibrium price.

the 6 main factors that change the supply of a good

what is a movement along a supply curve?

a shift of the supply curve is caused by what?

what is equilibrium price?

what is equilibrium quantity?

what is another word for elasticity?

YESwhat is the general formula of elasticity?

does you use absolute value for price elasticity?

Elasticity is a ratio of percentages, so a change in the units of measurement of price or quantity leaves the elasticity value the ______.

describe perfectly inelastic demand

describe perfectly elastic demand

describe unit elastic demand

what numbers correlate to...
-perfectly inelastic
-inelastic
-unit elastic
-elastic
-infinitely elastic

what is the main difference between inelastic and elastic?

factors that influence elasticity of demand

where is unit elastic on the demand curve?

total revenue and elasticity

When the price changes, total revenue also __________.

But a rise in price doesn’t always increase ___________.

what is the total revenue test?