2025 NEW Midterm Cramming FOR EC 120 Introduction to
Microeconomics VERY HELPFUL CONTENT THAT YOU WILL
FIND IN UPCOMING MIDTERM EXAM 2025) Wilfrid Laurier
University
Term
whatever must be given up to something that induces a person to
obtain some item p. 7, 57 act p. 9
a market in which there are many
, have a substantial influence on each has a negligible impact on the
market prices p. 13 market price p. 70, 292
Don't know?
2 of 56
Definition
a situation in which a market left on its own fails to allocate
resources efficiently p. 13
Give this one a try later!
government failure market failure
scarcity equilibrium
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3 of 56
Definition
the study of economy-wide phenomena, including inflation,
unemployment, and economic growth p. 29
Give this one a try later!
macroeconomics equity
, demographics microeconomics
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4 of 56
Definition
claims that attempt to prescribe how the world should be p. 30
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positive statements normative statements
assumptions hypotheses
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5 of 56
Definition
the manner in which the burden of a tax is shared among
participants in a market p. 131
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opportunity cost absolute advantage
, tax incidence supply schedule
Don't know?
6 of 56
Definition
the claim that, other things equal, the quantity demanded of a good
falls when the price of the good rises p.71
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law of supply quantity supplied
law of demand equilibrium
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7 of 56
Definition
a good for which, other things equal, an increase in income leads to
a decrease in demand p. 74, 469
Give this one a try later!
elasticity normal good
Microeconomics VERY HELPFUL CONTENT THAT YOU WILL
FIND IN UPCOMING MIDTERM EXAM 2025) Wilfrid Laurier
University
Term
whatever must be given up to something that induces a person to
obtain some item p. 7, 57 act p. 9
a market in which there are many
, have a substantial influence on each has a negligible impact on the
market prices p. 13 market price p. 70, 292
Don't know?
2 of 56
Definition
a situation in which a market left on its own fails to allocate
resources efficiently p. 13
Give this one a try later!
government failure market failure
scarcity equilibrium
Don't know?
3 of 56
Definition
the study of economy-wide phenomena, including inflation,
unemployment, and economic growth p. 29
Give this one a try later!
macroeconomics equity
, demographics microeconomics
Don't know?
4 of 56
Definition
claims that attempt to prescribe how the world should be p. 30
Give this one a try later!
positive statements normative statements
assumptions hypotheses
Don't know?
5 of 56
Definition
the manner in which the burden of a tax is shared among
participants in a market p. 131
Give this one a try later!
opportunity cost absolute advantage
, tax incidence supply schedule
Don't know?
6 of 56
Definition
the claim that, other things equal, the quantity demanded of a good
falls when the price of the good rises p.71
Give this one a try later!
law of supply quantity supplied
law of demand equilibrium
Don't know?
7 of 56
Definition
a good for which, other things equal, an increase in income leads to
a decrease in demand p. 74, 469
Give this one a try later!
elasticity normal good
