Principles of MacroEconomics chp
1-10
Absolute Advantage - ANS-The capacity to provide an amazing the usage of fewer inputs
than every other manufacturer
Binding - ANS-Price cannot reach equilibrium for a product. Can be price ceiling or fee
ground.
Business cycle - ANS-"Fluctuations in economic interest, consisting of employment and
manufacturing"
Circular float diagram - ANS-A visual model of the economic system that indicates how
dollars waft thru markets among families and corporations.
Comparative gain - ANS-The potential to provide an excellent at a decrease opportunity cost
than every other manufacturer
Competitive marketplace - ANS-- Price takers - big enough volume of participants that any
unmarried person has a negligible effect on price
- Homogenous product (well-known)
- Ease of Exit and Entry
- Perfect expertise (no one has an advantage over some other)
Competitive market - ANS-- fee takers: buyers & sellers in multitudes such that every has
negligible impact on costs.
- homogenous product ( conventional)
- ease of exit and access
- Perfect information
Competitive marketplace - ANS-A market wherein there are numerous shoppers and many
sellers so that each has a negligible impact available on the market price
Complements - ANS-Two goods for which an increase inside the fee of 1 ends in a decrease
within the call for for the other
Consumer surplus - ANS-The amount a purchaser is inclined to pay for a good minus the
quantity the customer honestly will pay for it
Consumption - ANS-"Spending by way of families on goods and services, apart from
purchases of latest housing"
Cost - ANS-The cost of the whole thing a seller should give up to supply a great
, Cross rate elasticity of demand - ANS-A degree of how a whole lot the quantity demanded of
1 properly responds to alternate inside the rate of another properly. Computed as the share
exchange in amount demanded of the primary good divided via the share change in the
charge of the second one good
Deadwieght loss - ANS-"The fall in general surplus that effects from a market distortion,
which include a tax"
Demand curve - ANS-A graph of the relationship among the rate of a very good and the
amount demanded
Demand agenda - ANS-The desk that indicates the connection among the fee of a good and
the quantity demanded
home change ratio - ANS-The possibility cost to your own usa
Economy - ANS-How society manages it is scarce sources - or all it's assets
Efficiency - ANS-The assets of a resource allocation or maximizing the overall surplus
acquired via all individuals of society
Efficiency - ANS-The belongings of society getting the most it is able to from its scarce
assets
Elasticity - ANS--[(Q2-Q1)/[(Q2+Q1)/2]/(P2-P1)/[(P2+P1)/2]]
Elasticity - ANS-A degree of the responsiveness of quantity demanded or amount furnished
to a change in one among its determinants
Equality - ANS-The belongings of dispensing economic prosperity uniformly a few of the
participants of socienty
Equality - ANS-The belongings of dispensing monetary prosperity uniformly a number of the
contributors of society
Equilibrium - ANS-A situation wherein the market price has reached the level at which
quantity furnished equals quantity demanded
Equilibrium rate - ANS-The rate that balances quantity furnished and amount demanded
Equilibrium quantity - ANS-The quantity furnished and the amount demanded at the
equilibrium price
Exports - ANS-Goods produced locally and bought abroad
Externality - ANS-The effect of 1 character's moves on the properly-being of a bystander
1-10
Absolute Advantage - ANS-The capacity to provide an amazing the usage of fewer inputs
than every other manufacturer
Binding - ANS-Price cannot reach equilibrium for a product. Can be price ceiling or fee
ground.
Business cycle - ANS-"Fluctuations in economic interest, consisting of employment and
manufacturing"
Circular float diagram - ANS-A visual model of the economic system that indicates how
dollars waft thru markets among families and corporations.
Comparative gain - ANS-The potential to provide an excellent at a decrease opportunity cost
than every other manufacturer
Competitive marketplace - ANS-- Price takers - big enough volume of participants that any
unmarried person has a negligible effect on price
- Homogenous product (well-known)
- Ease of Exit and Entry
- Perfect expertise (no one has an advantage over some other)
Competitive market - ANS-- fee takers: buyers & sellers in multitudes such that every has
negligible impact on costs.
- homogenous product ( conventional)
- ease of exit and access
- Perfect information
Competitive marketplace - ANS-A market wherein there are numerous shoppers and many
sellers so that each has a negligible impact available on the market price
Complements - ANS-Two goods for which an increase inside the fee of 1 ends in a decrease
within the call for for the other
Consumer surplus - ANS-The amount a purchaser is inclined to pay for a good minus the
quantity the customer honestly will pay for it
Consumption - ANS-"Spending by way of families on goods and services, apart from
purchases of latest housing"
Cost - ANS-The cost of the whole thing a seller should give up to supply a great
, Cross rate elasticity of demand - ANS-A degree of how a whole lot the quantity demanded of
1 properly responds to alternate inside the rate of another properly. Computed as the share
exchange in amount demanded of the primary good divided via the share change in the
charge of the second one good
Deadwieght loss - ANS-"The fall in general surplus that effects from a market distortion,
which include a tax"
Demand curve - ANS-A graph of the relationship among the rate of a very good and the
amount demanded
Demand agenda - ANS-The desk that indicates the connection among the fee of a good and
the quantity demanded
home change ratio - ANS-The possibility cost to your own usa
Economy - ANS-How society manages it is scarce sources - or all it's assets
Efficiency - ANS-The assets of a resource allocation or maximizing the overall surplus
acquired via all individuals of society
Efficiency - ANS-The belongings of society getting the most it is able to from its scarce
assets
Elasticity - ANS--[(Q2-Q1)/[(Q2+Q1)/2]/(P2-P1)/[(P2+P1)/2]]
Elasticity - ANS-A degree of the responsiveness of quantity demanded or amount furnished
to a change in one among its determinants
Equality - ANS-The belongings of dispensing economic prosperity uniformly a few of the
participants of socienty
Equality - ANS-The belongings of dispensing monetary prosperity uniformly a number of the
contributors of society
Equilibrium - ANS-A situation wherein the market price has reached the level at which
quantity furnished equals quantity demanded
Equilibrium rate - ANS-The rate that balances quantity furnished and amount demanded
Equilibrium quantity - ANS-The quantity furnished and the amount demanded at the
equilibrium price
Exports - ANS-Goods produced locally and bought abroad
Externality - ANS-The effect of 1 character's moves on the properly-being of a bystander
