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What is sometimes called the opportunity set?
The model that economists use for illustrating the process of individual choice in a situation of scarcity is the budget constraint, sometimes also called the opportunity set, a diagram which shows what choices are possible.
How is marginal thinking best demonstrated?
Marginal thinking is best demonstrated by: choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.
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What is the basic difference between macroeconomics and microeconomics quizlet?
The basic difference between macroeconomics and microeconomics is: microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms.
Is to forget about the money that’s irretrievably gone?
The lesson of sunk costs is to forget about the money and time that is irretrievably gone and instead to focus on the marginal costs and benefits of current and future options.
What are the three basic decisions every household must make?
Terms in this set (15) The three basic decisions every household must make: How much of each product, or output, to demand, how much labor to supply, how much to spend today and how much to save for the future.
When deciding between purchasing two goods an individual should purchase the good with the highest?
the consumer optimum. To maximize your satisfaction when deciding between two goods: you must get the most satisfaction out of every dollar you spend.
Are markets always in equilibrium?
Economic equilibrium is a theoretical construct only. The market never actually reaches equilibrium, though it is constantly moving toward equilibrium.
When economists use the term ceteris paribus?
When economists use the term Ceteris paribus, they are indicating that. all other variables except the ones specified are assumed to be constant. a positive economics statement is. a very higher income tax rate will reduce the amount of time that people spend working.
What is the marginal benefit of a slice of pizza?
The marginal benefit of a slice of pizza is the: maximum amount that a consumer is willing to pay for the slice.
When nations desire a healthy macroeconomy?
When nations desire a healthy macroeconomy, they typically focus on four goals: growth in the standard of living, a low level of unemployment, low inflation, and a sustainable balance of trade between countries.
What does the phrase there’s no such thing as a free lunch mean in economic terms quizlet?
There is no free lunch in economics means that everything comes with a price. The price may not always be money. If you get something for free, there is a cost that has be paid somewhere in the wider economic system.
What is better for an economy than teaching a man to fish?
What’s better for an economy than teaching a man to fish? To create wealth in an economy, it is better to teach a man to start a fish farm, and he will be able to feed a village for a lifetime. What does Adam Smith’s term “invisible hand” mean? How does the invisible hand create wealth for a country?
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Why is there scarcity a Because the opportunity set determines this?
Why is there scarcity? Because the opportunity set determines this. Because theory dictates it. Because our unlimited wants exceed our limited resources.
What is the meaning of normative statement?
From Wikipedia, the free encyclopedia. In many disciplines, including economics and philosophy, a normative statement expresses a value judgment about the desirability of a situation.
Which involves comparing the benefits and costs of choosing a little more or a little less of a good?
Marginal Decision-Making and Diminishing Marginal Utility
Instead, most choices involve marginal analysis, which means comparing the benefits and costs of choosing a little more or a little less of a good. People desire goods and services for the satisfaction or utility those goods and services provide.
Which of the following are potential sources of market failure?
Due to the structure of markets, it may be impossible for them to be perfect. Reasons for market failure include: positive and negative externalities, environmental concerns, lack of public goods, underprovision of merit goods, overprovision of demerit goods, and abuse of monopoly power.
What does the law of diminishing marginal utility State?
The law of diminishing marginal utility states that all else equal, as consumption increases, the marginal utility derived from each additional unit declines. Marginal utility is the incremental increase in utility that results from the consumption of one additional unit.
Who proposed the concept of law of diminishing marginal utility?
The Law of Diminishing Marginal Utility in Alfred Marshall’s Principles of Economics.
What are two important issues to consider when making a personal buying decision?
always maximize utility. When making personal buying decisions, two important issues to consider are the: a. satisfaction you receive from the choices that you make and the satisfaction others receive from your choices.
When consumers make decisions without perfect information the decision reflects?
Whenever consumers make decisions without perfect information, the decision reflects: bounded rationality.
Who determines how much utility or benefit an individual will receive from consuming a good?
Individuals are the only judge of their own utility. In general, greater consumption of a good brings higher total utility. However, the additional utility received from each unit of greater consumption tends to decline in a pattern of diminishing marginal utility.
How equilibrium price is determined?
The equilibrium price is the price at which the quantity demanded equals the quantity supplied. It is determined by the intersection of the demand and supply curves. A surplus exists if the quantity of a good or service supplied exceeds the quantity demanded at the current price; it causes downward pressure on price.
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Is price a market?
|Market Price||Normal Price|
|The market price is temporary. It can be more or less than the average cost of production.||The normal price is permanent –usually equal to the average cost of production.|
How do you calculate shortage?
How Do You Calculate Shortage Or Surplus? In shortage, qd = quantity demanded (Qd) > quantity supplied (Qs). A surplus occurs when qd = quantity demanded (Qd) > quantity supplied (Qs).
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- scarcity implies that
- in many cases, it is reasonable to refer to the blank as the price
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