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Ean Costello
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Decks in this class (28)
Chapter 1 - The Scope and Method of Economics
Economics,
Opportunity cost,
Scarce
29
cards
Chapter 2 - The Economic Problem: Scarcity and Choice
Capital,
Factors of production or factors,
Production
19
cards
Chapter 32 - Long-Run Growth
Catch up,
Aggregate production function,
Foreign direct investment fdi
7
cards
Chapter 34 - International Trade, Comparative Advantage, and Protectionism
Corn laws,
Theory of comparative advantage,
Absolute advantage
22
cards
Chapter 3 - Demand, Supply, and Market Equilibrium
Firm,
Entrepreneur,
Households
34
cards
Chapter 4 - Demand and Supply Applications
Price ceiling,
Queuing,
Favored customers
10
cards
Chapter 5 - Elasticity
Elasticity,
Price elasticity of demand,
Perfectly inelastic demand perfec...
12
cards
Chapter 6 - Household Behavior and Consumer Choice
Budget constraint,
Choice set or opportunityset,
Real income
14
cards
Chapter 7 - The Production Process: The Behavior of Profit-Maximizing Firms
Production,
Firm,
Profit economic profit
21
cards
Chapter 8 - Short-Run Costs and Output Decisions
Fixed cost,
Variable cost,
Total cost tc
15
cards
Chapter 9 - Long-Run Costs and Output Decisions
Breaking even,
Shutdown point,
Short run industry supply curve
15
cards
Chapter 12 - General Equilibrium and the Efficiency of Perfect Competitiion
Partial equilibrium analysis,
General equilibrium,
Efficiency
8
cards
Chapter 13 - Monopoly and Antitrust Policy
Imperfectly competitive industry,
Market power,
Pure monopoly
15
cards
Chapter 14 - Oligopoly
Oligopoly,
Five forces model,
Concentration ratio
16
cards
Chapter 15 - Monopolistic Competition
Monopolistic competition,
Product differentiation,
Horizontal differentiation
6
cards
Chapter 16 - Externalities, Public Goods, and Social Choice
Market failure,
Externality,
Marginal social cost msc
19
cards
Chapter 17 - Uncertainty and Asymmetric Information
Payoff,
Expected value,
Fair game or fair bet
14
cards
Chapter 10 - Input Demand: The Labor and Land Markets
Derived demand,
Productivity of an input,
Marginal product of labor mp subl
9
cards
Chapter 18 - Income Distribution and Poverty
Equity,
Human capital,
Compensating differentials
20
cards
Chapter 20 - Introduction to Macroeconomics
Microeconomics,
Macroeconomics,
Aggregate behavior
25
cards
Chapter 21 - Measuring National Output and National Income
National income and product accounts,
Gross domestic product gdp,
Final goods and services
43
cards
Chapter 22 - Unemployment, Inflation, and Long-Run Growth
Employed,
Unemployed,
Not in the labor force
17
cards
Chapter 23 - Aggregate Expenditure and Equilibrium Output
Aggregate output,
Aggregate income,
Aggregate output income y
21
cards
Chapter 24 - The Government and Fiscal Policy
Fiscal policy,
Monetary policy,
Discretionary fiscal policy
27
cards
Chapter 25 - The Money Supply and the Federal Reserve System
Barter,
Medium of exchange or means of pa...,
Store of value
25
cards
Chapter 26 - Money Demand and the Equilibrium Interest Rate
Interest,
Transaction motive,
Nonsynchronization of income and ...
6
cards
Chapter 27 - Aggregate Demand in the Goods and Money Markets
Goods market,
Money market,
Expansionary fiscal policy
11
cards
Chapter 28 - Aggregate Supply and the Equilibrium Price Level
Aggregate supply,
Aggregate supply as curve,
Cost shock or supply shock
9
cards
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Principles of Economic
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