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by: Angela Lord

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# Econ 001 Econ 001

Angela Lord
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Study Guide Equilibrium graph Definitions Elasticity Quiz #1 notes
COURSE
Introduction to Economics
PROF.
Kurt E Schnier
TYPE
Study Guide
PAGES
12
WORDS
CONCEPTS
Economics
KARMA
50 ?

## Popular in Department

This 12 page Study Guide was uploaded by Angela Lord on Monday September 12, 2016. The Study Guide belongs to Econ 001 at University of California - Merced taught by Kurt E Schnier in Fall 2016. Since its upload, it has received 22 views.

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Date Created: 09/12/16
Study Key: QS= Quantity Supply P= Price  ECON­001 Worksheet #2   1. What are the determinants of supply? I. Input Price: (Price Increase; QS decrease)  II. Technology: (Tech Increase; QS Increase) III. Number of Sellers: (# of Sellers Increase; QS Increase) IV. Future Expectations: (Future Exp. Increase; QS Decrease)  2. Define a market equilibrium.   3. For the following changes determines what happens to the equilibrium price and quantity:  a. Consumer income increases:  b. The price of a substitute goes down:   c. The technology level increases:  d. The price of production inputs goes up while consumer preferences decrease:  e. The number of sellers increases and the number of consumer’s decreases:  (4,5 solved on paper) 6. Define the determinants of elasticity of demand   7. Define the determinants of elasticity of supply  8. Define the determinants of elasticity of supply 9. Graphically illustrate and explain why it is true that the elasticity of demand for a good  becomes more inelastic as one moves down the demand curve.  10. If the elasticity of demand is elastic what do you expect to happen to a firm’s total revenues  if they raise price?  Worksheet #1 Study Guide 1. Define the Ten Principles of Economics How people make decisions. How people interact. How the economy as a whole works. Ten Principles: o People face trade-offs o The cost of something is what you give up to get. o Rational people think on the margin o People respond to incentives o Trade can make everyone better off o Markets are generally a good way to organize economic activity o Government can sometimes improve market outcomes o A country’s standard living is depending on its ability to produce goods a services o Price rise happens when the government prints too much money o Society faces a short-run trade-off between inflation and unemployment 2. Define production Possibilities Frontier A graph illustrating all outputs that can be produced within the stock amount of F.O.P (Factors of production) 3. Define opportunity cost A benefit that a person could have received, but gave up to take another course of action 4. What is the difference between macro/micro economics? Micro Economics: Focuses on the interaction within the market Macro Economics: focuses on economic-wide phenomenon 5. Define comparative advantage To produce something at a lower cost than another producer 6. Define absolute advantage To produce something using fewer inputs than another producer

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