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JMU / Economics / ECON 200 / What is meant by allocative efficiency and its use?

What is meant by allocative efficiency and its use?

What is meant by allocative efficiency and its use?

Description

School: James Madison University
Department: Economics
Course: Introduction to Macroeconomics
Professor: Ehsan ahmed
Term: Fall 2016
Tags:
Cost: Free
Name: ECON 200, Week 1 Notes, Terms
Description: These notes are important terms covered in chapter 1 of the textbook. The textbook is very expensive so most of my info comes from that
Uploaded: 08/02/2017
1 Pages 404 Views 0 Unlocks
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ECON 200 MIDTERM EXAM

Slope of nonlinear curves =

Percentage Change = x100

Allocative Efficiency = production is in accordance with consumer preferences; every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it.

Centrally planned economy = an economy in which the government decides how economic resources will be allocated

Economic model = a simplified version of reality used to analyze real-world economic situations

We also discuss several other topics like 1 b: What is value of variable Sum at the end of loop when i=3?

Economic variable = something measurable that can have different values, such as the incomes of doctors

Economics = the study of the choices people make to attain their goals, given their scarce resources

Equity = the fair distribution of economic benefits

Macroeconomics = the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

Market = a group of buyers and sellers of a good or service and the institution or arrangement by when they come together to trade.

Market economy = an economy in which the decisions of households and firms interacting in markets allocate economic resources.

Normative analysis = analysis concerned with what ought to be

Opportunity cost = the highest valued alternative that must be given up to engage in an activity

Positive analysis = analysis concerned with what is.

Productive efficiency = a situation in which a good or service is produced at the lowest possible cost

Scarcity = unlimited wants exceeds limited resources

If you want to learn more check out How many micrograms are in 65.3kg?

Trade-off = due to scarcity, producing more of one good or service means producing less of another

Don't forget about the age old question of uiuc stat 100
Don't forget about the age old question of using microbes to detoxify a site contaminated with heavy metals is an example of ______.

Voluntary exchange = a situation that occurs in markets when both the buyer and seller of a product are made better off by the transactionDon't forget about the age old question of math 226 sfsu
We also discuss several other topics like What is the meaning of domain?

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