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Sample Upload

by: Russell Thompson

Sample Upload ACC 200

Russell Thompson
GPA 3.526

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These are random notes from a previous class.
Intro to Finance Accounting
Amber Cole
Class Notes
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This 2 page Class Notes was uploaded by Russell Thompson on Friday August 19, 2016. The Class Notes belongs to ACC 200 at University of Southern Mississippi taught by Amber Cole in Fall 2016. Since its upload, it has received 14 views. For similar materials see Intro to Finance Accounting in Accounting at University of Southern Mississippi.


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Date Created: 08/19/16
MICRO Chapter 1 Chapter 2  Positive economics- stating the fact, using statistics, no opinion  Normative economics- use of opinion  P↑=Qd↓  Education = Wh  Efficiency- positive profit  Circular flow- **See handwritten notes**  Demand and Supply Theory  Ceteris Paribus- all else is equal  What you produce is limited by resources - Production Possibilities Frontier- shows all possible input - **See handwritten notes**  PPF is affected by tradeoff.  Capital goods are not for sale. Capital goods are used to create the “final goods”. Chapter 3  Absolute Advantage  Comparative Advantage  Tina and James ex. - Wool and Meat - In one day: Tina can produce 3 pounds of wool and 10 pounds of meat. James can produce 2 pounds of wool and 5 pounds of meat. - Tina has advantage. (Uses same amount of resources and produces more goods.) - ** See handwritten notes for graphs** Summary  Demand - Price – Quantity Demanded - Income – Type of the good – 1) Normal 2) Inferior - Tastes/Preference - Price of other goods – 1) Substitutes 2) Compliments - # of households ** See handwritten notes for graphs**  Law of Supply – it shows us the positive relationship b/w quantity supplied and price.  Quantity supplied = it is a point on the supply curve. It shows the level of supply of a particular price level.  Supply – it is a schedule. (various prices) ** see handwritten notes**  Factors Affecting Supply - 1) Price – movement along the supply curve. - 2) Cost of Production (COP) – **handwritten notes** o Price of inputs o Availability of inputs o Technology - 3) Price of other products (related goods) o If there is a product with higher price = Supply ↓ - 4) Expectations **see handwritten notes**  Market Equilibrium and changes in the Supply and/or Demand. ** Examples in handwritten notes (Examples similar to questions on test) ** Chapter 5  Elasticity of Demand – Responsiveness (to price change)  Determinants of Elasticity - Necessity vs. Luxury - Availability of Substitutes - Passage of Time - Definition of Market (Narrow- Broad) (Ice Cream – Food) no substitute for food- inelastic - Fraction of Consumer Budget (How much you spend) Big fraction, elastic.  Necessity – Demand is less elastic.  More substitutes ( # of subs increase) – more elastic  Longer time – Demand is more elastic  Market is narrow – more elastic  Fraction in your budget is high – demand is more elastic ** See hand written notes ** (Ch 5)  Summary of Ed and TR relationship


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