×

### Let's log you in.

or

Don't have a StudySoup account? Create one here!

×

### Create a StudySoup account

#### Be part of our community, it's free to join!

or

##### By creating an account you agree to StudySoup's terms and conditions and privacy policy

by: Russell Thompson

14

1

2

Russell Thompson
USM
GPA 3.526

Get a free preview of these Notes, just enter your email below.

×
Unlock Preview

These are random notes from a previous class.
COURSE
Intro to Finance Accounting
PROF.
Amber Cole
TYPE
Class Notes
PAGES
2
WORDS
KARMA
25 ?

## Popular in Accounting

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.

## Popular in Accounting

×

×

×

### What is Karma?

#### You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

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

×

×

### BOOM! Enjoy Your Free Notes!

×

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

## Why people love StudySoup

Steve Martinelli UC Los Angeles

#### "There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Allison Fischer University of Alabama

#### "I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over \$600 per month. I LOVE StudySoup!"

Jim McGreen Ohio University

#### "Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

#### "It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!
×

### Refund Policy

#### STUDYSOUP CANCELLATION POLICY

All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email support@studysoup.com

#### STUDYSOUP REFUND POLICY

StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here: support@studysoup.com

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to support@studysoup.com