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Fundamentals of Economics

by: Grayce Heidenreich

Fundamentals of Economics EC 205

Marketplace > North Carolina State University > Economcs > EC 205 > Fundamentals of Economics
Grayce Heidenreich
GPA 3.84


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Class Notes
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This 49 page Class Notes was uploaded by Grayce Heidenreich on Thursday October 15, 2015. The Class Notes belongs to EC 205 at North Carolina State University taught by Staff in Fall. Since its upload, it has received 38 views. For similar materials see /class/223928/ec-205-north-carolina-state-university in Economcs at North Carolina State University.


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Date Created: 10/15/15
Entrepreneurship Coordinate Effo rt Sale Pro du ction Growth Human Capital Knowledge Wo rker Education Skills Experience Microeconomics m Effort Human Physical Mental Services Physical Capital Objects Human Produce Physical Experience Microeconomics Production Possibilities Curve Curve Possible Combinations Productive Services Natural Resources Nature Goods Education Services Natural Microeconomics Market Arrangement Sell Services Exchanges Product Positive Economics Analysis Question Flexible What Be Microeconomics 4 Ceteris Paribus Latin Economics Flexible What Variables Marginal Change Value Question Change Different Small Microeconomics Normative Economics Analyses Question Answers What Variables Variable Value Measure Change Different Small Microeconomics Macroeconomics Large Government Economy Different Opposite Opportunity Cost Measure Consumers Different Choices Variables Microeconomics Marginal Benefit Bene t Increase Extra Choices Variables Marginal Cost Extra Cost Increase Different Activity Microeconomics Diminishing Returns Input Increase Fixed Decreasing Output Total Product Curve Relationship Quantity Labor Output Curve Microeconomics Short Run Opposite Small Long Walk Tall Long Run Short Run Opposite Output Exercise Microeconomics 10 Spillover Cost Bene t Produce Consume Cooking Nominal Value Money Value Real Face Cash Microeconomics 11 Real Value Real Worth Money Goods Buy Positive Relationship Plus Relationship Increase Value Variable Microeconomics 12 Negative Relationship Variable Increase Opposite Relationship Negative Slope of a Curve Slope Curve Line Graph Variable Microeconomics 13 Law of Demand Price Law Demand Fixed Variable Substitution Effect Change Consumption Price Goods Effect Microeconomics 14 Income Effect Consumption Consumer Supply Schedule Table Numbers Relationship Fixed Effect Microeconomics 15 Law of Supply Higher Law Quantity Supply Consumer Market Eguilibrium Pro duct Market Pres sure Dem an ded Quantity Microeconomics 16 Excess Demand Situation Price Consumers Sell Buy Excess Supply Situation Price Consumers Sell Buy Microeconomics 17 Normal Good Good Increase Consumers Demand Products Substitutes Price Replacement Pressure Demanded Goods Microeconomics 18 Complements Goods Increase Price Demand Replacement Inferior Good Increase Products Decrease Demanded Goods Microeconomics 19 Change in Supply Change Supplied Price Shift Graphically Elastic Demand Elasticity Products Price Demanded Goods Microeconomics 2O Inelastic Demand Opposite Elasticity Products Price Demanded Explicit Cost Cash Actual Payments Demanded Inputs Microeconomics 21 Implicit Cost Opportunity Elasticity Cost Nonpurchased Opposite Economic Cost Explicit Actual Implicit Demanded Cost Microeconomics 22 Total Product Curve Curve Relationship Quantity Labor Opposite Fixed Cost Depend Quantity Variable Total Cost Microeconomics 23 Total Variable Cost Fixed Changes Variable Output Opposite Average Fixed Cost Fixed Quantity Pro du ced Divided Co st Microeconomics 24 LongRun Total Cost Pro du ction Flexible Inputs Output Opposite Total Revenue Money Pro du ct Sell Price Quantity Microeconomics 25 Economic Profit Revenue Cost Total Minus Opposite Monopoly Firm Control Sell Price Quantity Microeconomics 26 M Exclusive Particular Good Period Opposite Public Good Available Everyone Consume Price Free Microeconomics 27 Private Household Particular Single Consumed Opposite Excess Demand More Want Need Surplus Price Microeconomics 28 Inferior Good Increase Product Lesser Item Income Trade Off Compromises Scarcity Alternatives Substitutes Give Up Microeconomics 29 Elasticity Responsiveness Change Consumer Demand Competition Inferior Goods McDonald s Cheap Burgers Inexpensive Goods Low Income Low Quality Microeconomics 30 Average Variable Cost Quantity Pro duct Total Amount Output Perfectly Inelastic Zero In nity Ho rizontal Vertical Elastic Microeconomics 31 Long Run Costs Short Run Production Capacity Economy Scale Deadweight Loss UnderOver Pro du ce External Minimum Price Microeconomics 32 Producer Surplus Marginal Co st Bene t Market Price Complementary Goods Substitute Demand Proportional Price Microeconomics 33 Fixed Cost Same Short Run Quantity Pro t Revenue Elasticity Response Demand Percent Change Perfect Inelastic Microeconomics 34 Income Money Wages Salary Tax Pay Microeconomics Markets Pro du ction Supply Dem and Individual Microeconomics 35 Implicit Cost Labor Money Resources Material Opportunity m Satisfaction Indifference Curve Budget Line Income MRS Microeconomics 36 Marginal Productivity Extra Employment Pro du ction Unit Input Long Run Costs Inputs Pro du ction Flexible Variable Capacity Microeconomics 37 Economics Macro Micro Growth Markets Class W Supply Dem and Price Quantity Equal Microeconomics 38 Demand Consumer Need Supply Want Equilibrium Opportunity Cost Time Trade Off Chance Income Return Microeconomics 39 Budget Line Combination Goods Purchase Income Money 1AM Land Labor Capital Time Raw Material Microeconomics 40 Unit Elastic Elasticity of Demand One Housing Slope Response Total Revenue Price Quantity Pro t Sales Pro t Microeconomics 41 Substitute Goods Replace Alternative UN C Subway Pepsi Total Revenue Price Quantity Sales Money Maximize Microeconomics 42 Opportunity Cost Trade off Sacri ce Something Resources Limited Total Profit Price Quantity Sales Elasticity Microeconomics 43 Cross Price Elasticity Demand Price Quantity Good Exy Marginal Cost Additional Unit Producer Increase One Microeconomics 44 Total Surplus Consumer Producer Surplus Cost Marginal Bene t Total Variable Cost Depends Pro du ce Firms Output Changes Microeconomics 45 PL t Gain Extra Leftover Money Make Nominal Value Face Value Real Value Purchasing Power Money Cash Microeconomics 46 Demand Price Supply Economics Equilibrium Surplus Economies of Scale Produce Average Total Decline Cost Microeconomics 47 Marginal Cost Change Cost Output Total Quantity Diseconomies of Scale Average Cost Negative Long Run Output Pro du ction Microeconomics 48 Producer Surplus Supply Marginal Cost Price Product Difference Scarcity Resources Limited Trade off Shortage Natural Microeconomics 49


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