Econ 110, mid-term 1
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14 Terms
Macro Economics
Focused on the big picture
Micro
Focused on specific markets
Circular flow chart 2 different areas
Goods and services market, labor market
Positive
A true statment backed by facts
Normative
Based on opinion
Opp. Cost
What is lost when choosing one good over another. Cost of doing something plus what you would have lost
Demand Movements
Income
Complement
population
desires
expectations
Supply movement
input
tech
expectations
# sellers
production process
Elasticity demand
x < -1 elastic, x > -1 inelastic, x= -1 unit elastic
Supply elasticity
x negative inferior good, x positive normal good, x >1 luxury
Cross price
positive = substitues
negative = complaments
Utility
You enjoy doing the task which outweighs losses
Productivity
Opp. cost rises as you do more (efficiency limits)
Security
Comp. advantage may change
Note 
Flashcards (46)