Studied by 4 people
Externality
________- impact of one persons actions on the well- being of a bystander.
Dr Wheeler
________ economics definition- the study of human behavior as to how we may best ameliorate the material aspects of the fall.
Liberal
________- treating everyone equal human beings.
Perfect competition
________- particular market where there are many buyers and sellers.
Elasticity
________- responsiveness of the variable (dependent) to change in another variable (independent)
Institution
________- durable forms of common life, framework /structures of what we do together.
dignity
Market- institution that emerges when people are treated with respect and ________ and are provided with freedoms.
Lionel Robbins
________ economics definition- human behavior as a relationship between ins and scarce means which have alternative uses.
Microeconomics
________- study of how households /firms make decisions and interact in specific markets.
Oikos
________- of certain affinity, a dwelling.
Trade
________ is based if comparative advantage.
Adam Smith
________- father of economics.
Absolute advantage
________: producing good or service at the lowest money cost, using the fewest resources possible.
Normative statements
________- claim about how the world should be.
Positive statements
________- claim about how the world is.
Comparative advantage
________- producing good or service at the lowest opportunity cost.
Status analysis
________- everything remains equal and we study status at different points in time.
Point elasticity formula
________: multiply the slope of the demand curve by the ratio of price to quantity at the specific point on the demand curve.
Liberal
treating everyone equal human beings
Subdue
tread down, bring into bondage (kabash, radah)
Abad
work
Shamar
keep
Celeris peribus
everything equal
Institution
durable forms of common life, framework/structures of what we do together
Autarky
no trade, independence
Fungible
you can divide it as many times as you want
Concrete
place, Dons Market
Abstract
emergent institution
Perfect competition
particular market where there are many buyers and sellers
Adam Smith
father of economics
Knowledge problem Hayek
households and economics are different
Market
institution that emerges when people are treated with respect and dignity and are provided with freedoms
Microeconomics
study of how households/firms make decisions and interact in specific markets
Positive statements
claim about how the world is
Constrained
liberal
Unconstrained
conservative
Factors that determine price demanded
price, income, price of related goods, quality
Absolute advantage
producing good or service at the lowest money cost, using the fewest resources possible
Comparative advantage
producing good or service at the lowest opportunity cost
Elasticity
responsiveness of the variable (dependent) to change in another variable (independent)
Point elasticity formula
multiply the slope of the demand curve by the ratio of price to quantity at the specific point on the demand curve
Income elasticity
change in quantity demanded/change in income
Cross price elasticity
change in demand/change in price
Price elasticity of supply
change in quantity supplied/change in price
Note 
Flashcard (121)