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114 Cards in this Set
- Front
- Back
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What are the core questions in Economics
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What to produce
How to produce For whom to produce |
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What are the major factors of production
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Limited Land & Natural
Labor Capital Entrepeneurship |
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Limited Land and Natural Resources
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Air metal water
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Labor
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Quantity- # of ppl put to work
Quality- Education, training, skills |
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Capital
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Final Goods
Things you produce which are used in further production. Ex. tools, machines, equipment, etc. |
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Define and explain the concept of opp cost
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-Way of measuring scarcity
-Cost: everything requires a use of resources -What is given up to obtain something else -The most desired goods and services that are foregone in order to obtain something else. |
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What is the opportunity cost of attending a one hour econ 201 lecture?
Starting salary- 59,000/yr Total Hours- 50hrs/week for 50 weeks 2500 hrs |
OC- Total Salary/Total Hours
59,400/2500= $23.75 |
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Define and graph and economys production possibilities
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Scarcity
When imputs are limited they limit your outputs Lead to Opp costs. (make choices) |
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What are the implications of scarcity?
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The implications are that you will make a decision about opporutnity costs and what you want to sacrifice to gain in another area.
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Why do opp costs increase with greater production.
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Difficulty shifting resources
(If want mroe education prudction then decrease healthcare) -Different mixes/intensities of resources (One area may require more resources tahn another) |
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Define Efficiency
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A question/issue of how we use our current resources
-How much resources are we using? -How much is going to waste? |
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Efficient
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Producing a maximum combination of output
-If producing a max it implies you have 100 percent resource usage Cure represent the maximum |
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Inneficient
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Suboptimal combination of output
-You could produce more from resources -Incomplete resource usage -Any points inside the curve |
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Illustrate the concept of opp cust using a production possibilities diagram
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draw
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Illustrate economic growth using a production possibilities diagram
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draw
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Define Economic Growth and Decline
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The question/issue in changes in your pool of resources
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Define Economic Decline
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The decrease in production possiblities due to decrease in resources
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Define Economic Growth
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The increase of production possibilities due to longterm increase in resources.
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Example of Economic Growth
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Population Growth
More people, more labor, more production -Immigration, bettter techonology, increase in land productivity, increase in educational attainment. |
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Example of Economic Decline
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Decrease in population, emigration, natural disasters, decrease in educational attainment, wars
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Illustrate economic growth using a production possibilities diagram.
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draw
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What are the major topics and perspectives within microeconomics?
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1.National Production (GDP)
2.National Income (total income. Hwere coming from?) 3. National unemployment 4.Inflation |
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What are the major topics and perspectives within macroeconomics?
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1. Production by individual markets (pay attention to certain sector)
2.Income and wealth distribution (ed. break down by age, education, gender, race, religion) 3. Sectoral Employement (employment rates in each sector) 4. Individual (Ex. why price of housing dropped) |
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What is a market?
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A place or situation where an economic exchange occurs (exchange for money)
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2 Types of Markets
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Product market- Money exchanged for final goods & services
Factor Market- exchange of resources *Intertwined into each other |
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2 Different groups of people in a market
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Demand-Behavior and decisions of people who are buying (consumers)
Supply- Sellers or producers of a good or service |
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Define Demand
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Ability and willingess to buy specific quatities at alternative prices
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Explain the assumption of ceterus paribus
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All else is constant
Nothing else is changing Ex. qualitiy, brand, income |
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What is the relationship between price and quantity-demanded
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Change ig price affects how much you are willing to purchase at a certain price
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Illustrate a demand schedule using a graph
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draw
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What are the determinats of demand. Example how each factor affects demand
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1.Tastes and Preferences
2.Income 3.Expectations (Assesing in future how prices will change) 4.Price and Availability of Other Goods and Services (different substitutes) 5. Number of Buyers |
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Increase in Demand
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In crease in income
Increase in taste Increase in prices of substitutes Decrease prices of compliments Increase in number of buyers |
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Decrease in Demand
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Decrease in income
Decrease in Taste Decrease in prices of substitiues Increase in price of compliments Decrease in number of buyers |
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Movement In Demand Curve
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Price change for the product in question
Ex. change in price of one music itunes download |
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Shift in Demand Curve
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Change in determinates
An increase of decrease in QD at every price A change in demand |
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How do economists define Market Demand
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The sum of all individual demand schedules (sum of all QD @ every price)
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Illustrate a change in quanitity demanded using a graph
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draw
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Illustrate a shift in demand using a graph
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draw
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Define Supply
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The ability and willingess to supply to sell a specific quantity of a good or service at alternative prices
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What is the relationship between price and quantity-supplied
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Changes in determinates changes supply
A change in QS at every price |
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Decrease in Supply
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Increase Factor Costs
Decrease Acces to Technology Increase taxes and regulations Decrease subsidies Decrease number of sellers |
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Increase in Supply
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Decrease Factor Costs
Increase Access to Tech Decrease taxes and regulations Increase subsidies Increase number of sellers |
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Movement in Supply
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Price change for the product in question
Change in quantity supplied |
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Shift in Supply
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A change in QS at every price
A change in supply |
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How do economists explain Market Supply
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The sum of all individual supplies
The sum of all QS at every price |
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Illustrate a supple schedule using a graph
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Draw
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What are the determinants of supply? Explain how each factors affects supply
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Access to Technology
Factor costs (resource investments) Other profit opportunities Taxes, regulations, subsidies Producer expectations Number of sellers |
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Illustrate a change in quantity-supplied using a graph
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draw
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Illustrate a shift in supply using a graph
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draw
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Define Equilibrium
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Price at which a QD=QS
P* & Q* The market clearing price |
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Illustrate equilibrium using a graph
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draw
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What is a surplus?
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A lot of supply with less consumption
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How does a surplus occur?
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When too much supply is produced and it is not demanded.
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Illustrate a surplus using a graph.
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draw
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What is the solution to a surplus? How does this solution correct a surplus?
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-To decrease the price
-It increases quantity-demanded and decreases quantity-supplied |
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What is a shortage?
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A lot of demands with little supply
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How does a shortage occur?
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It occurs when something is highly demanded but there is not a lot of quantity
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Illustrate a shortage using a graph
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draw
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What is the solution to a shortage? How does this soluation correct a shortage?
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-To increase the price
-It increase quantity-supplied and decreases quantity-demanded |
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What is a price floor?
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Lower limit on the price of a good or service
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What is the effect of price floor on a market?
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Pf > P* (higher than the market price)
Effect= market surplus Qs>Qd Ed. mimimum wage laws |
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What is a price ceiling?
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Upper limit set on a price
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What is the effect of a price ceiling on a market?
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Pc < P*
Effect= market shortage Qd > Qs Ex. rent control laws in NY |
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Illustrate the effects of a demand shift on market equilibrium using a graph.
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draw
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Compact bone
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made up of many cylindrical unites formed around a central canal
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osteoporosis
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cartilage worn away by over use
bone spurs can form |
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Compact bone
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made up of many cylindrical unites formed around a central canal
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osteoblasts
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build bones up
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osteoporosis
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cartilage worn away by over use
bone spurs can form |
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Osteoclasts
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breaks bone down
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osteoblasts
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build bones up
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red marrow
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occurs in spongy bone of some bones
Stem cells produce blood cells |
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Osteoclasts
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breaks bone down
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yellow marrow
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fills cavities of adult long bones
is largely fat |
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red marrow
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occurs in spongy bone of some bones
Stem cells produce blood cells |
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Sinuses
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warm moist environment
proximity to naval cavity |
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yellow marrow
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fills cavities of adult long bones
is largely fat |
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ligament
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bone to bone
dense connective tissue elastin fibers |
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Sinuses
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warm moist environment
proximity to naval cavity |
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tendon
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dense connective tissue
collagen fibers stronger |
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ligament
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bone to bone
dense connective tissue elastin fibers |
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Synovial joint
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move freely
ligaments connect bones |
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tendon
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dense connective tissue
collagen fibers stronger |
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Synovial joint
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move freely
ligaments connect bones |
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Sarcomere
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myofibril made up of thick and thin filaments
arranged in sacromeres smallest subunit that makes up a muscle |
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actin
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In this muscle microfilament
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myosin
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In thick muscle microfilament
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troponin and tropmyosin
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Bind to actin
Signal from brain that tells muscle to contract Grab ends and pulls actin in to contract |
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skeletal muscle
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supports body and allows movement
stablize joints and protects organs contracts assit movement maintain body temp Slow and fast twith muscle |
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Slow Twitch
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many capillaries
contracts slowly can sustain contraction long distance running |
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Fast twitch
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fewer capillaries
contracts quickly cannot sustain contraction sprinter |
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Pharynx
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Throat
Decides where food goes |
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larynx
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voice box
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trachea
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wind pipe
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Bronchi (bronchioles)
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Trachea branches into two of these
Then branches into smaller |
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epiglottis
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Opening between the vocal cords which produce sound
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vocal cords
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Stretch
Position of the cors varied makes different sounds |
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Alveoli
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Air ends in alveoli
Where gas exchange occurs |
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carbon monoxide
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Colorless odorless gas
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apnea
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Breathing stops and starts
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Bronchitis
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Irritaion of ciliated epithelium that lines the bronchole walls
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emphysema
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irreversible breakdown in alveolar walls
lungs become inelastic |
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Pericardium
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surrounds the heart
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myocardium
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beneath the heart
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arteries
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take blood away
main transporters of oxygenated blood |
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veins
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brings blood to heart
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systole
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Peak blood pressure
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diastole
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Lowest blood pressure
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coronary arteries
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Blood vessels that serve the heart muscle
Lie on exterior surface of the heart Small diameter May become clogged-drpriving heart of blood |
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athlerosclerosis
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Arteries thicken
Lose elasticity and fill up with cholestoral and lipids High LDL level increases risk |
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Blood plasma
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mostly water
some protein hormones and antibodies are here lighter |
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hemoglobin
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colored red by oxygen
Binding pigment |
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Anemia
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Not able to carry oxygen enough
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platelets
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Fragments of cells
Membrane bound cell fragments arise from stem cells release substances that initiate blood clotting |
