All Educational Materials for Economics at University of South Florida

Mod 1 (ch1) 1.1) Economics - study of the choices people make to attain their goals, given their scarce resources. Marginal- extra or additional Marginal analysis- Analysis that involves comparing marginal benefits and mar...

Math Module (ch1 Appendix) Graphs: simplify economic ideas and make the ideas more concrete so they can be applied to real-world problems. 1-Variable Graphs: Bar graph, Pie chart, Time-series graph (shows on a coordinate g...

Consumers, Producers, and the Efficiency of Markets Welfare economics is the study of how the allocation of resources affects economic wellbeing equilibrium of a market maximizes the benefits received by parties in a marke...

Application: International Trade The Determinants of Trade o The price of a good or service that prevails in the world market of that good or service is called a world price. o When domestic markets have lower prices in co...

Ten Principles of Economics Societys resources must be managed because resources are scarce. o The limited nature of resources is referred to as scarcity. The study of how society manages its scarce resources is called eco...

The Design of the Tax System The Federal Government Individual income taxes are the single largest source of revenue for the federal government. The tax liability for each person or family is based on the total income. In ...

Saving, Investment, and the Financial System The group of institutions in an economy that help match an individuals savings with anothers investment is referred as the financial system. Financial Institutions in the U.S. E...

Theory of Consumer Choice The Budget Constraint: What the Consumer Can Afford o Budget constraints are limits on consumption bundles that consumers can afford. o An indifference curve graphically shows consumption bundles ...

Unemployment Unemployment is divided into two problems: longrun unemployment and shortrun unemployment. The natural rate of unemployment is the rate of unemployment that is normally experienced. It is not necessarily a des...

Earnings and Discrimination Some Determinants of Equilibrium Wages o Difficult and dangerous jobs tend to have greater equilibrium wages; the difference between wages that is resultant from nonmonetary characteristics in d...

Frontiers of Microeconomics Asymmetric Information o A difference in access to information on a relevant context is referred to as information asymmetry. Hidden actions occur when a person behaves in a way that is relevant...

Monopolistic Competition Between Monopoly and Perfect Competition Monopolistic competition is a market structure in which there are many firms selling a differentiated product. Entry and exit into and out of the market is ...

Money Growth and Inflation Money Supply, Money Demand, and Market Equilibrium The supply and demand for money determines the price of money. The price of money is the interest rate. The above figure shows how the supply an...

Supply, Demand, and Government Policies Controls on Prices o Governments sometimes impose legislated maximums for prices in markets called price ceilings. 1. Price ceilings that are placed above equilibrium prices are said...

The Market Forces of Supply and Demand Markets and Competition o Buyers as a group determine the demand of a particular good or service. o Sellers as a group determine the supply of a particular good or service. o Markets ...