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ECON 1010
Sadia Mariam Malik

Profit total revenue which is price x quantity total costCHAPTER 1 factors of production land labour capital entrepreneurship positive statements can be tested by checking it against facts normative statements how things ought to be involves judgments cannot be testedCHAPTER 2 opportunity cost what you give up delta y what you gain delta x factors that influence economic growth technological change and capital accumulation complimentary social institutions firms markets property rights moneyCHAPTER 3relative price ratio of money price to the money price of the next best alternative good demand entire relationship bw price of the good and quantity demanded quantity demanded amount that consumers are willing and able to purchase law of demand higher the price of a good the smaller is the quantity demanded and the lower the price of a good the larger is the quantity demandedresults from substitution effect and income effect factors that change demand prices of related goods expected future prices income expected future income and credit population preferences supply entire relationship bw the quantity supplied and the price of a good quantity supplied amount that producers plan to sell during a given time period at a particular price law of supply the higher the price of a good the greater is the quantity supplied and the lower the price of a good the smaller is the quantity supplied factors that change supply of a good prices of factors
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