ECO-3101 Study Guide - Midterm Guide: Marginal Utility, Cardinal Utility, Indifference Curve
Document Summary
Microeconomics eco 3101 study guide: analysis describing relationships of cause and effect: positive analysis. 2. analysis examining questions of what ought to be: normative analysis. 3. microeconomics deals with the behavior of small/single/individual economic actors: microeconomics. 4. in a _________ ________ prices are determined by the interaction of consumers, workers, and firms: market economy. 5. the collection of buyers and sellers that, through their actual and potential interactions, determine the price of a product or the set of the product: market. 6. boundaries of a market, both geographical and in terms of the range of products produced and sold within it: extent of a market. No single buyer or seller has a significant impact on the price. 8. price prevailing in a competitive market: market price. 9. relationship between the quantity of a good that producers are willing to sell and the price of the good. 10. relationship between the quantity of a good that consumers are willing to buy and the price of the good.
