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ExamNotesECON102.docx

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Department
Economics
Course
ECON 102
Professor
Dave Brown
Semester
Fall

Description
Chapter 1Aggregates total amounts or quantities aggregate demand for example is total planned expenditures throughout a nationCeteris paribus the assumption that nothing changes except the factor or factors being studied Chapter 2Productive possibilities curve PPC a curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given qualityLaw of increasing additional cost the fact that the opportunity cost of additional units of a good generally increases as society attempts to produce more of that good This accounts for the bowed out shape of the production possibilities curve Chapter 3Subsidy a negative tax a payment to a producer from the government usually in the form of a cash grant per unit Chapter 4Price ceiling a legal maximum price that may be charged for a particular good or serviceNon price rationing devices all methods used to ration scarce goods that are price controlled Chapter 5Antitrust legislation laws that restrict the formation of monopolies and regulate certain anticompetitive business practices Chapter 6Tax incidence the distribution of tax burdens among various groups in societyAd valorem taxation assessing taxes by charging a tax rate equal to a fraction of the market price of each unit purchasedStatic tax analysis economic evaluation of the effects of tax rate changes under the assumption that there is no effect on the tax base meaning that there is an unambiguous positive relationship between tax rates and tax revenuesDynamic tax analysis economic evaluation of tax rate changes that recognizes that the tax base eventually declines with ever higher tax rates so that the tax revenues may eventually decline if the tax rate is raised sufficientlyExcise tax a tax level on purchases of a particular good or serviceUnit tax a constant tax assessed on each unit of a good that consumers purchase Chapter 19Price elasticity of demand E the responsiveness of the quantity demanded Pof a commodity to changes in its price defined as the percentage change in quantity demanded divided by the percentage change in price
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