ECON 101 Study Guide - Quiz Guide: Demand Curve, Time Horizon, Laundry Detergent
Document Summary
Chapter 04 prices: free controlled and relative. Chapter 05 supply demand and price: application. Lecture 2 basis for trade and economic systems. Lecture 3 trade and supply and demand. Lecture 4 supply and demand, consumer surplus, producer surplus, price controls. Lecture 5 elasticity and the tax incidence. Microeconomics: the branch of economics that deals with human behavior and choices as they relate to relatively small units (an individual, a firm, an industry, a single market). Microeconomics is not the economics of small countries! Macroeconomics: the branch of economics that examines the entire economy. In macroeconomics we can aggregate data to various levels such as: county. Scarcity: scarcity is a relative concept, scarcity drives choice. A situation in which resources are insufficient to satisfy all of our needs and desires. A resource put to use one way, can not at the same time be put to another use. Resources: available to a society fall into one of these.
