Textbook Notes for Economics at University of Maryland (UMD)

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UMDECON 200Cindy ClementsFall

ECON 200 Chapter 1: Economics and Life

OC4135473 Page
25 Feb 2015
217
Economics- the study of how people, individually, and collectively, manage resources. Microeconomics- the study of how individuals and firms manage res
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 5: Ebay, Deadweight Loss, Economic Surplus

OC4135472 Page
25 Feb 2015
53
Willingness to pay (reservation price)- the maximum price that a buyer would be willing to pay for a good or service. Willingness to sell- the minimum
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UMDECON 201SarnaSpring

ECON 201 Chapter Notes - Chapter 10: Gross Domestic Product, Seasonal Adjustment, Intermediate Good

OC4135474 Page
2 Mar 2015
77
Total income of everyone in the economy. Total expenditure on the economy"s output of goods and services. For an economy as a whole, income must equal
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter 6: Government Intervention

OC4135476 Page
25 Feb 2015
61
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UMDECON 200Robert SchwabSpring

ECON 200 Chapter Notes - Chapter 12: Average Cost, Marginal Cost, Marginal Product

OC7726972 Page
18 Apr 2016
29
Fixed costs: stays the same regardless of how much is produced. Variable costs: costs that depend on the level of production. Total revenue: the amount
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 17: Autarky, Economic Surplus, Factor Endowment

OC4135479 Page
2 Mar 2015
245
Absolute advantage- the ability to produce more of a good than others with a. Comparative advantage- the ability to produce a good or service at a lowe
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 14: Perfect Competition, Predatory Pricing, Demand Curve

OC4135474 Page
25 Feb 2015
45
Monopoly- a firm that is the only producer of a good or service with no close. Perfect monopoly- controls 100% of the market in a product. Scarcity in
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 3: Opportunity Cost, Microeconomics, Takers

OC4135475 Page
25 Feb 2015
35
Market economy- an economy in which private individuals, rather than a centralized planning authority, make the decisions. Market- buyers and sellers w
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UMDECON 200Robert SchwabFall

ECON 200 Chapter Notes - Chapter 20: Progressive Tax, Vale Limited

OC11392883 Page
25 Sep 2016
14
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UMDECON 200Cindy ClementsFall

ECON 200 Chapter Notes - Chapter 8: Behavioral Economics, Sunk Costs, Cognitive Bias

OC4135472 Page
25 Feb 2015
115
Chapter 8: behavioral economics: a closer look at decision making. Behavioral economics- a field of economics that draws on insights from psychology to
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UMDECON 305Dr.NeriFall

ECON 305 Chapter Notes -Nominal Rigidity, Aggregate Supply, Market Clearing

OC2590813 Page
11 Mar 2014
20
P= price level: output deviates from its natural level when the price level deviates from the expected price level. Sticky price model: emphasizes the
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UMDECON 200Dr.NeriFall

ECON 200 Chapter Notes - Chapter 20: Marginal Utility, Political Philosophy, Negative Income Tax

OC2590812 Page
11 Mar 2014
19
Poverty rate: percentage of the population whose family income falls below an absolute level called the poverty line. Poverty line: absolute level of i
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