Title: Economics Test 1 Sarah Nation Flashcards
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Content: Term
Pure Competition
Definition
a large number of independantly acting buyers and seller in a market place where no one producer can unduly effect that market. Term
Quantity Demanded
Definition
on a demand schedule, this is one amount that corresponds to one price. A change in price will change the quantity demanded. Term
Quantity Supplied
Definition
on a supply schedule, this is one amount that corresponds to one price. A change in price will change the quantity supplied. Term
Supply
Definition
a schedule showing a series of prices and quantities that producers would be willing and able to supply at a specific point in time. Term
_____________ costs are present in a PPF/PPC when resources are not perfectly shift-able from one product to another (Example: from beef production to wine production). Definition
increasing

Term
Robert Owen viewed social systems as primary in determining economic activity and he believed that ________ must be subordinated through government intervention. Definition
technology

Term
Any point outside a specific PPC/PPF describes a combination of goods which is not attainable (not sustainable) for a ______ run of production.