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Recommended textbook solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Essentials of Investments7th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 425 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Principles of Economics2nd EditionDavid Shapiro, Steven Greenlaw Upgrade to remove ads Only ₩37,125/year
Terms in this set (21)Production Possibilities Frontiers and Opportunity Costs A curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. PPF's with straight line Constant marginal opportunity cost PPF's with bowed outward Represent increasing marginal opportunity costs PPF & OPPORTUNITY COST Lead to economic growth Changing resources and technology Economic Growth The ability of the economy to increase the production of goods and services When the PPF is bowed outward Increasing the production of one product involves sacrificing increasing amounts of the alternative product Labor Physical actions of humans needed to produce a product Physical Capital Any manufactured resource needed to produce a product Trade Act of buying or selling Direct Trade Occurs when one good or service is exchanged for another good or service Indirect Trade Occurs when one good or service is exchanged for money and that money is exchanged for another good or service. Absolute Advantage Ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same resources. Comparative Advantage Ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors. Opportunity cost is measured by The slope of a country's PPF Market Group of buyers and sellers of a good or service and the institution or arrangement by which they come together. Product Market Market for goods, such as computers, or services, such as medical treatment. Factor Market Market for the factors of production, such as labor, capital, land, and entrepreneurial ability. Market system Link between the marks can be shown with the circular flow diagram Free Market Exists when the government places few restrictions on how goods and services can be produced or sold or on how factors of production are employed. Two conditions for free market to work 1. Prices must be flexible and free to adjust up or down (competitive market) Sets with similar termsMacroeconomics: Chapter 216 terms WiktorB Macroeconomics Chapter 2: Trade-Offs, Comparative…15 terms tyguy2473 Microecon. Chapter 215 terms brathgeb Economics Chapter 1 and 236 terms missysipa Sets found in the same folderMicroeconomics Chapter 619 terms ernie65 Microeconomics Chapter 1 Vocab37 terms emsybythesea Microeconomics Chapter 510 terms Kelly_Brockett Microeconomics Chapter 3 Vocabulary23 terms maiwhite98 Other sets by this creatorMicroeconomics Chapter 417 terms Ashlyn_Zajac Microeconomics Chapter 333 terms Ashlyn_Zajac Microeconomics Chapter 117 terms Ashlyn_Zajac Verified questions
ECONOMICS Suppose that XTel currently is selling at $40 per share. You buy 500 shares using$15,000 of your own money, borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 8%. What is the percentage increase in the net worth of your brokerage account if the price of XTel immediately changes to (i) $44; (ii)$40; (iii) $36? If the maintenance margin is 25%, how low can XTel’s price fall before you get a margin call? Verified answer
ECONOMICS How can full employment be a problem? What issues arise when the economy reaches full employment? Verified answer
ECONOMICS A sample of 49 observations is taken from a normal population with a standard deviation of 10. The sample mean is 55. Determine the 99 percent confidence interval for the population mean. Verified answer
ECONOMICS Matthew and Susan are both optimizing consumers in the markets for shirts and hats, where they pay $100 for a shirt and$50 for hat. Matthew buys 4 shirts and 16 hats, while Susan buys 6 shirts and 12 hats. From this information, we can infer that Matthew’s marginal rate of substitution is ______ hats per shirt, while Susan's is _______. a. 2, 1 b. 2, 2 c. 4, 1 d. 4, 2 Verified answer Recommended textbook solutionsPrinciples of Microeconomics7th EditionN. Gregory Mankiw 883 solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 883 solutions Brief Principles of Macroeconomics6th EditionN. Gregory Mankiw 338 solutions Essentials of Investments7th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 425 solutions Other Quizlet setsAims 9, 10, 1161 terms pbar12345 Bio Exam 3: Ch. 4167 terms Kaitlynd_Budzik CHEM EXAM 124 terms jensoto18 jh39 terms soveg Related questionsQUESTION What best describes what happens when a bacterial cell is placed in a solution containing 5% NaCl? 9 answers QUESTION If markets are perfectly competitive and production of a good results in water pollution, the imposition of a tax on the good will: 5 answers QUESTION In the long run, are costs fixed or variable? 15 answers QUESTION What is the main virulence factor of Strep Pneumoniae? 15 answers Is the ability of an individual a firm or a country to produce a good or service at a lower absolute cost than competitors?Absolute advantage The ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.
Is the ability of an individual a firm or a country to produce a good or service?Comparative advantage is the ability to produce a good or service at a lower opportunity cost than competitors. It is possible to have a comparative advantage in producing a good even if someone else has an absolute advantage in producing that good (and every other good).
Is the ability of a person or country to produce a good or service for the lowest opportunity cost?Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.
What does a countries ability to produce goods and services depend on?Principle #8: A country's standard of living depends on its ability to produce goods & services. The most important determinant of living standards: productivity, the amount of goods and services produced per unit of labor. Productivity depends on the equipment, skills, and technology available to workers.
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Is the ability of an individual firm or country to produce a good or service at lower opportunity cost than competitors quizlet?
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