Microeconomics Supply and Demand and Price - 5551 Words

CHAPTER 1: Resource Utilization amp; Economics Part I: Identification Directions: Fill in the blanks. ____________________ 1. Refers to the scarce resources in demand. ____________________ 2. Considered the father of economics. ____________________ 3. The Greek word for economics. ____________________ 4. Developed the theory of political economy. ____________________ 5. Considered as the bible of economics. ____________________ 6. Developed the concept of IS-LM model. ____________________ 7. Refers to economics â€Å"as it is†. ____________________ 8. Science that manages limited resources in demand. ____________________ 9. Developed the theory of money, employment and interest. ____________________ 10. Refers to economics â€Å"as it should be†.†¦show more content†¦Part III: Definition of Terms. 1. Economics – the efficient allocation of the scarce means of production toward the satisfaction of human needs and wants. 2. Microeconomics – the branch of economics, which deals with the individual decisions of units of the economy – firms and households, and how their choice determine relative prices of goods and factors or production. 3. Macroeconomics – the branch of economics that studies the relationship among broad economic aggregates like national income, national output, money supply, bank deposits, total volumes of savings, investment, consumption expenditure, general price level of commodities, government spending, inflation, recession, employment, and money supply. 4. Capitalism – economic system that is based on private ownership of the means of production and the creation of goods and services for profit. 5. Communism – a revolutionary socialist movement to create classless, money less, and stateless social order structured upon common ownership of the means of production as well as social, political and economics ideology. 6. Mixed Economy – economy that applies a mixture of three forms of decision-making. 7. Equity – justice and fairness. 8. Land – refers to all natural resources, which are given by, and found in nature, and are, therefore, not manmade. 9. Production – the problem of production is generally a concern of producers. They determine the needs, wants, and demands ofShow MoreRelatedThe Demand And Supply Theory Of Microeconomics1055 Words   |  5 Pagesscience and is central to the concerns and problems around the globe† (2003). Microeconomics covers the micro aspects viz. fundamentals, elements of demand and supply, costs, production formation, revenue, markets etc. (Samuelson and Nordhaus, 2003). With that being said, a good knowledge of these above listed aspects is necessary for management students as well as managers. Therefore, a thorough understanding of microeconomics and its principles is vital for effective decision-making. However, sinceRead MoreSupply and Demand Simulation983 Words   |  4 Pages   ECO365 Supply and Demand Simulation Student Name ECO/365 – Principles of Microeconomics Instructor Name Date Introduction Supply and Demand is a phrase that every one hears in one way or another, Supply and demand phrase according to Colander, (2010) is the most used phrase by economist and the reason is because the phrase provides a good â€Å"off-the-cuff† answer for many question that have to do with economy. Example why are interest rates to Low? Because supply and demand. Why is GasolineRead MoreLaws of Supply and Demand1244 Words   |  5 Pages Microeconomics and the Laws of Supply and DemandECO/365October 13, 2014Professor CoulibalyComedian P.J. O’Rourke said it best when he said, â€Å"microeconomics concerns things that economists are specifically wrong about, while macroeconomics concerns things economists are wrong about generally. 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