Chapter 9: MonopolyWhat is a Monopoly? Single seller Unique product Impossible entry into the market What are the most common Monopolies? Local monopolies are more common real-world approximations of the model than national or world market monopolies
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Chapter 8 Perfect CompetitionWho was Adam Smith? The father of modern economics who wrote The Wealth of Nations, published in 1776 What did Adam Smith say about Competitive Forces? They are like an “invisible hand” that leads people who simply pursue their own interests to serve the interests of society
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Chapter 7: Production CostsWhat is a basic assumption in economics? The motivation for business decisions is profit maximization To understand Profit, what is necessary? To distinguish between the way economists measure costs and the way accountants measure costs
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Chapter 6: Consumer Choice TheoryWhat is Util? A hypothetical unit used to measure how much utility a person obtains from consuming a good What is Utility? The satisfaction, or pleasure, that people receive from consuming a good or service
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Chapter 5: Price Elasticity of Demand and SupplyHow is the percent increase or decrease of two numbers calculated? Percent change is the difference between the two numbers divided by the original number Suppose the price of a rock concert increases by 10%, what effect will this have on sales? That all depends on the price elasticity of demand for this rock concert
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Appendix Chapter 4: Applying Supply and Demand Analysis to Health CareWhat does the demand curve for health care look like? It is downward sloping just as there is for other goods and services What does the supply curve for health care look like? It is upward sloping just like the supply for other goods and services
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Chapter 3: Market Supply and DemandWhat is the Law of Demand? The principle that there is an inverse relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus
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Chapter 2: Production Possibilities and Opportunity CostWhat are the three Fundamental Economic Questions? What to produce? How to produce? For whom to produce? What is Opportunity Cost? The best alternative sacrificed for a chosen alternative
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Appendix 1: Applying Graphs to EconomicsWhat is a Direct Relationship between two variables? When one increases, the other increases and vice versa What is the Slope of a line? The ratio of change in the variable on the vertical axis (the rise or fall) to change in the variable on the horizontal axis (the run).
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Chapter 1: Introducing the Economic Way of ThinkingWhat is the Economic Problem? Providing for people’s wants and needs in a world of scarcity What is meant by Scarcity? The condition in which wants are forever greater than the available supply of time, goods, and resources
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