ch 4.txt

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markdoronio
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ch 4.txt
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2011-07-06 20:56:39
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  1. empirical investigation
    the observation are empirical, theoritical, and historical
  2. time series data
    observation and recording of the specific phenomena of concern
  3. theoretical investigation
    analysis based in absract thought
  4. historical investigation
    study of past events
  5. supply curve
    a curve indicating the quantities that sellers are willing to suply at various prices
  6. positive of direct relationship
    the relationship between two variable when an increase in one is associated with an increase in the order
  7. market supply
    supply from all sellers in the market
  8. individual supply
    supply from one individual seller
  9. change in quantity supplied
    movement along a supply curve in response to a price change
  10. ceteris parabis
    a latin phase meaning "other things equal" or "all else constant"
  11. change in supply
    a shift of the supply curve in responsr to some determinant other than price
  12. nonprice determinants of supply
    everuthing affecting the quantity supplied, exempt the price for which the product can be sold
  13. demand curve
    a curve indicating the quantities that buyers are ready to purchase at various prices
  14. effective demand
    the desire for a product that can be translated into purchasing behavior because it is backed up by enough money to pay the going price
  15. negative or inverse relationship
    the relationship between variables if an increase in one is associated with a decrease in the other
  16. market demand
    the demand from all buyers in the market
  17. individual demand
    the demand from one individual buyer
  18. change in quantity demanded
    movement along a demand curve in response to a price change
  19. change in demand
    a shift of the demand curve in response to some determinant other than price
  20. derived demands
    demand for an input that is based on demand for the output it will help to procedure
  21. nonprice determinants of demands
    everything affecting the quantity for which there is effective demand, except the price for which the product is being sold
  22. substitute good
    a good that can be used in place of another good
  23. complementary good
    a good that is used along with another good
  24. surplus
    situation in which the quantity that sellers wish to sell at the stated price is greater than the quantity that buyers will buy at that price
  25. shortage
    a situation in which the quantity that buyers wish to buy at the stated price is greater than quanitity that sellers are willing to sell at that price
  26. equilibrium
    a situation of rest, in which there are no forces that create cahnge
  27. market clearing equilibrium
    situation in which the quantity supplied is equal to the quantity demanded
  28. theory of market adjustment
    the theory that market forces will tend to make shortages and surpluses disappear
  29. market disequilibrium
    situation of either shortage or surplus
  30. static model
    a model that ignores time, implicitly assuming that all adjustments occur instantaneously
  31. signaling function of markets and prices
    to carry information throughout the ecnomy
  32. rationing function of markets and prices
    to determine who gets what
  33. market incentives
    market signals that motiveate economic actors to change their behavior(perhaps in the direction of greater economic efficiency)
  34. inadequency
    a situation in which there is not enough of a good or service, provided at prices people can afford, to meet minimal requirements for human well-being
  35. precise
    describes something that is exact (though it may be unrealistic)
  36. accurate
    describe something that is correct (even if only in a general way)
  37. price floor
    a law or agreement that puts a lower limit on prices
  38. price ceiling
    a law or agreement that puts an upper limit on prices
  39. cartel
    a group of procedures who mutually agree to limit their production in order to sustain a price floor

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