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MacroEcon test 1 | ECON 2010 - Principles Of Macroeconomics, Quizzes of Introduction to Macroeconomics

Southwest Tennessee Community College Introduction to Macroeconomics

Class: ECON 2010 - Principles Of Macroeconomics; Subject: Economics; University: Southwest Tennessee Community College; Term: Spring 2013;

Typology: Quizzes

2012/2013

Uploaded on 06/11/2013

bailey-reed 🇺🇸

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TERM 1

Profit

DEFINITION 1

The most important thing in business

TERM 2

Formula for profit

DEFINITION 2

total revenue- total cost= Profit

TERM 3

Formula for Total Revenue

DEFINITION 3

Price X Quantity = Total Revenue

TERM 4

Law of Demand

DEFINITION 4

Inverse or opposite relationship between price and quantity

demand

TERM 5

5 determinants of Demand

DEFINITION 5

#-Number of buyersT- TasteI- IncomeP- Price of related

goodsE- Expectations of future prices

MacroEcon test 1 | ECON 2010 - Principles Of Macroeconomics, Quizzes of Introduction to Macroeconomics

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TERM 1

Profit

DEFINITION 1

The most important thing in business

TERM 2

Formula for profit

DEFINITION 2

total revenue- total cost= Profit

TERM 3

Formula for Total Revenue

DEFINITION 3

Price X Quantity = Total Revenue

TERM 4

Law of Demand

DEFINITION 4

Inverse or opposite relationship between price and quantity

demand

TERM 5

5 determinants of Demand

DEFINITION 5

#-Number of buyersT- TasteI- IncomeP- Price of related

goodsE- Expectations of future prices

TERM 6

Law of Supply

DEFINITION 6

Positive relationship between price and quantity supplied

TERM 7

7 Determinants of Supply

DEFINITION 7

#- Number of sellersT- TechnologyT-TaxesR- Regulations

(Gov)R- Resource PricesE- ExpectationsS- Subsidy

TERM 8

What are the resource prices?

DEFINITION 8

LandLaborCapitalEntrepreneurship