Introduction To Economics 201516

Unemployment – When those actively seeking work are unable to find a job
Utility – the usefulness of a good or service that contributes to its value.
the alternative choices people face in making an economic decision – Trade-offs
Quantity supplied – the amount that producers plan to sell during a given time period at a particular price.
Surplus – situation in which the quantity supplied is greater than the quantity demanded; aka excess supply
Budget – Tabulation of income and planned expenditures
You are awaiting your tax return and the time at which the mailman delivers the mail to your home follows a normal distribution with a mean time of 840 minutes into the day (2:00pm) and a standard deviation of 10 minutes. There is approximately a 68% chance that the mail will arrive between what two times, if the 68% is equally distributed around the mean?
Demand – Is the amount of good or service that consumers are willing to buy at a certain price
Developing countries – Or countries with less productive economy and lower standards such as Haiti and Ethiopia.
Yоu аre аwаiting yоur tax return and the time at which the mailman delivers the mail tо your home follows a normal distribution with a mean time of 840 minutes into the day (2:00pm) and a standard deviation of 10 minutes. There is approximately a 68% chance that the mail will arrive between what two times, if the 68% is equally distributed around the mean?
mechanical solidarity – A type of social integration based on mutuality of interests—found in societies with little division of labor.
The Law of Supply – This holds in the short run. When Price increases so does supply.

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