In common usage, as in accounting usage, "cost" typically does not refer to implicit costs and instead only refers to direct monetary costs. In economics, demand refers to the strength of one or many consumers' willingness to purchase a good or goods at any in a range of prices.
If, for example, a rise in income causes a consumer to be willing to purchase more of a good than before contingent on each possible price, economists say that the income rise has caused the consumer's demand for the good to rise. In contrast, if a change in market conditions leads to a decline in the price of a good resulting in a consumer's being willing to buy more of it, economists say that the consumer's quantity demanded of the good has risen.
A change in quantity demanded is represented by a movement along the demand curve , while a change in demand is represented by a shift of the demand curve. In popular usage a change in "demand" can refer to either what economists call a change in demand or what economists call a change in quantity demanded.
While "marginal" in common usage tends to mean "tangential", implying limited importance, in economics " marginal " means "incremental". For example, the marginal propensity to consume refers to the incremental tendency to spend income on consumer goods: Likewise, the marginal product of capital refers to the additional production of output that results from using an additional unit of physical capital machinery, etc.
If very small increments are being considered, so that calculus is used, then this ratio of incremental amounts is a derivative for example, the marginal propensity to consume becomes the derivative of consumption with respect to income.
In common usage, "significant" usually means "noteworthy" or "of substantial importance". In econometrics — the use of statistical techniques in economics — " significant " means "unlikely to have occurred by chance". For example, suppose one wishes to find if the minimum wage rate affects firms' decisions on how much labor to hire. If the data show, on the basis of statistical techniques, an effect of a particular non-zero magnitude, one wants to know whether that non-zero magnitude could have arisen in the data by chance when in fact the true effect is zero.
Note, however, that the less precise phrase "economically significant" is sometimes used by economists to mean something very similar to the common usage of "significant". If the effect of the minimum wage on hiring decisions were found to be very small and yet the numerical result is very unlikely to have occurred only by chance, then the estimated effect is said to be statistically significant but not significant economically.
In common usage "biased" generally means "prejudiced". In econometrics, the estimate of the effect of one thing on another say, the estimate of the effect of the minimum wage upon employment decisions is said to be " biased " if the technique that was used to obtain the estimate has the effect that, a priori , the expected value of the estimated effect differs from the true effect, whatever the latter may be. In this case the technique, as well as the estimate obtained with the technique, is called "biased".
Researchers are likely to view a biased estimate with suspicion. In general usage "elasticity" refers to flexibility. In economics it refers to a quantitative measurement of the degree of flexibility of something in response to something else. The change in the denominator always causes the change in the numerator, so the elasticity can be said to be the ratio of a percentage change that is caused to the percentage change of something that is causative.
In general usage, one is said to be rational if one is sane or lucid. For example, an individual consumer is assumed to be rational in the sense that he maximizes a utility function , which expresses his subjective sense of well-being as a function of the amounts of various goods he consumes; firms are assumed to maximize profit or some related goal. We can predict that price will: A decrease, quantity demanded will decrease, and quantity supplied will increase.
B decrease and quantity demanded and quantity supplied will both decrease. C decrease, quantity demanded will increase, and quantity supplied will decrease. D increase, quantity demanded will decrease, and quantity supplied will increase. If an economy produces its most wanted goods but uses outdated production methods, it is: A achieving productive efficiency, but not allocative efficiency.
B not achieving productive efficiency. C achieving both productive and allocative efficiency. D engaged in roundabout production.
Data from the registrar's office at Gigantic State University indicate that over the past twenty years tuition and enrollment have both increased. From this information we can conclude that: A higher education is an exception to the law of demand. B the supply of education provided by GSU has also increased over the twenty-year period.
C school-age population, incomes, and preferences for education have changed over the twenty-year period. D GSU's supply curve of education is downsloping. Black markets are associated with: A price floors and the resulting product surpluses. B price floors and the resulting product shortages. C ceiling prices and the resulting product shortages. D ceiling prices and the resulting product surpluses. When an economist says that a consumer has a demand for a good service, it means that this consumer has a willingness to pay for that good or service.
This means the consumer: Demand is generally represented in two forms: What is the economist system in the US? The US has a dog-eat-dog economic system.
Why does an economist create a market demand curve? To predict how people will change their buying habits when prices change. A market demand curve allows an economist to predict the total sales of an item at several different prices. Why were economists opposed to the terms of the treaty of versaillies?
Economist were opposed to the terms of the treaty of Versaillesbecause it was stated to be unfair and extremely expensive. Theeconomist felt that later generations would come to regret theVersailles.
What does an economist mean by the term land? Why do economist use percentage change to calculate elasticity of demand? They use percentage change because of the nature of the unit being described.
The term selectively permeable is used in reference to the? The cell membrane is selectively permeable, meaning that it only lets in and out certain materials such as, proteins, nutrients, water, waste, etc. In economics demand refers to what? Demand in economics is what the people want, or are "demanding. When prices are low, demand is high because everyone wants to take advantage of the low prices and want more of the goods. A demand curve in economics is downward slopping because at a high price, the quantity is small because nobody wants it.
As it goes further down and the price decreases, the quantity increases because everybody wants it. The term Raj is used to refer? This question should not be under "Native American History" Raj is the name given to the period of British rule in India, particularly under the Empress-Queen Victoria.
What is the term used to refer to the internet address of webpages? You can also more commonly refer to them as simply the web page address. What is a southern term used to refer to the civil war? They wanted to secede from the Union, to be independent from the United States. To the south it was not a civil war. Why is the demand for labor referred to as a derived demand? Because workers are only demanded by employers because they want touse that labour to produce other goods and services.
When an economist says that the demand for a product has increased this means that? When an economist says that the demand for a product has increased this means that. What term does one use to refer to a dead US president? I can not think of any special term.
Sometimes the term "dead presidents' is used to refer to money. What term does MLA use for bibliographical references? The MLA bibliography should include all works used to create the paper, even if not cited directly in the paper. The bibliography is alphabetized by an author's last name. How do economists define demand? Demand refers to the amount of a type of good or service that consumers are capable and willing to buy at a specified price.
What are 2 terms that refer to the economic system in the US? The United States currently has a "Fractional Monetary Reserve System" although the system was originally a "Specie-backed" system each dollar backed by a quantified amount of gold, "The Gold Standard". Why do people use the term 'American' to refer to white people? Americans aren't always white, and whites aren't always American.
A white person is one who is ethnically European. They can trace their ancestry to the continent of Europe and to the Caucasus mountains, from which their earliest ancestors are believed to have originated. An American is a citzen of the United States. What term does the MLA use for the bibliographical references?
This is one of the first things that people need to know while writing MLA bibliography.
Economists use the term "demand" to refer to a schedule of various combinations of market prices and amounts demanded The relationship between quantity supplied and price is _____ and the relationship betweenquantity demanded and price is _____.
Economists use the term demand to refer to: a particular price-quantity combination on a stable demand curve The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is ________.
Sep 14, · Economists use the term demand to refer to: A) a particular price-quantity combination on a stable demand curve. B) the total amount spent on a particular commodity over a stipulated time period. C) an upsloping line on a graph that relates consumer purchases and product down4allmachinegz.gq: Resolved. Economists use the term demand to refer to: a schedule of various combinations of market prices and amounts demanded. The relationship between quantity supplied and price is direct and the relationship between quantity demanded and price is inverse%(20).
Similarly, while financial economists use the word "capital" to refer to funds used by entrepreneurs and businesses to buy what they need to make their products or to provide their services, macroeconomists and microeconomists use the term capital to mean productive equipment, buildings . Economists use the term “demand” to refer to: A. a particular price-quantity combination on a stable demand curve. B. the total amount spent on a particular commodity over a stipulated time period. C. an upsloping line on a graph that relates consumer purchases and product price.