HI Everyone!
I just had a quick question about the video question #9. I am having a little trouble interpreting exactly what this question is asking. I am not sure if I was there for this specific video either. Can anyone help give me some guidance on this question? Thanks!
Wednesday, March 4, 2009
Video Questions
Hey everyone,
Does anyone know whether the video questions are going to be a short answer or a long answer question?
Does anyone know whether the video questions are going to be a short answer or a long answer question?
Tuesday, March 3, 2009
Review #2 definitions
o Positive and negative Golden Rule: “I will do to others what I would want them to do to me” is the positive. “I will not do to others what I would not want them to do to me” is the negative. Most people mean the negative.
o Merchantable: An item whose quality is good enough to be accepted by a buyer as an ordinary item of its type.
o Supererogatory: Over and beyond what is asked for in a particular position.
o Manipulative advertising: Advertising meant the change the attitudes of buyers into something they wouldn’t naturally be.
o Acceptable exchange: In ethics, an acceptable exchange is one where both parties understand the terms and conditions of the exchange:
o Autonomy: The idea that one’s own will decides the course of his life.
o The categorical imperative: As an element in deontological ethics, a categorical imperative asserts its authority under all circumstances.
o Dependence effect: The idea that our wants are not really ours, but instead we happen to have them because of society.
o Marginal: In economics, it is the cost or benefit derived from the next (just one more) of a quantity.
o Allocative v. adaptive efficiency: Allocative efficiency is goal oriented and presupposes a right price and right amount of output. Adaptive efficiency realizes that technology changes and production changes.
o Green belt effect: When city planners establish a green belt, they also restrict usable land. This will cause land prices to be higher than they have to be.
o Clearing: In classical economics, this notion means that the quantity supplied for a good will equal the quantity supplled for a good, at any particular price.
o Market v. command systems: A market system relies on consumers and producers deciding on what is produced and the prices. A command system relies on an authority with force to decide what is produced and at what price.
o Moral hazard: A phenomenon that occurs when one party of a deal has the incentive to act in a way that harms the other party.
o Revealed preference: The idea that a person’s preferences can be known by looking at his actions.
o Positive and negative externalities: A positive externality, also known as a free riding situation, occurs when a unrelated party benefits from actions of another. A negative externality occurs when an unrelated party is harmed by the actions of another.
o Second best markets: This is a situation when a suboptimal equilibrium state is reached in one market, say information, and then another market, say production, adjusts to a state below its optimal state because of the lack of information.
o Cartel: A group of producers that collude to the detriment of their consumers.
o Merchantable: An item whose quality is good enough to be accepted by a buyer as an ordinary item of its type.
o Supererogatory: Over and beyond what is asked for in a particular position.
o Manipulative advertising: Advertising meant the change the attitudes of buyers into something they wouldn’t naturally be.
o Acceptable exchange: In ethics, an acceptable exchange is one where both parties understand the terms and conditions of the exchange:
o Autonomy: The idea that one’s own will decides the course of his life.
o The categorical imperative: As an element in deontological ethics, a categorical imperative asserts its authority under all circumstances.
o Dependence effect: The idea that our wants are not really ours, but instead we happen to have them because of society.
o Marginal: In economics, it is the cost or benefit derived from the next (just one more) of a quantity.
o Allocative v. adaptive efficiency: Allocative efficiency is goal oriented and presupposes a right price and right amount of output. Adaptive efficiency realizes that technology changes and production changes.
o Green belt effect: When city planners establish a green belt, they also restrict usable land. This will cause land prices to be higher than they have to be.
o Clearing: In classical economics, this notion means that the quantity supplied for a good will equal the quantity supplled for a good, at any particular price.
o Market v. command systems: A market system relies on consumers and producers deciding on what is produced and the prices. A command system relies on an authority with force to decide what is produced and at what price.
o Moral hazard: A phenomenon that occurs when one party of a deal has the incentive to act in a way that harms the other party.
o Revealed preference: The idea that a person’s preferences can be known by looking at his actions.
o Positive and negative externalities: A positive externality, also known as a free riding situation, occurs when a unrelated party benefits from actions of another. A negative externality occurs when an unrelated party is harmed by the actions of another.
o Second best markets: This is a situation when a suboptimal equilibrium state is reached in one market, say information, and then another market, say production, adjusts to a state below its optimal state because of the lack of information.
o Cartel: A group of producers that collude to the detriment of their consumers.
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