Summary: Food Safety Economics
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Read the summary and the most important questions on Food safety economics
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Lecture 1a Microeconomics
This is a preview. There are 8 more flashcards available for chapter 16/03/2021
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What are opportunity cost (value)?
The benefit you sacrifice when you choose one option over another -
What are 'scare' resources?
A resource is any physical or virtual entity of limited availability or anything used to help one earn a living.- Natural resources
- Human resources
- Renewable vs Non-renewable resource
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What is the term for that everything a equations remains contestant
'ceteris Paribus -
What is the law of supply?
Producers (firms) supply more units of a product when its price is high and fewer units when the market price is low -
What are substitute goods: Es > 0
- The cross-price elasticity of demand
- price of an alternative good
- Locally produced milk vs imported milk
- milk vs orange juice
- cheeseburger vs taco
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What are complement goods: Es < 0
- The cross-price elasticity of demand
- Cheese and hamburgers
- Peanut butter and jelly
- Mozzarella cheese and pizza dough
- The cross-price elasticity of demand
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What are inferior goods: Ei < 0
- Income elasticity of demand
- Fast food
- Fluid milk
- Margarine
- Income elasticity of demand
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What are normal goods: Ei > 0
- Income elasticity of demand
- Full-service restaurants
- Prepared meals
- Recreational activities
- Income elasticity of demand
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What is the meaning of 'Demand relatively elastic'?
A change in supply gives a small effect on the price- Consumer have many choices and substitution is very easy
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Lecture 1b Accounting
This is a preview. There are 27 more flashcards available for chapter 18/03/2021
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Cost and relationship with time
Cost are for a period ( eg. Year)
Expenditures is not Cost
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