Podcast
Questions and Answers
What does microeconomics primarily study?
What does microeconomics primarily study?
- The effects of global trade on national economies
- The overall performance of the national economy
- How governments make economic decisions
- How individuals and firms make decisions and interact in markets (correct)
What is the opportunity cost?
What is the opportunity cost?
- The cost of producing goods.
- The total expenses incurred in a business venture.
- The price of a good or service.
- The value of the next best alternative foregone. (correct)
What does the law of demand state?
What does the law of demand state?
- As price increases, quantity demanded increases.
- Price and quantity demanded are unrelated.
- As price decreases, quantity supplied increases.
- As price decreases, quantity demanded increases. (correct)
In market equilibrium, what is the relationship between quantity demanded and quantity supplied?
In market equilibrium, what is the relationship between quantity demanded and quantity supplied?
What is elasticity a measure of?
What is elasticity a measure of?
What is the goal of consumers based on utility theory?
What is the goal of consumers based on utility theory?
What is the purpose of indifference curves and budget lines?
What is the purpose of indifference curves and budget lines?
What is a production function?
What is a production function?
What are economies of scale?
What are economies of scale?
Which of the following describes perfect competition?
Which of the following describes perfect competition?
Flashcards
Microeconomics
Microeconomics
Studies how individuals and firms make decisions and how they interact in markets.
Scarcity and Choice
Scarcity and Choice
Limited resources necessitate choices; opportunity cost is the value of the next best alternative foregone.
Law of Demand
Law of Demand
As price decreases, quantity demanded increases, ceteris paribus.
Law of Supply
Law of Supply
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Market Equilibrium
Market Equilibrium
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Elasticity
Elasticity
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Utility Theory
Utility Theory
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Production Functions
Production Functions
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Economies of Scale
Economies of Scale
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Perfect Competition
Perfect Competition
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Study Notes
- Thermodynamics is the study of energy, its transformations, and its relationship to matter
- Thermodynamics relies on universal laws applicable across various fields, including engineering, chemistry, and physics
- Thermodynamics aids in understanding and predicting the behavior of physical systems
Thermodynamic System
- A thermodynamic system is a specific region or quantity of matter under study
- The surroundings encompass everything outside the system
- A boundary separates the system from its surroundings
Types of Thermodynamic Systems
- Isolated systems exchange neither energy nor matter with the surroundings
- Closed systems exchange energy but not matter with the surroundings
- Open systems exchange both energy and matter with the surroundings
Macroscopic Properties of a System
- These properties can be intensive or extensive
Intensive Properties
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Intensive properties do not depend on the system's size
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Temperature (T) is an intensive property
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Pressure (P) is an intensive property
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Density $(\rho)$ is an intensive property
Extensive Properties
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Extensive properties depend on the system's size
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Mass (m) is an extensive property
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Volume (V) is an extensive property
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Energy (E) is an extensive property
Thermodynamic Equilibrium
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Thermodynamic equilibrium means a system is in thermal, mechanical, and chemical equilibrium
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Thermal equilibrium requires uniform temperature throughout the system
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Mechanical equilibrium requires uniform pressure throughout the system
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Chemical equilibrium means there is no change in chemical composition
Thermodynamic Process
- A thermodynamic process involves a change in the state of a system
- Isothermal processes occur at constant temperature
- Isobaric processes occur at constant pressure
- Isochoric processes occur at constant volume
- Adiabatic processes involve no heat exchange with the surroundings
- Cyclic processes return the system to its initial state
Equations of State
- These equations relate state variables (P, V, T) of a system
Ideal Gas Law
- Defined as: $PV = nRT$
- P represents pressure
- V represents volume
- n represents the number of moles
- R represents the ideal gas constant
- T represents temperature
Van der Waals Equation
- Defined as: $(P + a\frac{n^2}{V^2})(V - nb) = nRT$
- a and b are gas-specific constants
The Laws of Thermodynamics
Zeroth Law
- If two systems are each in thermal equilibrium with a third system, then they are in thermal equilibrium with each other
First Law
- The change in internal energy $(\Delta U)$ of a system equals the heat added (Q) minus the work done (W)
- Defined as: $\Delta U = Q - W$
- U represents internal energy
- Q represents heat added to the system
- W represents work done by the system
Second Law
- The total entropy of an isolated system can only increase or remain constant in ideal cases
- Defined as: $\Delta S \geq 0$
- S represents entropy
Third Law
- As temperature approaches absolute zero (0 K), the entropy of a system approaches a minimum or zero value
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