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Utility The happiness of satisfaction that consumer receives from the consumption of one product. Total utility Overall satisfaction. Marginal utility Additional utility from one additional consumption of one product. Mu=∆Tu/∆Q The law of diminishing Mu The Mu...

Firm A business organization that buys or hires factors of production in order to produce goods and services that can be sold at a profit. Industry Is taken to be the total number of firms producing within the same product group, ie, things which are close sub...

Market A place, physical or virtual, where buyers and sellers of goods and services meet to make an exchange. Competitive market The market for a good with large numbers of buyers and sellers, where the single seller has very little or no market power. Demand ...

Elasticities The responsiveness of an economic variable (such as the quantity demanded or supplied of a product) to a change in another economic variable (such as its price or income). Calculation of Elasticity PED = % change of quantity demanded / % change ...

Positive economics Positive economics deals with areas of the subject that can be proven to be right or wrong. Normative economics Normative economics deals with areas of the subject that are open to personal opinion and belief. Ceteris paribus All other thi...

Taxes Charges that are imposed by governments on people and business. Direct taxes Taxes the income of people and firms; involving payment of the tax by the taxpayers directly to the government. Indirect taxes A tax that is levied on the spending to buy g...

Market failure The failure of the market to allocate resources efficiently. Market failure results in allocative inefficiency, where too much or too little of goods or services are produced and consumed from the point of view of what is socially most desirable...

Monopolistic competition A market is monopolistically competitive if there are many firms producing differentiated products and there are no barriers to entry or exit. Assumptions of monopolistic competition There are many sellers and buyers The product is d...

A monopoly A market where one firm dominates the market for a good that has no substitutes and where significant barriers to entry exist. There is only one seller (price maker) The product is unique, there are no substitutes There are very high barriers to e...

Oligopoly A market where a few large sellers dominate the market for an identical or differentiated good, and where there are significant barriers to entry. Assumption The dominance of the industry by a small number of firms. The importance of interdependence...

Perfecr competition Characteristics of perfect competition There are many buyers and sellers The product is homogeneous There is free entry into and exit from the market and buyers and sellers have perfect information No individual firm has any influence o...

The expanding universe Redshift The wavelength of the light measured upon arrival is longer than the wavelength at emission Doppler effect: Moving sources $$ f'=f(\frac{v}{v\pm u_s}) $$ 但是在天体物理中不用多普勒效应解释 表象：波长增加，doppler effect 本质：The space between galaxies i...

Objects in the universe Stellar Clusters: groupings of large numbers of stars that attract each other gravitationally and are relatively close to one another Open cluster: contain old stars Globular cluster: contain younger stars Constellation: A group of st...

Stellar spectra (Absorbtion) A star is assumed to radiate like a black body. The stellar spectra can be used to identify: Surface temperature Chemical composition Each dark line represents the absorption of light of a specific wavelength by a specific ch...

Key concepts Cognition The mental process of acquiring knowledge and understanding through thought, experience, and the senses. One of the cognitive processes is memory. Memory The process which the information is encoded, stored, and retrieved Encode –...

Key concepts  Thinking: is the process of using knowledge and information to make plans, interpret the world, and make predictions about the world in general. Decision making: is the process of identifying and choosing alternatives based on the values and pr...

Key concepts: Cognition: is the mental process of acquiring knowledge and understanding through thought, experience, and the senses. One of the cognitive processes is memory. Memory: is the process which the information is encoded, stored, and retrieved. · ...

Key concepts: Memory: is the process which the information is encoded, stored, and retrieved. ·      Encode – the input of information into the memory system ·      Stored – is the retention of stored information ·      Retrieved – getting information out ...

Key concepts: Memory: is the process which the information is encoded, stored, and retrieved. ·      Encode – the input of information into the memory system ·      Stored – is the retention of stored information ·      Retrieved – getting information out ...

Key concepts:  Heuristic: is a mental shortcut that focus on one aspect of a complex problem and ignoring others. Heuristics can result in patterns of thinking and decision making which are consistent, but inaccurate. Link to dual process model of system 1...