MODULE 1

• When analysing markets, a range of assumptions are made about the rationality of economic agents involved in the transactions
• The Wealth of Nations was written

  1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Rational agents will select the choice which presents the highest benefits
• Producers act rationally by


  Selling goods/services in a way that maximises their profits
• Workers act rationally by


  Balancing welfare at work with consideration of both pay and benefits
• Governments act rationally by


  Placing the interests of the people they serve first in order to maximise their welfare
• Groups assumed to act rationally

  • Consumers
  • Producers
  • Workers
  • Governments
• Rationality in classical economic theory is a flawed assumption as people usually don't act rationally
• Demand curve shifting right

  Increases the equilibrium price and quantity
• If you add up marginal utility for each unit you get total utility
• Configuration of Fe

  1s2 2s2 3s2 3p6 3d6
• The electrons that are in the outermost electron shell of an element is called Valence
• Chemiluminescence


  The general term for the method that fireflies use to make light
• Bioluminescence


  The process where living things such as fireflies employ chemiluminescence to generate light
• Fireflies create light to warn away predators or attract mates
• Fireflies produce a chemical reaction inside their bodies that allows them to light up
• Luciferin


  A chemical that reacts with oxygen, ATP and the enzyme luciferase to produce light in fireflies
• Luciferase


  An enzyme that is involved in the bioluminescent reaction in fireflies
• The method by which fireflies produce light is an example of bioluminescence
• When oxygen combines with calcium, adenosine triphosphate (ATP) and the chemical luciferin in the presence of luciferase, light is produced
• Orbital


  A region in an atom where an electron can be found
• An electron can emit energy when it jumps to a higher energy level
• An electron can absorb energy when it jumps to a higher energy level
• The filling of electrons in an atom starts from a lower energy level to the highest energy level
• Quantum Mechanical model


  A model that involves electron positions in probable locations around a central nucleus
• In the quantum mechanical model of the atom, within the orbital is where you only know where you will likely find an electron
• Spin quantum number


  The possible values are +1/2 or -1/2
• The number of electrons in an energy level is 2n^2
• Group


  A vertical column in the periodic table
• The element with electron configuration 1s2 2s2 2p6 3s2 3p2 is Si (Z=14)
• The sublevels 1p5, 2p6, 3f9, and 3d11 are incorrectly designated
• The quantum numbers n and l are common to 2s and 2p orbitals