Shared Flashcard Set

Details

Title

Ch 2 competitive market: Demand and supply

Description

Key terms that relate to chapter 2 from Economics for the IB Diploma

Total Cards

Subject

Economics

Level

11th Grade

Created

12/04/2013

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Additional Economics Flashcards

Term

Scarcity

Definition

insufficiency or shortness of supply

Term

welfare

Definition

refers to the well-being of society

Term

cnsumer surplus

Definition

is defined as the heighest price consumers are willing to pay for a good minus the price actually paid

Term

producer surplus

Definition

is defined as the price received by firms for selling their good minus the lower price tht they are willing to accept to produce the good

Term

social surplus

Definition

The sum of consumer and producer surplus