Term
| The Value of the next best alternative is: |
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Definition
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Term
| Factors that shift are demand and supply are: |
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Definition
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Term
| States that producers supply more goods and services when they can sell them at higher prices and fewer goods and services when they must sell them at lower prices: |
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Definition
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Term
| Side effects of pricing systems: |
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Definition
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Term
| The lowest level of employment: |
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Definition
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Term
| Market where one buyer controls all the production of a good or service: |
|
Definition
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Term
| the study of entire economics: |
|
Definition
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Term
| Legislation designed to monitor and regulate, prevent and dismantle monopolies: |
|
Definition
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Term
| When companies openly organize a system of price setting and market sharing: |
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Definition
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Term
| Exists when the quantity supplied exceeds the quantity demanded: |
|
Definition
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Term
| When a seller's large scale or size allows it to use its human, capital and other resources most efficiently and economically than if those resources were divided among several smaller producers: |
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Definition
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Term
People who make things to satisfy wants
and needs: |
|
Definition
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Term
The formula used to figure marginal cost
is: |
|
Definition
| VC divided by MP divided by LI |
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Term
| The example of elastic demand is: |
|
Definition
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|
Term
| People’s economic well-being: |
|
Definition
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Term
|
Definition
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|
Term
Additional cost of producing one more
unit of output is: |
|
Definition
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|
Term
A system of government or other
institution decides how do distribute a
product: |
|
Definition
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Term
State that an increase in a good’s price
causes a decrease in quantity demanded
and that a decrease in a good’s price
causes an increase in quantity
demanded: |
|
Definition
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|
Term
Non-price factors of supply are also know
as: |
|
Definition
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Term
| Graphs are also known as: |
|
Definition
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|
Term
Market which a few large sellers control
most of the production of a good or
service: |
|
Definition
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Term
The change of output by adding one more
unit of input: |
|
Definition
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|
Term
The economy where individuals own the
factors of production: |
|
Definition
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|
Term
|
Definition
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|
Term
A system which business can be
conducted freely with little government
interference: |
|
Definition
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|
Term
Exists when a small change in a good’s
price has a major and opposite change in
the quantity demanded: |
|
Definition
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|
Term
Government regulation placing a
maximum price on goods and services: |
|
Definition
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|
Term
The study of choices made by economic
actors such as household companies and
individual companies: |
|
Definition
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|
Term
A type of economy where individuals
answer the three basic economic
questions: |
|
Definition
|
|
Term
| People who decide to buy things are: |
|
Definition
|
|
Term
| Standardized means of exchange: |
|
Definition
|
|
Term
Unlimited needs and wants and limited
resources is known as: |
|
Definition
|
|
Term
Additional utility of each unit diminishes
with each unit is: |
|
Definition
| Diminishing marginal utility |
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|
Term
The amount a good or service that a
consumer is willing and able to buy at
various prices: |
|
Definition
|
|
Term
Any increase or decrease in a consumer’s purchasing power caused by a change in
price: |
|
Definition
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|
Term
The amount of money or income that
people have available to spend on goods
and services: |
|
Definition
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|
Term
Payments to private business by the
government: |
|
Definition
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|
Term
The situation that occurs when the
quantity supplied and the quantity
demanded for a product are at the same
price: |
|
Definition
|
|
Term
Price system failing to account for some
costs and thus cannot distribute them
appropriately: |
|
Definition
|
|
Term
Exists when the quantity demanded
exceeds the quantity supplied: |
|
Definition
|
|
Term
| An example of inelastic demand is: |
|
Definition
|
|
Term
Cost that include wages, rent, interests on
loans, utility bills are: |
|
Definition
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|
Term
| Another name for total Receipts |
|
Definition
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|
Term
Exists when a small change in a price
causes a major change in the quantity
supplied: |
|
Definition
|
|
Term
Exists when a small change in a good’s
price has little impact on the quantity
demanded: |
|
Definition
|
|
Term
Government regulation placing a
minimum price on goods or services |
|
Definition
|
|
Term
Quantity of goods and services that
producers are willing to offer at various
possible prices during a given period of
time: |
|
Definition
|
|
Term
Quantity of goods and services that
producers are willing to offer at particular
prices: |
|
Definition
|
|
Term
Competition where sellers offer different
prices: |
|
Definition
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|
