Term
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Definition
| A shift left or right in the demand curve |
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Term
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Definition
| Cost of production/consumption affects third parties who are neither buyers or sellers (pollution) |
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Term
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Definition
| Difference between highest price the consumer would have paid and the price actually paid. |
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Term
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Definition
| Movement to the right or left of the supply curve |
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Term
| Change in Quantity Supplied |
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Definition
| Movement along supply curve because of change in price |
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Term
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Definition
| Good which is consumed less when income increases |
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Term
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Definition
| Cost of the next best alternative |
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Term
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Definition
| Responsiveness to quantity demanded to a change in price |
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Term
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Definition
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Term
| Production Possibility Frontier |
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Definition
| Curve representing relative costs between two goods |
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Term
| Cross Elasticity Of Demand |
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Definition
| Used to determine if two goods are substitutes or compliments |
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