Term
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Definition
| The process of combinging distinct thinks into a single whole |
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Term
| Imperefectly Competative market |
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Definition
| A market in which a single biyer or seller has the power to influence the price of the product |
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Term
Perfectly competative market |
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Definition
| A market in which no buyer/seller has any power over price |
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Term
| Households quantity demanded |
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Definition
| The specific amount a household would chose to buy over some time period, given (1) a particular price, (2) all other contraints on the household |
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Term
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Definition
| The amount of a good that all buyers in a market would choose to buy during a period of time guven their constraints |
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Term
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Definition
As the price increases the quanity demanded decresases |
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Term
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Definition
| LAtin fot "all else remain equal" |
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Term
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Definition
| A list showing the quantities of a goood that consumers would choose to purchase at difference prices with all other variables held constand |
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Term
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Definition
| The graphical depictionn of a demand scedual: a curve showing the quantity of a good or service demanded at vairous prices with all other cariable held constant |
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Term
| Change in Quanity Demanded |
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Definition
| A movement along a demand curve in response to a change in price |
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Term
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Definition
| A shift of a demand curve in response to a change in some variable other than price |
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Term
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Definition
| The amount of money that a perosn or firm earns over a given year |
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Term
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Definition
| A good that people demand more of as theri income rises |
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Term
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Definition
| A good that people demand less of as theri income rises |
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Term
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Definition
| The total value of everything a person or firm owns, at a point in time, minus the total value of everthing owed |
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Term
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Definition
| A good that can be used in place of some other good and that fulfuills the same purpose |
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Term
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Definition
| a good that is used together with some other good |
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Term
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Definition
| As the price of a good increases, the quanity supplied increases |
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Term
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Definition
| A list showing the quantities of a good or service that firms woudl choose to produce and sell at different pruices with all other things equal |
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Term
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Definition
| A graphical depiction of a supply scdual, a curve showing the quantiy of a good/service supplied at various prices withh all other variables held constant |
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Term
| Change in quanity supplied |
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Definition
| A movemetn aling a supply curve in response to a change in price |
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Term
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Definition
| A shift of a supply curve in response to some variable other than price |
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Term
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Definition
| Other goods that a firm could produce, using some of the same types of inputs as the good in question |
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Term
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Definition
| A market other than the one being analyed in which the same good could be sold |
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Term
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Definition
| The market price that one achienved remains constnt unil either the demand curve or supply curve shifts |
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Term
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Definition
| The market quality bought and sold per period that, once anchieved remains constant unit either the demand curve or supply curve shifts |
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Term
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Definition
| As a given price the amount by which quantiy demanded exceed quantiy supplied |
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Term
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Definition
| At a given price the amount by which quanitity supplied exceeds quantity demanded |
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Term
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Definition
| The Increase in our production of goods and services that occurs over long periods of time |
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Term
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Definition
| Flucations in real GDP around its long-term growth trend |
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Term
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Definition
| A period of increasing real GDP |
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Term
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Definition
| A period of increasing real GDP |
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Definition
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