Term
| The goods and services that are intended to maintain or improve a persons health |
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Definition
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Term
| a system under which doctors and hospitals recieve a seperate payment for each services that they proivde |
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Term
| a system under which the government provides health insurance |
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Definition
| single-player health care system |
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Term
| a system under which the govern,ment owns most of the hospitals and employs most of the doctors |
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Term
| a situation in which one party to an economioc transaction has less information than the other party |
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Definition
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Term
| a situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction |
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Term
| health care reform legislation passed in 2010 |
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Definition
| patient protection and affordable car act (PPACA) |
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Term
| changes in the market for health care that would make it more like the markets for other goods and services |
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Definition
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Term
| a firm owned by a single individual and not organized as a corpoation |
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Term
| a firm jointly owned by teo or more persons and not organized as a corporation |
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Term
| a legal form of business that privides owners with protection from losing more that their investment should the business fail |
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Term
| anything of value owned by a person or a firm |
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Term
| the legal provision that shields owners of a corporation from losing more than they have invested in ther firm |
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Term
| a situation in a corporation in which the top managment rather than the shareholders controls the day to day operations |
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Term
| a flow of funds from savers to barrowers through financial intermediaries such as banks |
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Definition
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Term
| a flow of funds from savers to firms though financial markets such as a stock exchange |
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| a financial security that represents a promise to repay a fixed amount of funds |
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Definition
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Term
| a financial security that represents a promise to repay a fixed amount of funds |
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Term
| payments by a corporation to its shareholders |
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Term
| anything owned by a person or a firm |
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Term
| a financial statement that sums up a firms revenues cost and profit over a period of time |
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Term
| a cost that invovles spending money |
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Term
| a nonmonetary opportunity cost |
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Term
| a financial statement that sums up a firms financial position on a particular day |
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Definition
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Term
| legislation passed during 2010 that was intended to reform regulation of the financial system |
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Definition
| wall street reform and consumer protection act (dodd-frank act) |
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Term
| a measure of how much one economic variable responds to the changes in another economic variable |
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Definition
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Term
| the enjoyment of satisfaction people recieve from consuming goods and services |
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Definition
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Term
| the change in total utility a person recives from consuming one additional unit of a good or service |
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Definition
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Term
the principle that consumers experience diminishing addtional satisfaction
as they consume more of a priduct during a given time |
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Definition
| law of diminishing marginal utility |
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Term
| a situation in which the usefulness of a product increase with the number of customers who use it |
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Definition
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Term
| the study of situations in which people make choices that do not appear to be economically rational |
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Definition
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Term
| the tendency of people to be unwilling to sell a good even if they are offered more than it is worth |
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Definition
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Term
| a cost that has already been paid and cannot be recovered |
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Definition
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Term
| when the percentage change in the quantity demanded is greater than the percentage change in price |
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Definition
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Term
| when the percentage change in the quantity demanded is less than the percentage change in price |
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Definition
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Term
| when the percentage change in the quanity demanded is equal than the percentage change in price |
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Definition
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Term
| the case where the quantity demanded is completely unresponsive to the price and the price elasticity of demand is zero |
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Definition
| perfectly inelastic demand |
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Term
| the case where the quantity demanded is completely infinitely respionsive to the price and the price elasticity of demand equals infinity. |
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Definition
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Term
| a positive or negative change in the ability of a firm to produce a given level of output with a given quantity of inputs |
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Definition
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Term
| the period of time during which at least one of a firms input is fixed |
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Definition
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Term
| the period of time in which a firm can vary all its inputs adopt new technology and increase or decrease the size of its physical plant |
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Definition
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Term
| th cost of all the inputs a firm uses in production |
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Definition
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Term
| the cost that change as output changes |
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Definition
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Term
| the cost taht remains constant as output changes |
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Definition
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Term
| the relationship between the inputs employed by a firm and the maximum output it can produce with those inputs |
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Definition
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Term
| the principle that at some point adding more variable input will cause the marginal product of the variable input to decline |
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Definition
| law of diminishing returns |
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Term
| the total ouput produced by a firm divided by the quantity of workers |
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Definition
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Term
| the change in a firms total cost from producing one more unit of good or service |
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Definition
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Term
| a curve that shows the lowest cost at which a firm is able to produce a given quantity of output in the long run when no inputs are fixed |
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Definition
| long run average cost curve |
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Term
| te situation when a firms long run average cost fall as it increases the quantity of outoput it produces |
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Definition
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Term
| the situation in which a firms long run average costs remain unchanged as it increases output |
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Definition
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Term
| thelevel of output at which all economies of scale are exhausted |
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Definition
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