Term
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Definition
Exists when the quantity supplied
exceeds the quantity demanded |
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Term
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Definition
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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Term
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Definition
People who make things to satisfy wants
and needs: |
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Term
| VC divided by MP divided by LI |
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Definition
The formula used to figure marginal cost
is |
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Term
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Definition
| The example of elastic demand is: |
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Term
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Definition
| People’s economic well-being |
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Term
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Definition
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Term
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Definition
Additional cost of producing one more
unit of output is |
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Term
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Definition
A system of government or other
institution decides how do distribute a
product |
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Term
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Definition
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: |
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Term
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Definition
Non-price factors of supply are also know
as |
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Term
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Definition
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Term
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Definition
Market which a few large sellers control
most of the production of a good or
service: |
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Term
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Definition
The change of output by adding one more
unit of input: |
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Term
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Definition
The economy where individuals own the
factors of production: |
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Term
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Definition
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Term
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Definition
A system which business can be
conducted freely with little government
interference: |
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Term
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Definition
Government regulation placing a
maximum price on goods and services |
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Term
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Definition
The study of choices made by economic
actors such as household companies and
individual companies: |
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Term
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Definition
A type of economy where individuals
answer the three basic economic
questions: |
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Term
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Definition
| People who decide to buy things are |
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Term
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Definition
| Standardized means of exchange: |
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Term
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Definition
Unlimited needs and wants and limited
resources is known as |
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Term
| Diminishing marginal utility |
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Definition
Additional utility of each unit diminishes
with each unit is |
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Term
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Definition
The amount a good or service that a
consumer is willing and able to buy at
various prices |
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Term
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Definition
Any increase or decrease in a consumer’s
purchasing power caused by a change in
price |
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Term
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Definition
The amount of money or income that
people have available to spend on goods
and services |
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Term
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Definition
Payments to private business by the
government |
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Term
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Definition
The situation that occurs when the
quantity supplied and the quantity
demanded for a product are at the same
price |
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Term
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Definition
Price system failing to account for some
costs and thus cannot distribute them
appropriately |
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Term
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Definition
Exists when the quantity demanded
exceeds the quantity supplied |
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Term
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Definition
| An example of inelastic demand is: |
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Term
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Definition
Cost that include wages, rent, interests on
loans, utility bills are: |
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Term
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Definition
| Another name for total receipts: |
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Term
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Definition
Exists when a small change in a price
causes a major change in the quantity
supplied: |
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Term
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Definition
Exists when a small change in a good’s
price has little impact on the quantity
demanded |
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Term
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Definition
Government regulation placing a
minimum price on goods or services: |
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Term
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Definition
Quantity of goods and services that
producers are willing to offer at various
possible prices during a given period of
time |
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Term
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Definition
Quantity of goods and services that
producers are willing to offer at particular
prices |
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Term
|
Definition
Competition where sellers offer different
prices: |
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