Term
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Definition
| fluctuations in economic activity such as employment and production |
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Term
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Definition
| the study of how society manages its scarce resouces |
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Term
|
Definition
| The property of society getting the most it can from its scarce resources |
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Term
|
Definition
| the property of distributing economic prosperity uniformly among the members of society |
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Term
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Definition
| the uncompensated impact of one person's actions on the well-being of a bystander. |
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Term
|
Definition
| something that induces a person to act. |
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Term
|
Definition
| an increase in the overall level of prices in the economy |
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Term
|
Definition
| a small incremental adjustment to a plan of action |
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Term
|
Definition
| an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services |
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Term
|
Definition
| a situation in which a market left on its own fails to allocate resources efficiently |
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Term
|
Definition
| the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices |
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Term
|
Definition
| whatever must be given up to obtain some item |
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Term
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Definition
| the quantity of goods and services produced from each unity of labor input. |
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Term
|
Definition
| the ability of an individual to own and exercise control over scarce resources |
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Term
|
Definition
| people who systematically and purposefully do the best they can to achieve their objectives |
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Term
|
Definition
| the limited nature of societies resources. |
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Term
|
Definition
| a visual model of the economy that shows how dollars flow through markets among households and firms |
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Term
|
Definition
| the study of economy wide phenomena including inflation unemployment, and economic growth |
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Term
|
Definition
| the study of how households and firms make decisions and how they interact in markets. |
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Term
|
Definition
| claims that attempt to describe how the world should be. |
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Term
|
Definition
| claims that attempt to describe the world as it is. |
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Term
| production possibilities frontier. |
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Definition
| a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology. |
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Term
|
Definition
| the ability to produce a good using few inputs than another producers |
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Term
|
Definition
| the ability to produce a good at a lower opportunity cost than another producer |
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Term
|
Definition
| goods and services that are produced domestically and sold abroad. |
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Term
|
Definition
| goods and services that are produced abroad and sold domestically. |
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Term
|
Definition
| whatever must be given up to obtain an item. |
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Term
|
Definition
| a market with many buyers and sellers trading identical products that each buyer and seller is a price taker. |
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Term
|
Definition
| two goods for which an increase in the price of one leads to a decrease in the demand for the other |
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Term
|
Definition
| graph of the relationship between the price of a good and the quantity demanded |
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Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity demanded. |
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Term
|
Definition
| a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
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Term
|
Definition
| the price that balances quantity supplied and quantity demanded |
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Term
|
Definition
| the quantity supplied and the quality demanded at the equilibrium price |
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Term
|
Definition
| a good for which, other things equan, an increase in income leads to a decrease in demand. |
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Term
|
Definition
the claim that, other things are equal and the quantity demanded of a good falls when the price of the good rises...
ei. when it gets more expensive less people want to buy it |
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Term
|
Definition
the claim that other things equal the quantity supplied of a good when the price of the good rises.
we get less supplies we charge more! |
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Term
|
Definition
| the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good to go into balance |
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Term
|
Definition
| a group of buyers and sellers of a particular good or service |
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Term
|
Definition
a good for which, other things equal, an increase in income leads to a decrease in demand
"RAMEN NOODLES" |
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Term
|
Definition
| the amount of a good that buyers are willing and able to purchase. |
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Term
|
Definition
| the amount of a good that sellers are willing and able to purchase. |
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|
Term
|
Definition
| a situation in which quantity demanded is greater than quantity supplied |
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|
Term
|
Definition
two goods for which an increase in the price of one leads to an increase in the demand for the other.
Firestone tire $ goes up and the demand for other tire company goes up! |
|
|
Term
|
Definition
| a graph of the relationship between the price of a good and the quantity of the good supplied. |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity supplied |
|
|
Term
|
Definition
| a situation in which quantity supplied is greater than quantity demanded. |
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|
Term
| cross-price elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in the quantity demanded of the first good divided by the percentage change in the price of the second good. |
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Term
|
Definition
| a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants |
|
|
Term
| income elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of a good responds to a change in consumers income, computed as the percentage change in the quantity demanded divided by the percentage change in income. |
|
|
Term
| price elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in the quantity demanded divided by the percentage change in the price |
|
|
Term
| price elasticity of supply. |
|
Definition
| a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in price quantity supplied divided by the percentage change in price |
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Term
|
Definition
| the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold. |
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Term
|
Definition
| a legal maximum on the price at which a good can be sold |
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Term
|
Definition
| a legal minimum on the price at which a good can be sold. |
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|
Term
|
Definition
| the manner in which the burden of a tax is shared among participants in a market. |
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Term
|
Definition
the amount a buying is willing to pay for a good
- the amount the buyer actually pays for it. |
|
|
Term
|
Definition
| the value of everything a seller must give up to produce a good |
|
|
Term
|
Definition
| the property of a resource allocation of maximizing the total surplus received by all members of society |
|
|
Term
|
Definition
| the property of distributing economic prosperity uniformly among the member of society |
|
|
Term
|
Definition
the amount the seller is paid for a good
- the sellers cost of providing it |
|
|
Term
|
Definition
| the study of how the allocation of resources affects economic well being |
|
|
Term
|
Definition
| the maximum amount that a buyer will pay for a good |
|
|
Term
|
Definition
| fluctuations in economic activity such as employment and production |
|
|
Term
|
Definition
| the study of how society manages its scarce resouces |
|
|
Term
|
Definition
| The property of society getting the most it can from its scarce resources |
|
|
Term
|
Definition
| the property of distributing economic prosperity uniformly among the members of society |
|
|
Term
|
Definition
| the uncompensated impact of one person's actions on the well-being of a bystander. |
|
|
Term
|
Definition
| something that induces a person to act. |
|
|
Term
|
Definition
| an increase in the overall level of prices in the economy |
|
|
Term
|
Definition
| a small incremental adjustment to a plan of action |
|
|
Term
|
Definition
| an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services |
|
|
Term
|
Definition
| a situation in which a market left on its own fails to allocate resources efficiently |
|
|
Term
|
Definition
| the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices |
|
|
Term
|
Definition
| whatever must be given up to obtain some item |
|
|
Term
|
Definition
| the quantity of goods and services produced from each unity of labor input. |
|
|
Term
|
Definition
| the ability of an individual to own and exercise control over scarce resources |
|
|
Term
|
Definition
| people who systematically and purposefully do the best they can to achieve their objectives |
|
|
Term
|
Definition
| the limited nature of societies resources. |
|
|
Term
|
Definition
| a visual model of the economy that shows how dollars flow through markets among households and firms |
|
|
Term
|
Definition
| the study of economy wide phenomena including inflation unemployment, and economic growth |
|
|
Term
|
Definition
| the study of how households and firms make decisions and how they interact in markets. |
|
|
Term
|
Definition
| claims that attempt to describe how the world should be. |
|
|
Term
|
Definition
| claims that attempt to describe the world as it is. |
|
|
Term
| production possibilities frontier. |
|
Definition
| a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology. |
|
|
Term
|
Definition
| the ability to produce a good using few inputs than another producers |
|
|
Term
|
Definition
| the ability to produce a good at a lower opportunity cost than another producer |
|
|
Term
|
Definition
| goods and services that are produced domestically and sold abroad. |
|
|
Term
|
Definition
| goods and services that are produced abroad and sold domestically. |
|
|
Term
|
Definition
| whatever must be given up to obtain an item. |
|
|
Term
|
Definition
| a market with many buyers and sellers trading identical products that each buyer and seller is a price taker. |
|
|
Term
|
Definition
| two goods for which an increase in the price of one leads to a decrease in the demand for the other |
|
|
Term
|
Definition
| graph of the relationship between the price of a good and the quantity demanded |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity demanded. |
|
|
Term
|
Definition
| a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
|
|
Term
|
Definition
| the price that balances quantity supplied and quantity demanded |
|
|
Term
|
Definition
| the quantity supplied and the quality demanded at the equilibrium price |
|
|
Term
|
Definition
| a good for which, other things equan, an increase in income leads to a decrease in demand. |
|
|
Term
|
Definition
the claim that, other things are equal and the quantity demanded of a good falls when the price of the good rises...
ei. when it gets more expensive less people want to buy it |
|
|
Term
|
Definition
the claim that other things equal the quantity supplied of a good when the price of the good rises.
we get less supplies we charge more! |
|
|
Term
|
Definition
| the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good to go into balance |
|
|
Term
|
Definition
| a group of buyers and sellers of a particular good or service |
|
|
Term
|
Definition
a good for which, other things equal, an increase in income leads to a decrease in demand
"RAMEN NOODLES" |
|
|
Term
|
Definition
| the amount of a good that buyers are willing and able to purchase. |
|
|
Term
|
Definition
| the amount of a good that sellers are willing and able to purchase. |
|
|
Term
|
Definition
| a situation in which quantity demanded is greater than quantity supplied |
|
|
Term
|
Definition
two goods for which an increase in the price of one leads to an increase in the demand for the other.
Firestone tire $ goes up and the demand for other tire company goes up! |
|
|
Term
|
Definition
| a graph of the relationship between the price of a good and the quantity of the good supplied. |
|
|
Term
|
Definition
| a table that shows the relationship between the price of a good and the quantity supplied |
|
|
Term
|
Definition
| a situation in which quantity supplied is greater than quantity demanded. |
|
|
Term
| cross-price elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in the quantity demanded of the first good divided by the percentage change in the price of the second good. |
|
|
Term
|
Definition
| a measure of the responsiveness of quantity demanded or quantity supplied to a change in one of its determinants |
|
|
Term
| income elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of a good responds to a change in consumers income, computed as the percentage change in the quantity demanded divided by the percentage change in income. |
|
|
Term
| price elasticity of demand |
|
Definition
| a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in the quantity demanded divided by the percentage change in the price |
|
|
Term
| price elasticity of supply. |
|
Definition
| a measure of how much the quantity supplied of a good responds to a change in the price of that good, computed as the percentage change in price quantity supplied divided by the percentage change in price |
|
|
Term
|
Definition
| the amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold. |
|
|
Term
|
Definition
| a legal maximum on the price at which a good can be sold |
|
|
Term
|
Definition
| a legal minimum on the price at which a good can be sold. |
|
|
Term
|
Definition
| the manner in which the burden of a tax is shared among participants in a market. |
|
|
Term
|
Definition
the amount a buying is willing to pay for a good
- the amount the buyer actually pays for it. |
|
|
Term
|
Definition
| the value of everything a seller must give up to produce a good |
|
|
Term
|
Definition
| the property of a resource allocation of maximizing the total surplus received by all members of society |
|
|
Term
|
Definition
| the property of distributing economic prosperity uniformly among the member of society |
|
|
Term
|
Definition
the amount the seller is paid for a good
- the sellers cost of providing it |
|
|
Term
|
Definition
| the study of how the allocation of resources affects economic well being |
|
|
Term
|
Definition
| the maximum amount that a buyer will pay for a good |
|
|
