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WSU 101 final
Cumulative final definitions
21
Economics
Undergraduate 1
12/14/2012
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Term
Discrimination
 Definition
changing prices for different people
Term
Implicit Costs
 Definition
costs that don't require money
Term
Duopolist
 Definition
A seller in a duopoly
Term
Diminishing Returns
 Definition
The last one was more successful than this one
Term
Shortage
 Definition
Quantity Demanded>Quantity Supplied
Term
Wage
 Definition
Cost of labor
Term
Quota Rent
 Definition
the benefit of having a license
Term
AVC
 Definition
Variable Cost/Quantity
Term
Decentralized
 Definition
No one is in charge
Term
Complements
 Definition
I'm not paying that much for beef, I'll buy chicken
Term
Nonexcludable
 Definition
I wish i could keep you out of this
Term
Sunk Costs
 Definition
Costs that you can't get back
Term
Econiomic Profit
 Definition
Profit that considers my Implicit cost
Term
Normal
 Definition
Mo' money, Mo' goods
Term
Command
 Definition
Central control of the economy
Term
Inferior good
 Definition
I'm rich, I don't want that
Term
Giffen Good
 Definition
Price goes up and I want more?
Term
Standardization
 Definition
All these oranges look the same
Term
Tariff
 Definition
Tax on imported goods
Term
Price Floor
 Definition
Minimum price above equilibrium
Term
Benefits
 Definition
you like it? you pay for it!
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