Microeconomics

4.0(1)
Studied by 14 people
linked notesView linked note
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/33

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 1:54 AM on 11/12/22
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

34 Terms

1
New cards
Inelastic
There is very little or no change in demand if there is a price change (less than one)
2
New cards
Externality
impact on a 3rd party (not seller, not buyer)
3
New cards
Microeconomics
focuses on the action of individual agents within the economy.
4
New cards
maximum amount
It is the ________ that can be charged for something.
5
New cards
Disequilibrium
a situation where internal and /or external forces prevent market equilibrium from being reached or cause the market to fall out of balance.
6
New cards
Total revenue
the amount of money a company brings in from selling its goods and services.
7
New cards
Elastic
There is a large change in quantity demanded if there is a price change (greater than one)
8
New cards
Non rival
one persons consumption of the good does not make it unavailable for others to consume.
9
New cards
consumer
Nonexclusive: the ________ is not, or can not, be made to pay.
10
New cards
Price ceiling
the highest point at which goods and services can be sold.
11
New cards
Rival
: one person's consumption of the good makes it unavailable for others to consume.
12
New cards
Elasticity of supply
the percentage change in quantity supplied caused by a given percentage change in own price of the commodity.
13
New cards
Consumer surplus
when the price that consumers pay for a product or service is less than the price they 're willing to pay.
14
New cards
Price floor
government control or limit on how low a price can be charged for a product or good.
15
New cards
Microeconomics
focuses on the action of individual agents within the economy
16
New cards
Private goods
no one can be prevented from consuming them (ex
17
New cards
Quasi-public goods
exclusive and nonrival (ex
18
New cards
Open-Access Good
rival (only one person fish a fish) and non-exclusive, open access resources (ex
19
New cards
Public Good
non-rival and non-exclusive (ex
20
New cards
Rival
one persons consumption of the good makes it unavailable for others to consume
21
New cards
non-rival
one persons consumption of the good does not make it unavailable for others to consume
22
New cards
exclusive
the consumer can be made to pay for the good
23
New cards
nonexclusive
the consumer is not, or cannot, be made to pay
24
New cards
externality
impact on a 3rd party ( not seller, not buyer)
25
New cards
Elasticity of demand (aka price elasticity of demand)
% change in quantity demanded/ % change in price
26
New cards
Elastic
There is a large change in quantity demanded if there is a price change (greater than one)
27
New cards
unit elastic
 An increase in price corresponds to a decrease in demand of the same percentage (equal to 1)
28
New cards
inelastic
There is very little or no change in demand if there is a price change (less than one)
29
New cards
Total revenue
the amount of money a company brings in from selling its goods and services
30
New cards
Elasticity of supply
the percentage change in quantity supplied caused by a given percentage change in own price of the commodity
31
New cards
Disequilibrium
a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance
32
New cards
Price floor
government control or limit on how low a price can be charged for a product or good
33
New cards
Price ceiling
the highest point at which goods and services can be sold
34
New cards
Consumer surplus
when the price that consumers pay for a product or service is less than the price they're willing to pay