Microeconomics
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Last updated 1:54 AM on 11/12/22
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34 Terms
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Inelastic
There is very little or no change in demand if there is a price change (less than one)
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Externality
impact on a 3rd party (not seller, not buyer)
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Microeconomics
focuses on the action of individual agents within the economy.
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maximum amount
It is the ________ that can be charged for something.
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Disequilibrium
a situation where internal and /or external forces prevent market equilibrium from being reached or cause the market to fall out of balance.
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Total revenue
the amount of money a company brings in from selling its goods and services.
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Elastic
There is a large change in quantity demanded if there is a price change (greater than one)
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Non rival
one persons consumption of the good does not make it unavailable for others to consume.
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consumer
Nonexclusive: the ________ is not, or can not, be made to pay.
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Price ceiling
the highest point at which goods and services can be sold.
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Rival
: one person's consumption of the good makes it unavailable for others to consume.
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Elasticity of supply
the percentage change in quantity supplied caused by a given percentage change in own price of the commodity.
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Consumer surplus
when the price that consumers pay for a product or service is less than the price they 're willing to pay.
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Price floor
government control or limit on how low a price can be charged for a product or good.
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Microeconomics
focuses on the action of individual agents within the economy
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Private goods
no one can be prevented from consuming them (ex
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Quasi-public goods
exclusive and nonrival (ex
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Open-Access Good
rival (only one person fish a fish) and non-exclusive, open access resources (ex
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Public Good
non-rival and non-exclusive (ex
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Rival
one persons consumption of the good makes it unavailable for others to consume
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non-rival
one persons consumption of the good does not make it unavailable for others to consume
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exclusive
the consumer can be made to pay for the good
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nonexclusive
the consumer is not, or cannot, be made to pay
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externality
impact on a 3rd party ( not seller, not buyer)
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Elasticity of demand (aka price elasticity of demand)
% change in quantity demanded/ % change in price
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Elastic
There is a large change in quantity demanded if there is a price change (greater than one)
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unit elastic
An increase in price corresponds to a decrease in demand of the same percentage (equal to 1)
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inelastic
There is very little or no change in demand if there is a price change (less than one)
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Total revenue
the amount of money a company brings in from selling its goods and services
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Elasticity of supply
the percentage change in quantity supplied caused by a given percentage change in own price of the commodity
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Disequilibrium
a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance
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Price floor
government control or limit on how low a price can be charged for a product or good
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Price ceiling
the highest point at which goods and services can be sold
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Consumer surplus
when the price that consumers pay for a product or service is less than the price they're willing to pay
