microeconomics -jmu

0.0(0)
Studied by 0 people
linked notesView linked note
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/30

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 12:23 PM on 2/26/25
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

31 Terms

1
New cards
Economics is the study of __________ under scarcity competitive market.
choice
2
New cards
The maximum amount a consumer is willing to pay is known as the __________ price.
Buyers’ reservation
3
New cards
An alternative good that a consumer may use instead of another good is called a __________.
Substitute
4
New cards
The loss of value where no one is gaining any value is referred to as __________.
Dead weight loss
5
New cards
_____________ is an economic state where production meets consumer demand and maximizes social welfare.
Allocative efficiency
6
New cards
The additional value from the market is known as __________.
Total surplus
7
New cards
A __________ is a given amount of natural resources, labor, and capital.
Unit of resources
8
New cards
The amount of resource used up in producing a unit of some good or service is called __________.
Resource cost
9
New cards
The value of the choice you give up is known as __________ cost.
Opportunity
10
New cards
PPB stands for __________, a curve representing all the possible combinations of goods that could be produced.
Production Possibility Boundary
11
New cards
The curve that represents all possible consumption goods when a nation specializes in comparative advantage is called __________.
Consumption Possibility Boundary
12
New cards
A __________ is a tax on goods imported into a country.
Tariff
13
New cards
A __________ is defined as a single buyer in a market.
Monopsony
14
New cards
__________ surplus is the payment to workers more than their reservation wage.
Worker
15
New cards
The total monetary value of workers to employees above what is paid to them is known as __________ surplus.
Employer
16
New cards
A __________ prevents prices from rising above a certain level.
Price ceiling
17
New cards
A __________ ensures that producers receive a fair income.
Price floor
18
New cards
Shifts in the demand curve can result from prices of __________ goods.
related
19
New cards
One factor that can shift the supply curve is the number of __________.
suppliers
20
New cards
Factors affecting labor supply include Medicare, __________, and population.
Taxes
21
New cards
Capital production is a key effect of __________ demand.
labor
22
New cards
If Edp < 1, it means that a price drop causes market revenue to __________.
fall
23
New cards
In the equation for elasticity, (Q1-Q0)/1/2(Qd1+Qd2) represents the __________ changes in quantity.
percentage
24
New cards
When a price increase occurs, the higher revenue per unit sold leads to __________ revenue from less units sold.
lower
25
New cards
When labor supply increases, you must pay __________ wages on units of labor.
higher
26
New cards
Monopsonists cut wages and can lose revenue from __________ output.
less
27
New cards
The term __________ refers to changes in total market revenue when prices fluctuate.
elasticity
28
New cards
A __________ curve shows possible goods produced without trade.
PPB (Production Possibility Boundary)
29
New cards
Fewer workers employed by monopsonists leads to cost savings exceeding the loss caused by __________ output.
reduced
30
New cards
Changes in total market revenue can result from __________ price changes.
lower or higher
31
New cards
The elasticity of demand affects how quantity sold in a market changes under __________ conditions.
price