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20 Cards in this Set

  • Front
  • Back
demand
the desire, ability, and willingness to buy a product
change in demand
a principle illustrating that consumers demand different amounts at every price, causing the demand curve to shift to the left or right
change in quantity demanded
a movement along the demand curve showing that a different quantity is purchased in response to a change in price
Microeconomics
the field of economics that deals with behavior and decision making by individuals and firms
Law of Demand
a statement that more will be demanded at a lower price and less at higher prices
elastic demand
a principle illustrating that a given change in price causes a relatively large change in the quantity demanded
Demand Schedule
a listing in a table that shows the quantity demanded at all possible prices in the market at a given time
Demand Curve
a graph that shows the quantity demanded at all possible prices in the market at a given time
Fixed Cost
a production cost that does not change as total business output changes
Marginal Analysis
a decision making that compares the additional costs with the additional benefits of an action
Diminishing Returns
associated with stage II of production
Variable Cost
production cost that changes when output changes
production function
graphical representation of the theory of production
marginal product
the additional output produced when one additional unit is added.
marginal revenue
change in total revenue from the sale of one additional unit of output
depreciation
the gradual wearing out of capital goods
total cost
the sum of variable and fixed costs
profit-maximizing
when marginal revenue equals marginal cost
total product
total output produced by a firm
overhead
total fixed costs