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