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27 Cards in this Set
- Front
- Back
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a listing that shows the quantity demanded at all prices that might prevail in the market at a given time
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demand schedule
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tells the quantity that consumers will demand at each price
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demand curve
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states that the demand for an economic product varies inversely with its price
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law of demand
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a change in the quantity of the product purchased in response to a change in price
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change in quantity demanded
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some people are willing to but different amounts at the same price
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change in demand
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a relatively small change in price causes a large change in quantity demanded
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elastic demand
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a given change in price causes a smaller change in quantity demanded
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inelastic demand
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the quantity supplied varies directly with its price
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law of supply
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the amount that producers bring to market at any one price
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quantity supplied
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the change in a amount offered for sale in reponse to a change in price
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change in quantity supplied
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different amounts of product for sale at all possible prices
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change in supply
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total output
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total product
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states that output will change as one input is varied while others are held constant
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law of variable proportions
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the extra output generated by adding one more unit of variable input
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marginal product
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cost of production does not change
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fixed change
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a cost that does change when the business rate of operation or output changes
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variable cost
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the number of units sold
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total revenue
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the extra revenue associated with the production and sale of one additional unit of output
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marginal revenue
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a system under which a gov. agency decides everyone's fair share
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rationing
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maximum legal price that can be charged for a product
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price ceilings
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minimum legal price that can be charged for a product
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price floors
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the price at which the quantity at which the quantity demanded equals the quantity supplied
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equilibrium price
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regulation of pricing keeps pric competitive even if a monopoly exists
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government regulation
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the requirement that businesses reveal info & services to help function better
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maintaining legal & framework
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provide goods and services that markets are unable or unwilling tp provide
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providing public goods & services
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higher income tax rates for rich than poor-social security
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redistributing income
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use gov budgets and/or money supply to promote economic growth and control inflation
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stabilizing the economy
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