Econ vocab unit 2

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brianatclark
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106548
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Econ vocab unit 2
Updated:
2011-10-04 23:23:37
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chapter
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4-6
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  1. The quantity supplied and the quantity demanded at the equilibrium price
  2. A table that shows the relationship between the price of a good and the quantity demanded
  3. A table that shows the relationship between the price of a good and the quantity supplied
  4. Two goods for which an increase in the price of one leads to an increase in the demand for the other
  5. A group of buyers and sellers of a particular good or service
  6. Market with only one seller
  7. A good for which, other things equal, an increase in income leads to a decrease in demand
  8. A situation in which quantity demanded is greater than quantity supplied
  9. A situation in which quantity supplied is greater than quantity demanded
  10. The amount of a good that buyers are willing and able to purchase
  11. A situation in which the price has reached the level where quantity supplied equals quantity demanded
  12. A market in which there are many buyers and sellers so that each has a negligible impact on the market price
  13. The claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
  14. A graph of the relationship between the price of a good and the quantity demanded
  15. The price that balances quantity supplied and quantity demanded
  16. The amount of a good that sellers are willing and able to sell
  17. The claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
  18. The claim that the price of any good adjusts to bring the quantity supplied and quantity demanded for that good into balance
  19. Two goods for which an increase in the price of one leads to a decrease in the demand for the other
  20. A good for which, other things equal, an increase in income leads to an increase in demand
  21. A graph of the relationship between the price of a good and the quantity supplied
  22. A measure of how much the quantity
    demanded of a good responds to a
    change in consumers’ income.
  23. When the quantity demanded or
    supplied responds substantially to a
    change in one of its determinants.
  24. A good characterized by a negative
    income elasticity.
  25. A measure of the responsiveness of the
    quantity demanded or quantity supplied
    to a change in one of its determinants.
  26. A good characterized by a positive
    income elasticity
  27. A measure of how much the quantity
    supplied of a good responds to a change
    in the price of that good.
  28. When the quantity demanded or
    supplied responds only slightly to a
    change in one of its determinants.
  29. The amount paid by buyers and received
    by sellers of a good computed as P × Q.
  30. A measure of how much the quantity
    demanded of a good responds to a
    change in the price of that good.
  31. A measure of how much the quantity
    demanded of one good responds to a
    change in the price of another good.
  32. The manner in which the burden of a tax is shared among participants in a market
  33. A legal maximum on the price at which a
    good can be sold
  34. The difference between what the buyer pays and the seller receives after a tax has been imposed
  35. A legal minimum on the price at which a
    good can be sold

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