Principles of Economics-Micro - 40085

Card Set Information

Author:
LCCStudent
ID:
174564
Filename:
Principles of Economics-Micro - 40085
Updated:
2012-09-30 20:38:32
Tags:
Micro Economics
Folders:

Description:
Unit 5 - Chapter 7 Vocabulary
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user LCCStudent on FreezingBlue Flashcards. What would you like to do?


  1. A measure of the response to a change in an economic variable.
    elasticity
  2. A measure of the response by consumers of a good to a change in the price of that good, ceteris paribus.
    price elasticity of demand
  3. A measure of the response by consumers of a good to a change in income, ceteris paribus.
    income elasticity of demand
  4. A measure of the response by consumers of a good to a change in the price of another good, ceteris paribus.
    cross-price elasticity of demand
  5. A measure of the response by producers of a good to a change in the price of that good, ceteris paribus.
    price elasticity of supply
  6. The condition that exists when a change in the price of a good leads to a relatively large change in the quantity demanded of it.
    elastic demand
  7. The condition that exists when a change in the price of a good leads to a relatively small change in the quantity demanded of it.
    inelastic demand
  8. The condition that exists when any increase in the price of a good causes quantity demanded to drop to zero.
    perfectly elastic demand
  9. The condition that exists when a change in the price of a good leads to no change in quantity demanded.
    perfectly inelastic demand
  10. The price of a good times the quantity sold.
    total revenue
  11. The theory of determining who ultimately pays a sales or excise tax.
    tax incidence

What would you like to do?

Home > Flashcards > Print Preview