Econ S +D Vocab

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Author:
eriffire56
ID:
185552
Filename:
Econ S +D Vocab
Updated:
2012-11-27 00:51:51
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Economics Vocabulary
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Vocab econ
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  1. Demand
    the desire, ability, and willingness to buy a product.
  2. Microeconomics
    • Is the area of economics that deals with the
    • behavior and decision-making by small units, such as individuals and firms.
  3. Demand Schedule
    A listing that shows the various quantities demanded for a particular product at all prices that might prevail in the market at a given time.
  4. Demand Curve
    A graph showing the quantity demanded at each and every price that might prevail in the market.
  5. Law of Demand
    • states that the quantity demanded of a good or service
    • varies inversely with its price.
  6. Market Demand Curve
    • the demand curve that shows the quantities
    • demanded by everyone who is interested in purchasing the product.
  7. Marginal Utility 
    • the extra usefulness or satisfaction a person gets from
    • acquiring or using one more unit of a product.
  8. Diminishing Marginal Utility
    • States that the extra satisfaction we get from
    • using additional quantities of the product begins to diminish.
  9. Change in Quantity Demanded
    a movement along the demand curve that shows a change in the quantity of the product purchased in response to a change in price.
  10. Income Effect
    the change in quantity demanded because of a change in price that alters a consumers’ real income.
  11. Substituion Effect
    is the change in quantity demanded because of the change in the relative price of the product.
  12. Change in Demand
    Consumers demand different amounts at every price, causing the demand curve to shift to the left or right.
  13. Substitutes 
    Competing products that can be interchangeably used.
  14. Complements
    Product that increase the value of other products.
  15. Supply
    the amount of a product that would be offered for sale at all possible prices that could prevail in the market.
  16. Law of Supply
    The principle that suppliers will normally offer more for sale at higher prices and less at lower prices.
  17. Supply Schedule
    a listing of various quantities of a particular product supplied at all possible prices in the market.
  18. Supply Curve
    a graph showing the various quantities supplied at each and ever price that might prevail in the market.
  19. Market Supply Curve
    the supply curve that shows the quantities offered at various prices by all firms that offer the product for sale in a given market.
  20. Quantity Supplied
    The amount that producers bring to market at any given price.
  21. Change in Quantity Supplied
    the change in the amount offered for sale in response to a change in price.
  22. Change in Supply
    a situation where suppliers offer different amounts of products for sale at all possible prices in the market.
  23. Subsidy
    A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
  24. Supply Elasticity
    a measure of the way in which quantity supplied responds to a change in price.

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