Chapter 7

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Author:
Ruth5151
ID:
19813
Filename:
Chapter 7
Updated:
2010-05-18 20:01:25
Tags:
Economics Markiw
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Description:
A.P. Economics textbook, Chapter 7 vocabulary
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  1. welfare economics
    the study of how the allocation of resources affects economic well-being
  2. willingness to pay
    the maximum amount a buyer is willing to pay for a good
  3. consumer surplus
    a buyer's willingness to pay minus the amount the buyer actually pays
  4. marginal buyer
    the buyer who would leave the market first if the price were to rise
  5. cost
    the value of everything a seller must give up to produce a good
  6. producer surplus
    the amount a seller is paid minus the seller's cost
  7. marginal seller
    the seller who would leave the market first if the price were to drop
  8. total surplus
    the sum of consumer and producer surplus

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