global corporations
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corporations with substantial operations on both the production and sales
sides in more than one country
price floor
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government imposed limits on how low a price can be changed - generally
above existing price when effective, quantity supplied exceeds quantity
demanded and result is excess supply
market demand curve
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the horizontal sum of all individual demand curves
Auctions
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-english: ascending price, last bidder wins
-dutch: descending price, first bidder wins
-first price: highest bidder wins
-second price: highest bidder wins, pays 2nd highest price
Surplus
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Quantity supplied is greater than quantity demanded, some suppliers
unable to sell goods
, Social Forces
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forces that guide individual actions even though those actions may not be
in an individuals selfish interest
price elasticity of demand
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the percentage change in quantity demanded divided by percentage
change in price
luxury good
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a good with an income elasticity greater than 1
ineastic
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percentage change in quantity is less than percentage change in price (E<1)
Give this one a try later!
corporations with substantial operations on both the production and sales
sides in more than one country
price floor
,Give this one a try later!
government imposed limits on how low a price can be changed - generally
above existing price when effective, quantity supplied exceeds quantity
demanded and result is excess supply
market demand curve
Give this one a try later!
the horizontal sum of all individual demand curves
Auctions
Give this one a try later!
-english: ascending price, last bidder wins
-dutch: descending price, first bidder wins
-first price: highest bidder wins
-second price: highest bidder wins, pays 2nd highest price
Surplus
Give this one a try later!
Quantity supplied is greater than quantity demanded, some suppliers
unable to sell goods
, Social Forces
Give this one a try later!
forces that guide individual actions even though those actions may not be
in an individuals selfish interest
price elasticity of demand
Give this one a try later!
the percentage change in quantity demanded divided by percentage
change in price
luxury good
Give this one a try later!
a good with an income elasticity greater than 1
ineastic
Give this one a try later!
percentage change in quantity is less than percentage change in price (E<1)
