factors of productions
Give this one a try later!
inputs used to make good and services sold in product markets
perfectly competitive market
Give this one a try later!
a markey that meets the conditions of:
1. many buyers and sellers
2. all firms selling identical products
3. no barriers to new firms entering the market
,Consumer surplus measures what?
Give this one a try later!
- the dollar benefit consumers recieve from buying a good or service in a
particular market
- total amount=area above the market price and below the demand curve
trade-offs
Give this one a try later!
the idea that because of scarcity, producing more of one good or service
means producing less of another
quantity demanded
Give this one a try later!
the amount of a good or service that a consumer is willing and able to
purchase at a given price
What do the points around the ppf mean?
Give this one a try later!
, -When a point is on the ppf curve it is effiencient because all available
resources are being used
-When a point falls in the ppf curve, it is ineffient because maximum output
is not being attained
-When a point is outside the ppf it is unatainable
producer surplus
Give this one a try later!
the difference between the lowest price a firm is willing to accept for a
good or service and the price it actually recieves
patent
Give this one a try later!
something given to those who with intellectual property that gives them
exclusive rights up to ten years for an idea
dumping
Give this one a try later!
selling a product for a price below the cost of production
, market equilibrium
Give this one a try later!
a situation in which quantity demanded equals quantity supplied
consumer surplus
Give this one a try later!
the difference between the highest price a consumer is willing to pay for a
good or service and the price the consumer actually pays
inferior good
Give this one a try later!
goods for which the demand increases as income falls and decreases as
income rises
economic model
Give this one a try later!
Give this one a try later!
inputs used to make good and services sold in product markets
perfectly competitive market
Give this one a try later!
a markey that meets the conditions of:
1. many buyers and sellers
2. all firms selling identical products
3. no barriers to new firms entering the market
,Consumer surplus measures what?
Give this one a try later!
- the dollar benefit consumers recieve from buying a good or service in a
particular market
- total amount=area above the market price and below the demand curve
trade-offs
Give this one a try later!
the idea that because of scarcity, producing more of one good or service
means producing less of another
quantity demanded
Give this one a try later!
the amount of a good or service that a consumer is willing and able to
purchase at a given price
What do the points around the ppf mean?
Give this one a try later!
, -When a point is on the ppf curve it is effiencient because all available
resources are being used
-When a point falls in the ppf curve, it is ineffient because maximum output
is not being attained
-When a point is outside the ppf it is unatainable
producer surplus
Give this one a try later!
the difference between the lowest price a firm is willing to accept for a
good or service and the price it actually recieves
patent
Give this one a try later!
something given to those who with intellectual property that gives them
exclusive rights up to ten years for an idea
dumping
Give this one a try later!
selling a product for a price below the cost of production
, market equilibrium
Give this one a try later!
a situation in which quantity demanded equals quantity supplied
consumer surplus
Give this one a try later!
the difference between the highest price a consumer is willing to pay for a
good or service and the price the consumer actually pays
inferior good
Give this one a try later!
goods for which the demand increases as income falls and decreases as
income rises
economic model
Give this one a try later!
