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Chapter 4-7 > Chapter 4-7 > Flashcards

Chapter 4-7 Flashcards

1
Q

Demand Elasticity

A

Measure of responsiveness relating to change in quantity demanded to a change in price

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2
Q

Microeconomics

A

Branch of economic theory that deals with small and individual behavior and decisions.

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3
Q

Marginal Utility

A

The usefulness or satisfaction a person gets from acquiring one more unit of a product

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4
Q

Shortage

A

Situation where the quantity demanded is greater than the quantity supplied at a price.

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5
Q

Subsidies

A

Government payment to encourage or protect a certain economic activity

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6
Q

Trust

A

Illegal combination of business that hinder competition

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7
Q

Demand

A

The desire, ability, & willingness to buy a product

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8
Q

Depreciation

A

Gradual wear on capital goods during production

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9
Q

Demand Curve

A

Graph showing the quantity demanded at every price that might prevail in the market

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10
Q

Supply

A

A schedule of quantities offered for sale at all possible prices in a market

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11
Q

Surplus

A

Situation where the quantity supplied is greater than the quantity demanded at a price

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12
Q

Supply Curve

A

Graph showing the quantity supplied at every price that might prevail in the market

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13
Q

Supply Elasticity

A

Responsiveness of quantity supplied to a change in price

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14
Q

Law of Demand

A

States that demand for economic products varies inversely with its price

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15
Q

Law of Supply

A

Rule stating that more will be offered for sale at high prices than low prices

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16
Q

Fixed Cost

A

Cost that a business has whether they are producing or not

17
Q

Oligopoly

A

Market structure with several large, dominant sellers

18
Q

Variable Cost

A

Costs that differ based on production levels

19
Q

Market Equilibrium

A

Situation where prices are stable & supply & demand numbers are equal

20
Q

Monopoly

A

Market structure with a single producer

Chapter 4-7 (1 decks)

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