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Economics 101 > Chapter 6 > Flashcards

Chapter 6 Flashcards

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1
Q

Total Utility

A

Total satisfaction received from consuming a certain quantity of a good

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2
Q

Utile

A

Unit for measuring utility

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3
Q

Marginal Utility

A

Extra utility received from consuming one extra unit

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4
Q

Law of Diminishing Marginal Utility

A

The extra utility received from consuming one extra unit is always decreasing

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5
Q

Total Surplus

A

Consumer surplus plus producer surplus

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6
Q

Consumer Surplus

A

Area above price equilibrium and below the demand curve, difference between what consumer was willing to pay and what they really paid, ‘what consumer saved’

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7
Q

Producer Surplus

A

Area below price equilibrium and above the supply curve, difference between what seller must get to cover cost of production and what they actually got, ‘extra money seller got’

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8
Q

Distortionary

A

Annoying, inefficient

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9
Q

Dead Weight Loss

A

Lost surplus that no one gets

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Economics 101 (9 decks)

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