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econ > econ 7~12 > Flashcards

econ 7~12 Flashcards

1
Q

demand

A

the willingness and ability to buy a product

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2
Q

market demand

A

total demand of product

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3
Q

aggregation

A

addition of individuals components to reach a total amount

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4
Q

extension indemand

A

the price fall due to increase in quantity demanded

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5
Q

contraction of demand

A

fall in quantity demand increases the price of product

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6
Q

increase in demand

A

rise in demand, at any given price, demand shifts to the right(outwards)

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7
Q

normal goods

A

products that increase in demands as income increases

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8
Q

inferior goods

A

products that decrease in price as income increases

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9
Q

substitutes

A

product that can replace another

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10
Q

complement

A

product that is used with other products

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11
Q

supply

A

willingness and ability to sell a product

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12
Q

market supply

A

total amount of supply

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13
Q

extension/contraction of suply

A

rise/fall of quantity supplied to rise/fall in price

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14
Q

unit cost

A

avg cost of production

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15
Q

direct tax

A

tax on income & wealth of individuals and firms

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16
Q

indirect tax

A

taxes on goods and sevices

17
Q

tax

A

payment on government

18
Q

subsidy

A

payment by government to encourages production/consumption of a product

19
Q

excess supply(surplus)

A

the amount of how much supply is greater

20
Q

excess demand(shortage)

A

the amount of how much demand exceeds supply

21
Q

Price Elasticity of demand (PED)

A

measure of responsiveness of quantity demand to change in price

22
Q

elastic demand

A

quantity demand changes in greater percentages in price

23
Q

inelastic demand

A

quantity demand changes in smaller percentages in price

24
Q

unit elasticity of demand

A

even there is a change in price, revenue is maintained the same

25
Q

perfectly in/elastic demand

A

no change in price/quantity even the other axis changes

26
Q

Price Elasticity of Supply(PES)

A

measure of responsiveness of quantity supplied to change in price

27
Q

elastic supply

A

quantity supplied changes in greater percentages in price

28
Q

inelastic supply

A

quantity supplied changes in smaller percentages in price

29
Q

unit PES

A

change in price causes equal percentage change in quantity supplied

econ (3 decks)

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