econ 7~12 Flashcards

(29 cards)

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
perfectly in/elastic demand
no change in price/quantity even the other axis changes
26
Price Elasticity of Supply(PES)
measure of responsiveness of quantity supplied to change in price
27
elastic supply
quantity supplied changes in greater percentages in price
28
inelastic supply
quantity supplied changes in smaller percentages in price
29
unit PES
change in price causes equal percentage change in quantity supplied