microeconomics chapter four Flashcards
1
Q
planned economies
A
centralized decisions made what, how, who, and what product
2
Q
market economies
A
individual productions/consumptions decisions, buying/selling in markets
3
Q
equilibrium
A
no tendency for change
market in equilibrium when quantity supplied = quantity demanded
4
Q
equilibrium price
A
one price which the quantity supplied equal the quantity demanded
5
Q
resulting quantity
A
equilibrium quantity
6
Q
demand curve
A
marginal benefit curve
7
Q
supply curve
A
marginal cost curve
8
Q
shortages
A
rise in price
9
Q
three symptoms of market in DISequilibrium
A
queuing, bundling of extras, secondary market
10
Q
decrease in demand
A
demand curve shift left
11
Q
increase in supply
A
shift right
