SEM 1 DEFINITIONS Flashcards
1
Q
Barriers to entry
A
2
Q
Complementary Goods
A
2
Q
Ceterus Paribus
A
3
Q
Subsititure goods
A
4
Q
private goods
A
5
Q
club goods
A
5
Q
public goods
A
6
Q
common reosurce goods
A
7
Q
normal goods
A
8
Q
inferior goods
A
9
Q
consumer surplus
A
10
Q
DWL
A
10
Q
Supply
A
10
Q
producer surplus
A
11
Q
Demand
A
12
Q
Equilirum
A
13
Q
Disequlibrium
A
14
Q
Contraction
A
15
Q
Efficency
A
16
Q
Expansion
A
17
Q
Elasticity
A
18
Q
Factors Market
A
19
Q
Products Market
A
20
Q
Marginal benefit
A
20
Inelastic
21
marginal cost
21
oppurtunity cost
22
makret power
22
market failure
23
externalities
24
scarcity
25
subsititution and income effect
26
26
26
tax incidence
27
subsidy
28
rival
29
excludable
