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econ 1101 dal > Vocab > Flashcards

Vocab Flashcards

1
Q

Marginal cost

A

Cost to produce one additional unit

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2
Q

Cost-benefit principle

A

Actions should only be taken if benefits outweigh costs

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3
Q

Marginal benefit

A

Maximum amount a consumer is willing to pay

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4
Q

Ppf

A

Max amount 2 goods/services can be produced at once

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5
Q

Law of demand

A

Price increases demand decreases vice versa

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6
Q

Inferior good

A

Decreased demand when income is high

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7
Q

Normal good

A

Income and demand increase together

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8
Q

Luxury goods

A

Buy more of when income increases

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9
Q

Interdependence

A

Firms rely on eachother

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10
Q

Equilibrium

A

Supply and demand meet

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11
Q

Shortage

A

Demand exceeds quantity

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12
Q

Surplus

A

Quantity exceeds demand

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13
Q

Positive elasticity

A

Income increases so does purchasing

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14
Q

Negative elasticity

A

Decreased demand when price increases

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15
Q

Elasticity equal to 0

A

Inelastic

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16
Q

Elasticity equal to 1+

A

Elastic

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17
Q

Economic burden

A

How tax is shared

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18
Q

Subsidy

A

Benefit given

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19
Q

Tax

A

Govt regulated money

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20
Q

Burden of tax

A

Who pays

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21
Q

Free market

A

Prices based on supply and demand

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22
Q

Positive analysis

A

Analysis based on facts and data

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23
Q

Normative analysis

A

Analysis based on opinions and values

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24
Q

Reservation price

A

Max price willing to pay

25
Q

DWL

A

Cost cure when supply ≠ demand

26
Q

Efficient outcome

A

Maximized benefits

27
Q

Efficient quantity

A

Msc = msb

28
Q

Rivalrous

A

1 person using = 1 less for everyone else

29
Q

Excludable

A

Limited to those who pay for it

30
Q

Non-excludable

A

Available for everyone

31
Q

Private

A

Excludable and rivalrous

32
Q

Public

A

Non excludable non rivalrous

33
Q

Competitive market price

A

Similar pricing to others

34
Q

Derived demand

A

Demand as a result of another variables demand

35
Q

Labour supply

A

Total hours willing to work

36
Q

Mrp

A

Revenue of one additional unit

37
Q

Competitive labour market

A

Wage rate determined by supply and demand

38
Q

Profit maximizing firm

A

MR = MC

39
Q

Market power

A

Ability to manipulate prices above competitive levels

40
Q

Short run

A

1 thing fixed while others vary

41
Q

Long run

A

No fixed factors

42
Q

Single price monopolist

A

Must sell each unit of its good for the same price

43
Q

Perfectly competitive

A

All suppliers are equal and so is supply and demand

44
Q

Positive profit

A

Earning more revenue than total costs

45
Q

Free entry

A

Can enter if they see good opportunity

46
Q

Implicit costs

A

Variables, opportunities

47
Q

Explicit costs

A

Out of pocket fixed costs

48
Q

Atc

A

Relationship between cost per unit and level of output

49
Q

Economic profit

A

Tr-explicit and implicit

50
Q

Perfect price discrimination

A

Charging each customer the max theyre willing to pay

51
Q

Nash equilibrium

A

Best response based off current knowledge

52
Q

Prisoner dilemma

A

Nash eq example

53
Q

Sealed bids

A

Bids made w/o knowing others

54
Q

Cooperative outcome

A

Most mutual benefit

55
Q

Payoff matrix

A

Diagram of all possibilities

56
Q

Dominant strategy

A

Best option regardless of opponent

57
Q

Tragedy of commons

A

Depletion of shared resource, due to over exploitation

58
Q

Willingness to pay

A

How much they expect to pay

econ 1101 dal (11 decks)

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