Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
32 Cards in this Set
- Front
- Back
barter
|
the exchange of one good or service for another good or service
|
|
change in quantity demanded
|
a change in the amount of a product that consumers are willing and able to purchase because of a change in the product's price
|
|
change in quantity supplied
|
a change in the amount of a product that producers are willing and able to produce because of a change in the product's price
|
|
complementary goods
|
products and services that are used together; when the price of one falls, the demand for the other good increases (and conversely)
|
|
demand
|
a schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period
|
|
demand curve
|
a curve illustrating demand
|
|
demand schedule
|
a table or list of prices and the corresponding quantities demanded for a particular good or service
|
|
determinants of demand
|
factors other than price that determine the quantities demanded of a good or service
|
|
determinants of supply
|
factors other than price that determine the quantities supplied of a good or service
|
|
diminishing marginal utility
|
the principle that as a consumer increases the consumption of a good or service, the marginal utility obtained from each additional unit of the good or service decreases
|
|
disequilibrium
|
prices at which quantity demanded and quantity supplied are not equal at a specific price
|
|
double coincidence of wants
|
the situation that exists when A has what B wants and B has what A wants
|
|
equilibrium
|
the price and quantity at which quantity demanded and quantity supplied are equal
|
|
exchange rate
|
the rate at which monies of different countries are exchanged
|
|
income effect
|
a change in the quantity demanded of a product that results from a change in real income caused by a change in the product's price
|
|
inferior goods
|
a good or service whose consumption declines as income rises, price held constant
|
|
law of demand
|
the principle that, other things equal, an increase in a product's price will reduce the quantity of it demanded, and conversely for a decrease in price
|
|
law of supply
|
the principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely for a price decrease
|
|
market
|
any institution or mechanism that beings together buyers and sellers of a particular good or service
|
|
normal goods
|
a good or service whose consumption increases when income increases and decreases when income decreases
|
|
price ceiling
|
a legally established price maximum for a good or service that is below the equilibrium price and quantity
|
|
price floor
|
a legally established price minimum for a good or service that is above the equilibrium price and quantity
|
|
productivity
|
a measure of average output or real output per unit of input
|
|
quantity demanded
|
the amount of a good or service that buyers desire to purchase at a particular price during some period
|
|
quantity supplied
|
the amount of a good or service that sellers desire to sell at some particular price during some period
|
|
shortage
|
the amount by which the quantity demanded of a product exceeds the quantity supplied at a particular (below equilibrium) price
|
|
substitutes
|
products or services that can be used in place of each other; when the price of one falls, the demand for the other falls; when the price of one rises, the demand for the other rises
|
|
substitution effect
|
a change in the quantity demanded of a consumer good that results from a change in its relative expensiveness caused by a change in the product's price
|
|
supply
|
a schedule showing the amounts of a good or service that sellers will offer at various prices during some period of time
|
|
supply curve
|
a curve illustrating supply
|
|
supply schedule
|
a table or list of prices and the corresponding quantities supplied of a particular good or service
|
|
surplus
|
the amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above equilibrium) price
|