Terms : Hide Images
| 11762786170 | Scarcity | Limited quantities of resources to meet unlimited wants | 0 | |
| 11762794274 | Capital | production technology | 1 | |
| 11762800032 | Inflation | A general and progressive increase in prices | 2 | |
| 11762803051 | marginal | additional | 3 | |
| 11762812021 | marginal benefit | the additional benefit to a consumer from consuming one more unit of a good or service | 4 | |
| 11762814890 | marginal cost | the cost of producing one more unit of a good | 5 | |
| 11762819580 | Optimal Allocation | marginal benefit (MB) = marginal cost (MC) | 6 | |
| 11762829877 | absolute advantage | 7 | ||
| 11762829928 | comparative advantage | 8 | ||
| 11762839489 | change in demand | 9 | ||
| 11762839490 | change in quantity demanded | 10 | ||
| 11762844762 | change in supply | 11 | ||
| 11762851076 | change in quantity supplied | 12 | ||
| 11762855236 | circular flow diagram | a visual model of the economy that shows how dollars flow through markets among households and firms |  | 13 |
| 11762866313 | opportunity cost | 14 | ||
| 11762870449 | production possibilities curve | 15 | ||
| 11762874482 | supply and demand curve | 16 | ||
| 11762885138 | law of increasing opportunity cost | 17 | ||
| 11762892619 | Law of Demand | 18 | ||
| 11762913009 | Trade-off | Giving up one thing for another | 19 | |
| 11762925703 | factors of production | land, labor, capital, entrepreneurship | 20 | |
| 11762929704 | Law of Supply | 21 | ||
| 11762959814 | market equilibrium | a situation in which quantity demanded equals quantity supplied | 22 | |
| 11762968882 | surplus | 23 | ||
| 11762973703 | shortage | 24 | ||
| 11762973704 | consumer surplus | 25 | ||
| 11762978831 | producer surplus | 26 | ||
| 11762988375 | total surplus | 27 | ||
| 11762991304 | deadweight loss | 28 | ||
| 11762991427 | price floor | 29 | ||
| 11762995024 | price ceiling | 30 | ||
| 11763017172 | tax | 31 | ||
| 11763020242 | substidy | 32 | ||
| 11763029131 | price elasticity of demand | 33 | ||
| 11763032457 | price elasticity of supply | 34 | ||
| 11763053125 | elastic | 35 | ||
| 11763057679 | Inelastic | 36 | ||
| 11763062092 | unit elastic | 37 | ||
| 11763067370 | perfectly inelastic | 38 | ||
| 11763071705 | perfectly elastic | 39 | ||
| 11763074684 | total revenue test | 40 | ||
| 11763093349 | income elasticity of demand | 41 | ||
| 11763096699 | cross elasticity of demand | 42 | ||
| 11763106353 | normal goods | 43 | ||
| 11763109504 | inferior good | 44 | ||
| 11763114687 | complementary goods | 45 | ||
| 11763118077 | substitute goods | 46 | ||
| 11767739650 | Externality | the impact of one person's actions on the well-being of a bystander | 47 | |
| 11767749938 | marginal private cost | 48 | ||
| 11767753627 | marginal private benefit | 49 | ||
| 11767759746 | marginal social cost | 50 | ||
| 11767762004 | marginal social benefit | 51 | ||
| 11767769631 | positive externality | 52 | ||
| 11767773130 | negative externality | 53 | ||
| 11767777833 | rival good | 54 | ||
| 11767780001 | excludable good | 55 | ||
| 11767782460 | non-rival good | 56 | ||
| 11767788047 | Non-excludable | 57 | ||
| 11767790561 | private goods | 58 | ||
| 11767790562 | common good | 59 | ||
| 11767794925 | club goods | excludable but not rival | 60 | |
| 11767796522 | public goods | Goods that are neither excludable nor rival in consumption | 61 | |
| 11767806053 | free rider problem | 62 | ||
| 11767815764 | allocative efficiency | 63 | ||
| 11767818852 | productive efficiency | 64 | ||
| 11767824630 | Utility | the capacity to be useful and provide satisfaction | 65 | |
| 11767827509 | total utility | the total amount of satisfaction obtained from consumption of a good or service | 66 | |
| 11767830345 | marginal utility | satisfaction or usefulness obtained from acquiring one more unit of a product | 67 | |
| 11767836205 | law of diminishing marginal utility | the principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a given period of time | 68 | |
| 11767851026 | varible cost | costs that change as output changes | 69 | |
| 11767853138 | fixed costs | costs that remain constant as output changes | 70 | |
| 11767862911 | total revenue | 71 | ||
| 11767865320 | marginal revenue | 72 | ||
| 11767870384 | Law of Diminishing Marginal Returns | 73 | ||
| 11767873608 | law of increasing relative cost | 74 | ||
| 11767886514 | perfectly competitive market | 75 | ||
| 11767890309 | profit maximization | A method of setting prices that occurs when marginal revenue equals marginal cost. | 76 | |
| 11767893864 | loss minimization | When a firm faces the certainty of incurring losses, its goal is to incur the lowest loss possible with the production of its goods and services. | 77 | |
| 11767899546 | Revenue Maximizing | MR=0 | 78 | |
| 11767901733 | Classic Shutdown | 79 | ||
| 11767901734 | Monopoly | A market in which there are many buyers but only one seller. | 80 | |
| 11767907294 | economies of scale | factors that cause a producer's average cost per unit to fall as output rises | 81 | |
| 11767909225 | diseconomies of scale | 82 | ||
| 11767913711 | product market | A market in which products are sold by firms and bought by households. | 83 | |
| 11767916208 | Factor market (resource market) | the market for the factors of production - land, labor, capital, and entrepreneurship | 84 |
