Terms : Hide Images
| 7137327691 | economics | branch of knowledge concerned with the production, consumption, and transfer of wealth | 0 | |
| 7137328964 | scarcity | the state of being scarce; shortage | 1 | |
| 7137333233 | marginal analysis | an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity | 2 | |
| 7137335150 | model | a system or thing used as an example to follow or imitate | 3 | |
| 7137336443 | price elasticity | is a measure of the responsiveness of demand or supply of a good or service to changes in price | 4 | |
| 7137339030 | price discrimination | the action of selling the same product at different prices to different buyers, in order to maximize sales and profits | 5 | |
| 7137340283 | perfect competition | the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers | 6 | |
| 7137341505 | efficiency | the state or quality of being efficient | 7 | |
| 7137342185 | equity | the quality of being fair and impartial or the quality of being fair and impartial | 8 | |
| 7137343645 | externality | a side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in the cost of the goods or services involved | 9 | |
| 7137345018 | positive externality | is a benefit that is enjoyed by a third-party as a result of an economic transaction | 10 | |
| 7137346077 | negative externality | is a cost that is suffered by a third party as a result of an economic transaction | 11 | |
| 7137346976 | asymmetric information | deals with the study of decisions in transactions where one party has more or better information than the other | 12 | |
| 7137347756 | adverse selection | refers to a situation where sellers have information that buyers do not, or vice versa about some aspect of product quality | 13 | |
| 7137348744 | moral hazzard | lack of incentive to guard against risk where one is protected from its consequences | 14 | |
| 7137349433 | signaling | is the idea that one party credibly conveys some information about itself to another party | 15 |
