9603356914 | Demand | quantities of goods that consumers are willing and able to buy at different prices | 0 | |
9603361541 | Law of Demand | the inverse relationship between price and quantity demanded | 1 | |
9603374684 | Quantity Demanded | specific amount demanded at at specific price | 2 | |
9603404437 | Change in Demand | shift of the demand curve | 3 | |
9603408342 | Change in quantity demanded | movement along the curve that results from a change in price | 4 | |
9603425609 | Law of Diminishing Marginal Utility | the more you consume of a product the less satisfaction you get from each new consumed item | 5 | |
9603439801 | Demand Curve | graphical representation of a demand schedule | 6 | |
9603451959 | Ceteris Paribus | all other things held constant | 7 | |
9603464621 | Determinants of Demand | TRIBE (name them!!) | 8 | |
9603472134 | Substitutes | goods used in place of one another | 9 | |
9603474866 | Complements | two goods that are bought and used together | 10 | |
9603485976 | Normal Goods | as income increases, demand increases | 11 | |
9603489935 | Inferior goods | as income increases, demand decreases | 12 | |
9603515613 | Supply | different quantities of a good that sellers are willing and able to produce at different prices | 13 | |
9603522845 | Law of Supply | the direct relationship between price and quantity supplied | 14 | |
9603532652 | Change in Supply | a shift of the supply curve | 15 | |
9603536998 | Change in quantity supplied | 16 | ||
9604047851 | Determinants of Supply | ROTTEN (Name them) | 17 | |
9604057965 | Surplus | excess supply | 18 | |
9604057966 | Shortage | excess demand | 19 | |
9604067122 | Voluntary Exchange | buyers and sellers freely and willingly completing market transactions for mutual benefit | 20 | |
9604079827 | Consumer Surplus | difference between what a consumer is willing to pay and what they actually pay | 21 | |
9604104278 | Producer Surplus | difference between the price a seller received and how much they were willing to sell it for | 22 | |
9604132643 | Price Ceiling | maximum legal price a seller can charge for a product | 23 | |
9604140169 | Equilibrium | economic situation where no individual would be better off doing something different | 24 | |
9604151819 | Market Clearing Price | equilibrium price = equilibrium quantity | 25 | |
9605440585 | Price Floor | minimum legal price a seller can sell a product for | 26 | |
9605451181 | Deadweight Loss | loss in total surplus | 27 | |
9605458440 | Elasticity | shows how sensitive quantity is to a change in price | 28 | |
9605468320 | Elastic | a change in price causes a significant change in quantity | 29 | |
9605471675 | Inelastic | a change in prices causes a small change in quantity | 30 | |
9605476507 | Unit Elastic | a change in price causes a proportional change in quantity | 31 | |
9605486395 | Total Revenue | Price x Quantity | 32 | |
9605489372 | Cross-Price elasticity | shows how sensitive a product is to a change int he price of another good | 33 | |
9605501382 | Income Elasticity | shows how sensitive a product is to a change in income | 34 | |
9605513002 | Tariff | tax on imports | 35 | |
9605513003 | Quota | a limit on the number of imports | 36 | |
9605519998 | Excise Taxes | a per unit tax on producers | 37 | |
9605530347 | Tax Incidence | determine who pays more of a tax, consumers or producers | 38 | |
9605548623 | Utility Maximizing Rule | consumer's money should be spent so that the marginal utility per dollar of each good equals each other | 39 | |
9605581266 | Marginal Utility | change in utility generated by consuming one additional unit of a good or service | 40 |
AP Micro: UNIT 2 Flashcards
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