Chapter 5-8 vocab
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| elasticity | a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
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| price elasticity of demand | measure of how much the quantity demanded of a good responds to a change in the price of that good
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| total revenue | the amount paid by buyers and received by sellers of a good
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| income elasticity of demand | a measure of how much the quantity demanded of a good responds to a change in consumer's income
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| cross-price elasticity | a measure of how much the quantity demanded of one good responds to a changein the price of another good
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| price elasticity of supply | a measure of how much the quantity supplied of a good responds to a change in the price of that good
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| price ceiling | a legal maximum on the price at which a good can be sold
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| price floor | a legal minimum on the price at which a good can be sold
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| tax incidence | the manner in which the burden of a tax is shared among participants in a market
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| welfare economics | the study of how the allocation of resources affects economic wellbeing
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| willingness to pay | the max amount that a buyer will pay for a good
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| consumer surplus | the amount a buyer is willing to pay for a good minus the amount he actually pays
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| cost | the value of everything a seller must give up to produce a good
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| producer surplus | the amount a seller is paid for a good minus the seller's cost of providing it
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| efficiency | the property of a resource allocation of maximizing the total surplus receivedby all members of society
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| equity | the fairness of the distribution of well-being among the members of society
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| deadweight loss | the fall in total surplus that resultsfrom a market distortion, such as a tax
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Or sort by any of the columns using the down arrow next to any column heading.
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