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Ch 4 and 5 Vocablury

Stack #118454

WordDefinition
Law of Demand consumers buy more of a goood when its prices decreases
demand curve graphical representation of a demand schedule
substitute goods used in place of one another
normal good a good that consumers demand more of when their income increases
complement two goods that are bought and used together
total revenue amount of money the company receives by selling its goods
susbstitution effect occurs when consumers react to an increase in a good's price by consuming less of that good and more of other goods
luxury good might not be bought when prices rise
elasticity of demand determines how a change in price affects a firm's total revenue/income
law of supply the higher the price, the larger the quantity produced
elasticity of supply measure of the way suppliers respond to a change in price
supply schedule shows the relationship between price and quantity supplied for a specific good
subsidy free money from the government
diminshing marginal returns occurs when marginal production levels decrease with nw investment
marginal cost cost of producing one more unit of a good
market demand schedule table that lists the quantity of a good all consumers in a market will buy at each different price
market supply schedule shows the relationship between price and quantity supplied for a specific good
marginal revenue additional income from selling one more unit of a good; sometimes equal to price
inferior goods an increase in income causes demand for these goods to fall; goods you would buy in smaller quantities
marginal product of labor the change in output from hiring one additional unit of labor
fixed cost a cost that does not change, no matter how much of a good is produced.
ceteris paribus "all other things held constant"
Created by: missaka08
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