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Economics 3 mp

Bond a formal contract to repay borrowed money and interest at regular future intervals
Diminishing marginal utility the more units of something that a person aquires, the less eager that person is to buy more
Demand elasticity the extent to which a change in price affects demand
Inelasticity price has very little affect on demand
Law of demand people will be willing and able to buy more of a product at a lower price
Law of supply sellers will be willing to supply more goods for sale when their price goes up
Law of diminishing returns the point where the output is still rising, but at a diminishing rate
Productivity usually refers to labor,
Fixed cost cost that a business incurs even if they produce no product
variable cost a cost that changes when the rate of output changes
depreciation the gradual wearing out of capital goods
price amount of money that people pay in exchange for a unit of good or service
rationing a system in which the government decides everyone's fair share
marker equilibrium quantity of goods demanded equals quantity supplied
surplus situation where quantity supplied is greater than quantity demanded at a given price
shortage situation where quantity supplied is greater than quantity supplied at a given price
equilibrium price neither a shortage nor a surplus, supply
oligopoly few sellers of the same product
monopoly one seller of a product with no close substitutes
natural monopoly situation where costs are minimized by having one large firm provide the product or service
economies of scale the larger a firm grows, the better it uses it's resources
patent an exclusive right to make a product
copyright gives author exclusive right to publish or sell
public goods goods such as highways, police etc that everyone uses
private goods goods consumed by and paid for by a particular person