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Economic Terms #3

Economic Study Stack #3

QuestionAnswer
Bond A formal contract to repay borrowed money and interest at regular future intervals.
Diminishing Marginal Activity The more units of something a person acquires, the less eager that person is to buy more.
Demand Elasticity The extent to which a change in price affect demand.
Inelasticity Price has very little effect on demand.
Law of Demand People will be willing to supply more goods for sale when the price goes up.
Law of Diminishing Return The point where output is still rising, but at a diminishing rate.
Productivity Usually refers to labor; how much a person can produce in a certain amount of time.
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 fare share.
Market Equilibrium Quantity of goods demanded equals quantity supplied.
Surplus Situation where quantity supplied is greater than quantity demanded at a given price.
Shortage Quantity demanded is greater than than quantity supplied at a given price.
Equilibrium Price Neither shortage nor a surplus; Supply=demand.
Oligopoly Fewer 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 for the product or service.
Economies of Sale The larger a firm grows, the better uses it's resources are.
Patent An exclusive right to make a product.
Copywright Gives author exclusive right to publish or sell music or literature.
Public Goods Goods such as highways, police, e.c.t. that everyone uses.
Private Goods Goods consumed and paid for by a particular person.
Law of Supply Sellers will be willing to supply more goods for sale when their price goes up.
Created by: terrybrunson
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