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economic t and c 3
LIGHTWEIGHT!!!!
| Question | Answer |
|---|---|
| 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 WIILING TO SUPPLY MORE GOODS FOR SALE WHEN THEIR PRICE GORES UP |
| LAW OF DIMINISHING RETURNS | 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 |
| VARIBLE 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 EVERYONES FAIR 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 QUANTITY SUPPLIED AT A GIVEN PRICE |
| EQUILIBRIUM PRICE | NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND |
| OLIGOPOLY | FEW SELLERS OF THE SAME PRODUCT |
| MONOPLY | 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 (MUSIC, LITERATURE) |
| PUBLIC GOODS | GOODS SUCH AS HIGHWAYS, POLICE ETC THAT EVERYONE USES |
| PRIVATE GOODS | GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON |
| CRAFT UNION | AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK |
| INDUSTRIAL UNION | AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM |
| STRIKE | A REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET |
| RIGHT-TO-WORK LAWS | A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION |
Created by:
ciroborja
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