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EconomicTerM
economic terms
| Question | Answer |
|---|---|
| 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 extend 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 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 |
| 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 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, supply = demand |
| 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 its resources |
| patent | an exclusive right to make a product |
| copyright | gives author exclusive right to publish or sell (music, leterature) |
| public goods | goods such as highways, police etc. that everyone uses |
| private goods | goods consumed by and paid for by a particular person |
Created by:
jessicaaguilera
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