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three out of four !

QuestionAnswer
1. BOND A FORMAL CONTRACT TO REPAY BORROWED MONEY AND INTEREST AT REGULAR FUTURE INTERVALS
2. DIMINISHING MARGINAL UTILITY THE MORE UNITS OF SOMETHING THAT A PERSON AQUIRES, THE LESS EAGER THAT PERSON IS TO BUY MORE
3. DEMAND ELASTICITY THE EXTENT TO WHICH A CHANGE IN PRICE AFFECTS DEMAND
4. INELASTICITY PRICE HAS VERY LITTLE AFFECT ON DEMAND
5. LAW OF DEMAND PEOPLE WILL BE WILLING AND ABLE TO BUY MORE OF A PRODUCT AT A LOWER PRICE
6. LAW OF SUPPLY SELLERS WILL BE WIILING TO SUPPLY MORE GOODS FOR SALE WHEN THEIR PRICE GORES UP
7. LAW OF DIMINISHING RETURNS THE POINT WHERE OUTPUT IS STILL RISING, BUT AT A DIMINISHING RATE
8. PRODUCTIVITY USUALLY REFERS TO LABOR, HOW MUCH A PERSON CAN PRODUCE IN A CERTAIN AMOUNT OF TIME
9. FIXED COST COST THAT A BUSINESS INCURS EVEN IF THEY PRODUCE NO PRODUCT
10. VARIBLE COST A COST THAT CHANGES WHEN THE RATE OF OUTPUT CHANGES
11. DEPRECIATION THE GRADUAL WEARING OUT OF CAPITAL GOODS
12. PRICE AMOUNT OF MONEY THAT PEOPLE PAY IN EXCHANGE FOR A UNIT OF GOOD OR SERVICE
13. RATIONING A SYSTEM IN WHICH THE GOVERNMENT DECIDES EVERYONES FAIR SHARE
14. MARKET EQUILIBRIUM QUANTITY OF GOODS DEMANDED EQUALS QUANTITY SUPPLIED
15. SURPLUS SITUATION WHERE QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE
16. SHORTAGE QUANTITY DEMANDED IS GREATER THAN QUANTITY SUPPLIED AT A GIVEN PRICE
17. EQUILIBRIUM PRICE NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND
18. OLIGOPOLY FEW SELLERS OF THE SAME PRODUCT
19. MONOPOLY ONE SELLER OF A PRODUCT WITH NO CLOSE SUBSTITUTES
20. NATURAL MONOPOLY – SITUATION WHERE COSTS ARE MINIMIZED BY HAVING ONE LARGE FIRM PROVIDE THE PRODUCT OR SERVICE
Created by: JulieeLemus
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