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Economics Unit 3

Supply and Demand, PPF

QuestionAnswer
Mircoeconomics the part of economics concerned with single factors and the effects of individual decisions.
Law of Demand as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
Law of Supply as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.
Supply the total amount of a specific good or service that is available to consumers.
Demand An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
Demand Schedule a table of the quantity demanded of a good at different price levels.
Supply Schedule A table or listing showing the exact quantities of a single type of good (or service) that potential sellers would offer to sell at each of a number of varying prices
Shortage A situation where demand for a product or service exceeds the available supply
Surplus The amount of an asset or resource that exceeds the portion that is utilized.
Marginal Utility The additional satisfaction a consumer gains from consuming one more unit of a good or service.
Diminishing Marginal Utility A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
Production Possibility Frontier A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.). The PPF assumes that all inputs are used efficiently.
Efficiency A level of performance that describes a process that uses the lowest amount of inputs to create the greatest amount of outputs.
Unattainable not able to be reached or achieved.
Inefficient not capable of producing desired results without wasting materials, time, or energy.
Economic Growth An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
Opportunity Cost the loss of potential gain from other alternatives when one alternative is chosen.
Trade-off involves a sacrifice that must be made to get a certain product or experience.
Scarcity the state of being scarce or in short supply; shortage.
Production the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
Factors of Production An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit.
Land A place to put a business and gather resources for production.
Labor productive activity, especially for the sake of economic gain.
Entrepreneur An individual who, rather than working as an employee, runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
Capital wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
Supply Curve in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
Demand Curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price.
Subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.
Substitute If the price of one good increases, then demand for the other item is likely to rise.
Compliment A good or service that is used in conjunction with another good or service.
Equilibrium Price defined as the point where supply equals demand for a product – is where the hypothetical supply and demand curves intersect.
Created by: MTOMLINS
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