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Exit - Economics

Microeconomics

TermDefinition
Opportunity Cost The value of the next best alternative forgone.
Supply and Demand Model determining price and quantity in markets.
Elasticity Measure of responsiveness to price change.
Marginal Cost Additional cost of producing one more unit.
Market Equilibrium Where quantity demanded equals quantity supplied.
Substitute Goods Goods that can replace each other.
Complement Goods Goods used together, like coffee and creamer.
Perfect Competition Many sellers, identical products.
Monopoly One seller dominates market.
Oligopoly Few sellers, interdependent behavior.
Externality Unintended side effect on others from market activity.
Deadweight Loss Loss of efficiency from under/overproduction.
Public Goods Non-rival, non-excludable goods like defense.
Game Theory Study of strategic decision-making among firms.
Created by: tahjzha
 

 



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