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Unit Two Econ
| Term | Definition |
|---|---|
| Entrepreneur | A person who organizes, manages, and takes on the risks of a business. |
| Law of Demand | consumers buy more of a good when its price decreases and less when its price increases |
| Determinants of Demand | Factors other than price that determine the quantities demanded of a good or service |
| Law of Supply | Tendency of suppliers to offer more of a good at a higher price |
| Determinants of Supply | factors other than price that determine the quantities supplied of a good or service |
| Law of Diminishing Marginal Returns | As more of a variable resource is added to a given amount of a fixed resource, marginal product eventually declines and could become negative |
| elastic | price elasticity refers to the degree to which individuals, consumers, or producers change their demand or the amount supplied |
| Inelastic | Demand that is not very sensitive to a change in price |
| equilibrium price | the price that balances quantity supplied and quantity demanded |
| consumer sovereignty | the power of consumers to decide what gets produced |
| surplus | A situation in which quantity supplied is greater than quantity demanded |
| shortage | A situation in which quantity demanded is greater than quantity supplied |
| price ceiling | A legal maximum on the price at which a good can be sold |
| price floor | A legal minimum on the price at which a good can be sold |
| labor costs | costs involving the compensation of employees for their labor |
Created by:
Winter4u
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