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Econ exam 1

TermDefinition
Dead Weight Loss The reduction in economic surplus resulting from not being in a competative equilibrium
Marginal Benefit The additional benefit to a consumer of consuming one more unit.
Marginal Cost The additional cost in a firms total cost form profound 1 more Unit.
Economic Efficiency A market outcome in which marginal benefit is equal to the marginal cost, and the sum of CS and PS is at a maximum.
Tax incident The actual division of the burden of a tax between buyers and sellers in a market.
Economic Surplus a market is the sum of CS and PS.
CS The difference between the highest price a consumer is willing to pay and the price they actually pay.
Producer Surplus The difference between the lowest price a firm is willing to accept and the price it actually receives
Price floor A legally determined minimum price that sellers may recieves.
Price Ceiling A legally determined maximum price that sellers may charge.
Market A group of buyers and sellers of a good and the institution or arrangement by which they come together to trade.
Product Markets Households are demanders and firms are suppliers.
Factor Markets Markets for the factors of production.
Factors of production the inputs used to make good and services. Labor, Capital, Natural resources, Entrepreneurship.
Circular flow A model that illustrates how participants in the market are linked.
Created by: Kjein
 

 



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