Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 5

Elasticity The responsiveness of quantities demanded and supplied to a change in price.
Price Elasticity of Demand An expression of how much more or less consumers will buy a product if its price changes.
Inelastic Coefficient A coefficient for a product of less than one, indicating that a given percentage change in price causes a smaller percantage change in quantity demanded.
Elastic Coefficient A coefficient for a product of more than one, indicating that a given percentage change in price causes a greater percentage change in quantity demanded.
Unitary Coefficient A coefficient of a product equal to one, indicating that a given change in price causes an equal percentage change in quantity demanded.
Total Revenue The price of a product multiplied by the quantity demanded of the product.
Elasticity of Supply The responsiveness of the quantity supplied by a seller to a rise or fall in its price.
Marginal Utility Theory of Consumer Choice (Utility Theory) A theory stating that the extra statisfaction that a consumer achieves from consuming successive units of a good diminishes. With two or more items, consumers maximize their statisfaction when they recieve the same amount of statisfaction per dollar.
Marginal Utility A measure of the extra statisfaction that a consumer achieves from consuming one more unit of a product.
Util A theoretical unit of satisfaction that a person gains from consuming an item.
Consumer Equilibrium The state of satisfaction a consumer reaches when the marginal utility divided by price is equal for two or more products bought by the consumer.
Paradox of Vaule A seeming contradiction in the economy in which the demand for necessities needed for survival is not high enough to ensure that their prices at least match the prices of luxury items, which are unnecessary for survival.
Consumer Surplus The difference between what consumers are willing to pay for an item and what they actually pay.
Ceiling Price A restriction imposed by a government in order to prevent the price of a product from rising above a certain level.
Black Market An illegal exchange of goods in short supply, as when some people buy up as much of the good as possible, stockpile it, and sell it at a higher price.
Floor Price A restriction that prevents a price from falling below a certain level.
Subsidy A payment made by the government to a producer to achieve some desired outcome, such as installing pollution control equipment.
Quota A restriction placed on the amount of product that domestic producers are allowed to produce; also, a limit on the total quantity of goods imported into a country.
Marketing Board An agricultural organization established to administer quotas and market the products or its producers.
Rent The price people pay for accommodation, determinded by supply and demand.
Wage The price a worker receives for supplying labour to a business with a demand for it.
Minimum Wage A government-establised wage, higher than one set by the demand for, and supply of, workers.
Created by: sgreulich



Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards