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Economics 2

Chapter 5-8 vocab

QuestionAnswer
elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
price elasticity of demand measure of how much the quantity demanded of a good responds to a change in the price of that good
total revenue the amount paid by buyers and received by sellers of a good
income elasticity of demand a measure of how much the quantity demanded of a good responds to a change in consumer's income
cross-price elasticity a measure of how much the quantity demanded of one good responds to a changein the price of another good
price elasticity of supply a measure of how much the quantity supplied of a good responds to a change in the price of that good
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
tax incidence the manner in which the burden of a tax is shared among participants in a market
welfare economics the study of how the allocation of resources affects economic wellbeing
willingness to pay the max amount that a buyer will pay for a good
consumer surplus the amount a buyer is willing to pay for a good minus the amount he actually pays
cost the value of everything a seller must give up to produce a good
producer surplus the amount a seller is paid for a good minus the seller's cost of providing it
efficiency the property of a resource allocation of maximizing the total surplus receivedby all members of society
equity the fairness of the distribution of well-being among the members of society
deadweight loss the fall in total surplus that resultsfrom a market distortion, such as a tax
Created by: lilqtcoll22
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