Test 1 Supply & Demand
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| show | the way in which the work required to produce a good or service is divided into tasks performed by different workers
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| show | the study of how humans make choices under conditions of scarcity
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| show | when human wants for goods and services exceed the available supply
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| specialization | show 🗑
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| fiscal policy | show 🗑
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| macroeconomics | show 🗑
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| Microeconomics | show 🗑
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| monetary policy | show 🗑
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| circular flow diagram | show 🗑
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| show | a market in which firms are sellers of what they produce and households are buyers
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| show | the market in which households sell their labor as workers to business firms or other employers
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| show | see theory
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| theory | show 🗑
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| command economy | show 🗑
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| exports | show 🗑
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| show | the trend in which buying and selling in markets have increasingly crossed national borders
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| gross domestic product (GDP) | show 🗑
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| imports | show 🗑
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| market | show 🗑
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| market economy | show 🗑
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| private enterprise | show 🗑
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| show | typically an agricultural economy where things are done the same as they have always been done
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| underground economy | show 🗑
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| budget constraint | show 🗑
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| show | as we consume more of a good or service, the utility we get from additional units of the good or service tend to become smaller than what we received from earlier units
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| show | examination of decisions on the margin, meaning a little more or a little less from the status quo
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| opportunity cost | show 🗑
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| opportunity set | show 🗑
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| show | costs that are made in the past and cannot be recovered
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| show | satisfaction, usefulness, or value one obtains from consuming goods and services
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| show | when the mix of goods being produced represents the mix that society most desires
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| comparative advantage | show 🗑
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| law of diminishing returns | show 🗑
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| show | a diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available.
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| productive efficiency | show 🗑
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| invisible hand | show 🗑
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| normative statement | show 🗑
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| positive statement | show 🗑
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| demand curve | show 🗑
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| demand schedule | show 🗑
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| demand | show 🗑
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| equilibrium price | show 🗑
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| equilibrium quantity | show 🗑
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| show | the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
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| excess demand | show 🗑
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| show | at the existing price, quantity supplied exceeds the quantity demanded; also called a surplus
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| law of demand | show 🗑
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| show | the common relationship that a higher price leads to a greater quantity supplied and a lower price leads to a lower quantity supplied, while all other variables are held constant
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| price | show 🗑
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| quantity demanded | show 🗑
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| show | the total number of units of a good or service producers are willing to sell at a given price
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| shortage | show 🗑
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| supply curve | show 🗑
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| supply schedule | show 🗑
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| show | the relationship between price and the quantity supplied of a certain good or service
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| surplus | show 🗑
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| show | other things being equal
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| complements | show 🗑
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| factors of production | show 🗑
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| inferior good | show 🗑
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| inputs | show 🗑
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| show | a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls
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| shift in demand | show 🗑
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| show | when a change in some economic factor (other than price) causes a different quantity to be supplied at every price
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| show | a good that can replace another to some extent, so that greater consumption of one good can mean less of the other
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| price ceiling | show 🗑
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| show | government laws to regulate prices instead of letting market forces determine prices
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| show | a legal minimum price
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| show | see social surplus
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| show | the extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid
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| show | the loss in social surplus that occurs when a market produces an inefficient quantity
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| economic surplus | show 🗑
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| producer surplus | show 🗑
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| social surplus | show 🗑
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