Flashcards
Chapter 3 Vocabulary Terms- Micro
Flashcards do conjunto (23)
- 1amount of a good or service that a customer is willing and able to purchase at a given pricequantity demanded
- 2a good for which the demand increases as income falls and decreases as income risesinferior good
- 3requirement that when analyzing the relationship between two variables (like price and quantity demanded) other variables must be held constant.ceteris paribus condition
- 4positive/negative change in the ability of a firm to produce a given level of output with a given quantity of inputstechnological change
- 5a situation in which quantity demanded equals quantity suppliedmarket equilibrium
- 6table that shows the relatinoship between the price of a produce and quantity of the product demandeddemand schedule
- 7goods and services that can be used for the same purposesubsitutes
- 8a situation in which the quantity demanded is greater than the quantity suppliedshortage
- 9change in quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are subsitutessubstitution effect
- 10the rule that, holding all else constant, when price of a product falls, the quantity demanded of the product will increase and when the price of a product rises the quantity demanded of the product will decreaselaw of demand
- 11a curve that shows the relationship between the price of a product and the quantity of the product demandeddemand curve
- 12a market equilibrium with many buyters and sellerscompetetitive market equilibrium
- 13a good for which the demand increases as income rises and decreases as income fallsnormal good
- 14a table that shows the relationship between the price of a product and the quantity of the product suppliedsupply schedule
- 15a market that has: 1. many buyers and sellers 2. all firms are selling identical products 3. no barriers to new firms entering the marketperfectly competetitive market
- 16demand by all the consumers of a given good or servicemarket demand
- 17the rule that, holding all else constant, increase in price causes increases in the quantity supplied and decreases in price causes decreases in the quantity suppliedlaw of supply
- 18a situation in which the quantity supplied is greater than the quantity demandedsurplus
- 19a curve that shows the relationship between the price of a product and the quantity of the product suppliedsupply curve
- 20the amount of a good or service that a firm is willing and able to supply at a given pricequantity supplied
- 21goods and services that are used togethercomplements
- 22the change in quantity demanded of a good that results from the effect of a change in the good's price on consumers' purchasing powerincome effect
- 23characteristics of a population with respect to age, gender, and race.demographics
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- Descrição
- All of the important terms in Chapter 3 defined- micro.
- Criado por
- Olivia t
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