Vocabulary #1
Vocabulary #2
Vocabulary #3
Vocabulary #4
Vocabulary #5
100
Demand
What is The desire, ability, and willingness to buy a product
100
Supply Elasticity
What is Measure of the way in which quantity supplied responds to a change in price
100
Subsidy
What is A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity.
100
E-Commerce
What is Electronic business or exchange conducted over the internet
100
Microeconomics
What is The area of economics that deals with behavior and decision making by small units, such as individuals and firms
200
Supply
What is The amount of a product that would be offered for sale at all possible prices that could prevail in the market
200
Theory of Production
What is Deals with the relantionship between the factors of production and the output of goods and services
200
Total Revenue
What is The number of units sold mulitplied by the average price per unit
200
Overhead
What is total fixed cost
200
Inelastic
What is A given change in price causes a relatively smaller change in the quantity demanded
300
Marginal Cost
What is The extra cost incurred whe na business procudes one additional unit of a product
300
Fixed Cost
What is The cost that a business incurs even if the plant is idle and output is zero
300
Law of Supply
What is The principle tha suppliers will normally offer more for sale at high prices and less at lower prices
300
Break-Even Point
What is The total output or total product the business needs to sell in order to cover its total costs
300
Diminishing Marginal Utility
What is States that the extra satisfaction we get from using additional quantities of the product begins to diminish
400
Elastic
What is When a given change in price causes a relatively larger change in quantity demanded
400
Change in Supply
What is A sitution where suppliers offer different amoutns of products for sale at all possible prices in a market
400
Marginal Analysis
What is A type of cost -benefit decision making that compares the extra benefit fo the extra cost of an action
400
Substitution Effect
What is The change in quantity demanded because of the change in relative price of the product
400
Marginal Utility
What is The extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
500
Raw Materials
What is Unprocessed natural products used in production
500
Income Effect
What is The change in quantity demanded becuase of a change in price that alters consumers' real income
500
Law of Demand
What is The quantity demanded of a good or service varies inversely with its price
500
Change in Demand
What is Occurs when people are now willing to buy different amounts of the same product at the same prices
500
Change in Supply
What is A situation where suppliers offer different amounts of products for sale at all possible prices in a market
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