Fundamentals
This economist wrote An Inquiry into the Nature and Causes of the Wealth of Nations.
What is Adam Smith?
This type of market occurs when a good or service is highly standardized with many market participants, and all participants are well informed of the market price.
Perfectly competitive
The term "per capita" translates to this English phrase.
What is "per head?"
This type of externality includes smoke and water pollution.
What is a negative externality?
Economists estimate that the average supermarket carries around this number of items.
33,000
The amount of a good that buyers are willing and able to purchase.
Quantity demanded
This term refers to the amount of output per person in an economy.
What is output per capita?
This type of externality occurs when one party affects another but not vice-versa.
What is a one way (unidirectional) externality?
The assumption that there's a limited amount of time, work, energy, knowledge, and capital in society.
What is scarcity?
This economic law states that consumers will demand less of a good if the price of the good is higher.
What is the law of demand?
This term refers to the average amount of output per worker.
What is a reciprocal externality?
The assumption that people will always choose the choice that produces the most benefit.
What is rationality?
This kind of economic diagram records consumer demand for a good.
What is demand schedule?
The countries with the lowest output per capita are usually located in these two regions.
What are South Africa and Africa?
Plants powered by this fuel source use scrubbers to control air pollution.
What is coal?
This outcome arises if there is no way to improve the wellbeing of one person without reducing the wellbeing of another.
What is Pareto efficiency?
When income and quantity demanded have a negative relationship.
What are inferior goods?
Because of this economic indicator, poorer citizens living in advanced economies have access to better material goods.
What is the standard of living?
This economic concept refers to a positive externality which affects a large group of people.
What is a public good?