All the buyers and sellers of a particular good or service are collectively called this.
What is a market?
100
Pareto efficiency is a term used to describe this outcome.
What is when one player in a market gains it means that another has lost.
100
Macro Economics concerns itself with the interaction of these entities.
What are Countries/States or International Corporations?
100
These individuals take on the risk of introducing new products to market and thus reap the rewards of being first.
What are entrepreneurs?
100
This type of elasticity measures how much the quantity demanded responds to a change in price
What is price elasticity of demand?
200
The negative relationship between a products price and the quantity demanded is due to this economic law.
What is the Law of Demand?
200
The fact that there are a limited number of good and that humans are insatiable gives rise to this economic concept.
What is Scarcity?
200
The aggregate of all goods and services purchased within a country within a given amount of time.
What is GDP?
200
Continued development of new products into markets has this effect on old products.
What is obsolescence?
200
Substitutes have this effect on price elasticity of demand.
What is they increase price elasticity of demand.
300
A table that organizes all of the data related to price and units sold is called this.
What is a demand schedule?
300
When you give up a date at Homecoming in order to go to a movie with your friends you have just made this type of choice.
What is a trade-off?
300
When old companies fail to make way for new companies this is called ________ _________.
What is Creative Destruction?
300
When graphed products that have perfect inelasticity can be described by this type of horizon.
What is a perfectly vertical horizon?
400
Shifts in the supply curve can be due to these variables (400 pts each)
What are input prices, technology, expectations, and the number of sellers?
400
When individuals differ in their abilities, interests, and resources, the result is that they can focus on what they do well. This results in their benefit from this economics term.
What are gains from trade?
400
CPI stands for this.
What is the Consumer Price Index?
400
When considered in whole entreprenuers have this effect on the market.
What is that they drive innovation?
400
Total Revenue is described by this equation.
What is Total Revenue = P x Q
500
The amount of benefit a consumer receives beyond the market price is called this.
What is consumer surplus?
500
This type of economics uses the tools of economic analysis to describe and explain economic phenomena and to make predictions about what will happen under certain circumstances.
What is Positive Economics?
500
Per Capita means this.
What is Per Head?
500
Innovation has this effect on barriers to entry into the market.
What is it creates barriers through the use of patents. Or it can destroy barriers through creative destruction?
500
Longer time horizons have this effect on elasticity.