Microeconomics

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Full list of words from this list:

words only definitions & notes
  1. antitrust law
    law intended to promote free competition in the market place by outlawing monopolies
  2. black market
    the illegal buying, selling, or trade of goods and services
  3. budget
    a summary of intended expenditures
  4. capitalist
    an advocate of an economic system based on private ownership
  5. cartel
    a consortium formed to limit commercial competition
  6. ceteris paribus
    all other things being equal
  7. collusion
    secret agreement
  8. commodity
    any good that can be bought and sold
  9. competition
    business relation in which two parties vie to gain customers
  10. consumer
    a person who uses goods or services
  11. cost-benefit analysis
    an analysis of the cost effectiveness of different alternatives in order to see whether the benefits outweigh the costs
  12. demand
    the ability and desire to purchase goods and services
  13. equilibrium
    a stable situation in which forces cancel one another
  14. economics
    science dealing with the circulation of goods and services
  15. economy of scale
    the savings in production cost due to mass production
  16. efficiency
    the ratio of the output to the input of any system
  17. elasticity
    the tendency of a body to return to its original shape
  18. entrepreneur
    someone who organizes a business venture
  19. fixed cost
    a periodic charge that does not vary with business volume
  20. labor
    productive work, especially physical work done for wages
  21. labor union
    an employee organization that bargains with an employer
  22. laissez faire
    a doctrine that government should not interfere in commerce
  23. law of diminishing returns
    a law affirming that to continue after a certain level of performance has been reached will result in a decline in effectiveness
  24. marginal cost
    the increase or decrease in costs as a result of one more or one less unit of output
  25. marginal utility
    (economics) the amount that utility increases with an increase of one unit of an economic good or service
  26. market
    the world of commercial activity where goods and services are bought and sold
  27. market economy
    an economy that relies on market forces to determine prices
  28. microeconomics
    the study of how consumers and individual firms acquire and use resources
  29. minimum wage
    the lowest salary that an employer is allowed to pay
  30. mixed economy
    an economic system that combines private and state enterprises
  31. monopoly
    a market in which there are many buyers but only one seller
  32. monopsony
    an economic market with several sellers but only one buyer
  33. Nash equilibrium
    (game theory) a stable state of a system that involves several interacting participants in which no participant can gain by a change of strategy as long as all the other participants remain unchanged
  34. natural resource
    material in the environment that can be used by people
  35. oligopoly
    a market in which a few producers control a commodity
  36. opportunity cost
    the benefits lost by choosing one option over another
  37. price floor
    floor below which prices are not allowed to fall
  38. productivity
    the amount of work each worker can complete in a set time
  39. profit
    excess of revenues over outlays in a given period of time
  40. progressive tax
    any tax in which the rate increases as the amount subject to taxation increases
  41. property right
    the legal right of ownership
  42. proportional tax
    any tax in which the rate is constant as the amount subject to taxation increases
  43. rationing
    restricting the consumption of a relatively scarce commodity
  44. rent
    a payment or series of payments made by a lessee to an owner
  45. revenue
    the entire amount of income before any deductions are made
  46. scarcity
    a small and inadequate amount
  47. shortage
    an amount that is less than expected or required
  48. specialization
    making something suitable for a particular purpose
  49. subsidy
    a grant of financial assistance, especially by a government
  50. substitute
    a person or thing that can take the place of another
  51. supply
    offering goods and services for sale
  52. surplus
    a quantity much larger than is needed
  53. tariff
    a government tax on imports or exports
  54. tax
    a charge that a citizen pays to support government programs
  55. technology
    the practical application of science to commerce or industry
  56. trade
    the commercial exchange of goods and services
  57. trade-off
    an exchange that occurs as a compromise
  58. utility
    a measure to be maximized in a situation involving choice
  59. wage
    payment for work
Created on Wed Feb 01 11:15:11 EST 2017 (updated Wed Apr 12 11:04:06 EDT 2017)

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