Term
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Definition
| the good produced for sale |
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Term
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Definition
| the price at which no consumer wish they could have purchased more goods at the price; and no producers wish that they could have sold more |
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Definition
| the amount of output exchanged at the equilibrium price |
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Term
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Definition
| the amount consumers are willing and able to buy at a particular price during a particular period of time |
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Term
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Definition
| amount firms are willing and able to sell at a particular price during a particular period |
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Term
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Definition
| Latin for "other things equal" |
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Term
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Definition
| presentation in tabular form of the price and quantity demanded for a good. (basically a regular demand curve \ ) |
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Term
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Definition
| basically a regular supply curve / |
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Term
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Definition
| the point where consumers want to buy and suppliers want to sell |
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Term
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Definition
| the condition where firms do not want to sell as many goods as the consumers want to buy |
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Term
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Definition
| the condition where firms want to sell more goods than consumers want to buy |
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Term
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Definition
| raising the price during a shortage still ends in a shortage |
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Term
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Definition
| lowering prices to get back closer to the equilibrium price |
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Term
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Definition
| when prices are higher we tend to buy less |
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Term
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Definition
| purchase of less of a product when a lower priced product is available |
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Term
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Definition
| when a price increase your buying power is decreased causing you to buy less |
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Term
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Definition
| the amount of extra happiness that people get from an additional unit of consumption |
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Term
| law of diminishing marginal utility |
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Definition
| the amount of additional happiness from each unit decreases with consumption of each unit |
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Term
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Definition
| when prices are higher, firms tend to want to sell more |
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Term
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Definition
| when a firm increases prices when demand increases unexpectedly |
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Term
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Definition
| taste, income and price of other goods |
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Term
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Definition
| technology,number of sellers, excise taxes (tax on cigs), and subsidies |
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