The percentage change in the quantity supplied that will occur in response to a 1 percent change in the price of a good or service.The additional utility gained from consuming an additional unit of a good.The sum of the possible outcomes of the gamble multiplied by their respective probabilities.A production process is said to have constant returns to scale if, when all inputs are changed by a given proportion, output changes by the same proportion.Purchases of domestic assets by foreign households and firms.Total benefit of undertaking n units of an activity divided by n.A good whose demand curve shifts leftward when the incomes of buyers increase Inflation shock.A period in which the economy is growing at a rate significantly below normal.
Microeconomics, branch of economics that studies the behaviour of individual consumers and firms.
Microeconomic Terms - STUDYBLUEThe Council for Economic Education (CfEE) has compiled a list of the 51 key economics concepts common to all U.S. State requirements for high school classes in economics.Discover the difference between micro and macro economics, as well as the numerous ways in which the two fields of economics connect with each other.The saving of the government sector is equal to net tax payments minus government purchases (T - G).The demand for a good is perfectly elastic with respect to price if its price elasticity of demand is in.nite. Perfectly elastic supply curve.
If the amount of capital and other inputs in use is held constant, then the greater the quantity of labor already employed, the less each additional worker adds to production.A good or service that, to at least some degree, is nonrival but excludable.Learn vocabulary, terms, and more with flashcards, games, and other study tools.The smallest dollar amount for which a seller would be willing to sell an additional unit, generally equal to marginal cost.
A firm that produces a product for which only a few rival firms produce close substitutes Open economy.
Microeconomic terms and conceptsTotal cost of undertaking n units of an activity divided by n.
The portion of planned aggregate expenditure that depends on output Y.
Economic scarring: The long-term impacts of the recessionThe tendency of people to expend less effort protecting those goods that are insured against theft or damage.An exchange rate whose value is not officially fixed but varies according to the supply and demand for the currency in the foreign exchange market.
What is Microeconomics? definition and meaning
A variable in an equation whose value is determined by the value taken by another variable in the equation.A reduction in the official value of a currency (in a fixed-exchange-rate system).Microeconomics Analysis of the behavior of individual economic units such as companies, industries, or households.An episode in which depositors, spurred by news or rumors of the imminent bankruptcy of one or more banks, rush to withdraw their deposits from the banking system.A good whose consumption by one person does not diminish its availability for others.Government borrowing that leads private firms to cancel planned investment projects because of higher interest rates.The 1996 federal law that transferred responsibility for welfare programs from the federal level to the state level and placed a five-year lifetime limit on payment of AFDC benefits to any given recipient.
Production possibilities frontier Comparative advantage and gains from trade Marginal utility and budget lines Production decisions and economic profit Economic profit vs. accounting profit.If the amount of labor and other inputs employed is held constant, then the greater the amount of capital already in use, the less an additional unit of capital adds to production.The amount of wealth an individual or firm chooses to hold in the form of money.
The lending of reserves by the Federal Reserve to commercial banks.However, as a substantial body of economic literature shows, the consequences of high.Six microeconomic business factors that affect almost any business are customers,.A massive selling of domestic currency assets by financial investors.
Free Economics Essays and Papers - Free Essays, TermEco 101 - Principles of Microeconomics Course syllabus (contained within the ANGEL course shell) Course description ANGEL online course supplement information.A system under which the government guarantees that depositors will not lose any money even if their bank goes bankrupt.The players, the strategies available to each player, and the payoffs each player receives for each possible combination of strategies.