A curve that shows the relationship between the price of a product and the quantity
demanded of the product.
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Demand Curve
,Something measurable that can have different values, such as the incomes of doctors.
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Economic Variable
A change in (TERM) is shown as a shift in the supply curve.
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Supply
The ability to produce a good or service than competitors using the same amount of
resources.
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Comparative Advantage
Statement that can be correct or incorrect about an economic variable.
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Hypothesis
, 2 main categories of participants in markets
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Firms & Households
There are many buyers and sellers, all firms sell identical products, there are no
barriers to entry.
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Perfectly Competitive Market
The government does not control the production of goods and services
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Free Market
The reduction in economic surplus that results from the market not being at the
competitive equilibrium.
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Deadweight Loss (DWL)
demanded of the product.
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Demand Curve
,Something measurable that can have different values, such as the incomes of doctors.
Give this one a try later!
Economic Variable
A change in (TERM) is shown as a shift in the supply curve.
Give this one a try later!
Supply
The ability to produce a good or service than competitors using the same amount of
resources.
Give this one a try later!
Comparative Advantage
Statement that can be correct or incorrect about an economic variable.
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Hypothesis
, 2 main categories of participants in markets
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Firms & Households
There are many buyers and sellers, all firms sell identical products, there are no
barriers to entry.
Give this one a try later!
Perfectly Competitive Market
The government does not control the production of goods and services
Give this one a try later!
Free Market
The reduction in economic surplus that results from the market not being at the
competitive equilibrium.
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Deadweight Loss (DWL)
