surplus
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A situation in which quantity supplied is greater than quantity demanded
Gross Domestic Product (GDP)
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the total value of goods produced and services provided in a country
during one year.
- = C + I + G + NX
,diminishing marginal utility
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-Decreasing satisfaction or usefulness as additional units of a product are
acquired
-decreasing marginal benefits
binding ceiling
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below equilibrium price and affects prices
Economics is about
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choices
Law of Demand
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as price goes up, quantity demanded goes down
, Price expectations
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A producers willingness to supply today might be affected by an
expectation of tomorrows price
cyclical unemployment
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unemployment caused by a business cycle recession
lowest non binding price ceiling
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equal to the equilibrium
price ceilings
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-A legal maximum on the price at which a good can be sold
- can cause shortage
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A situation in which quantity supplied is greater than quantity demanded
Gross Domestic Product (GDP)
Give this one a try later!
the total value of goods produced and services provided in a country
during one year.
- = C + I + G + NX
,diminishing marginal utility
Give this one a try later!
-Decreasing satisfaction or usefulness as additional units of a product are
acquired
-decreasing marginal benefits
binding ceiling
Give this one a try later!
below equilibrium price and affects prices
Economics is about
Give this one a try later!
choices
Law of Demand
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as price goes up, quantity demanded goes down
, Price expectations
Give this one a try later!
A producers willingness to supply today might be affected by an
expectation of tomorrows price
cyclical unemployment
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unemployment caused by a business cycle recession
lowest non binding price ceiling
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equal to the equilibrium
price ceilings
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-A legal maximum on the price at which a good can be sold
- can cause shortage
