

Micro Ch_3 Demand and Supply Vocab
Flashcard
•
Financial Education
•
11th Grade
•
Practice Problem
•
Medium
Mr. Nichols
Used 1+ times
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36 questions
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1.
FLASHCARD QUESTION
Front
Ceteris paribus
Back
All other things being equal.
2.
FLASHCARD QUESTION
Front
Complements (complementary goods)
Back
Goods that are often used together so that consumption of one good tends to increase consumption of the other.
3.
FLASHCARD QUESTION
Front
Consumer surplus
Back
The extra benefit consumers receive from buying a good or service, measured by what the individuals would have been willing to pay minus the amount that they actually paid.
4.
FLASHCARD QUESTION
Front
Deadweight loss
Back
The loss in social surplus that occurs when a market produces an inefficient quantity.
5.
FLASHCARD QUESTION
Front
Demand
Back
The quantity of a good or service that consumers are willing and able to buy.
6.
FLASHCARD QUESTION
Front
Demand curve
Back
A graphic representation of the relationship between price and quantity demanded of a certain good or service, with quantity on the horizontal axis and the price on the vertical axis.
7.
FLASHCARD QUESTION
Front
Demand schedule
Back
A table that shows a range of prices for a certain good or service and the quantity demanded at each price.
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