
Ch 5
Flashcard
•
English
•
University
•
Hard
Botagoz Duisenova
Used 2+ times
FREE Resource
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11 questions
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1.
FLASHCARD QUESTION
Front
Big tradeoff
Back
Choosing between fairness and efficiency
2.
FLASHCARD QUESTION
Front
Consumer surplus
Back
money saved when you pay less
3.
FLASHCARD QUESTION
Front
Deadweight loss
Back
A loss when the market isn't working well
4.
FLASHCARD QUESTION
Front
Market failure
Back
when the market doesn't work for everyone
5.
FLASHCARD QUESTION
Front
Producer surplus
Back
Extra money sellers make
6.
FLASHCARD QUESTION
Front
Symmetry principle
Back
fairness means treating everyone the same
7.
FLASHCARD QUESTION
Front
Total surplus
Back
The total value from both buyers and sellers
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