Microeconomics

decrease in satisfaction or usefulness from having one more unit of the same product

• diminishing marginal utility
• economic model
• efficiency
• equilibrium

this is a simplified representation of complex economic activity, system, or problems used to clarify tradeoffs

• economic model
• efficiency
• equilibrium
• intermediate good

this is the condition in which scarce resources are used to their full potential

• efficiency
• equilibrium
• intermediate good
• marginal utility

this is the point where demand and supply intersect

• equilibrium
• intermediate good
• marginal utility
• microeconomics

A man-made good that is used to produce another good or service, becoming part of that good or service (Natural resources that have been processed)

• intermediate good
• marginal utility
• microeconomics
• monopolistic competition

satisfaction or usefulness obtained from acquiring one more unit of a product

• marginal utility
• microeconomics
• monopolistic competition
• monopoly

(a)   is the study of the behavior or individual people, households, and businesses on the economy

• microeconomics
• monopolistic competition
• monopoly
• normative statement

a market structure in which many companies sell products that are similar but not identical

• monopolistic competition
• monopoly
• normative statement
• oligopoly

this is a market in which there are many buyers but only one seller.

• monopoly
• normative statement
• oligopoly
• positive statement

statement which describes the economy as it should be, not what it actually is

• normative statement
• oligopoly
• positive statement
• price control