Supply
Quantity producers are willing to sell at prices.
Public flashcard set
Microeconomics Basics
Intro economics for students and curious adults.
business economics student
Flashcards
Demand
Quantity consumers are willing to buy at prices.
Equilibrium price
Price where supply equals demand.
Elasticity
How quantity responds to price changes.
Opportunity cost
Value of the next-best alternative forgone.
Marginal cost
Cost of producing one more unit.
Marginal utility
Extra satisfaction from one more unit.
Market failure
Market outcome that is inefficient.
Externality
Side effect of a transaction on third parties.
Monopoly
Market with a single seller.
Oligopoly
Market dominated by a few sellers.
Perfect competition
Many sellers, identical products, free entry.
GDP
Total value of goods/services produced in a country.
Inflation
General rise in price levels.