Key words of Section 1: Microeconomics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | A process or an institution through which potential buyers and sellers of a product interact
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| show | The relationship between various possible prices and the corresponding quantities that an individual or the market is willing and able to buy per period of time
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| show | Goods for which demand increases following an increase in consumers' income
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| Inferior Goods | show 🗑
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| show | Two goods that can satisfy the same need for a consumer which are thus in competitive consumption and for which XED is positive.
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| show | Goods that are consumed jointly
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| show | The difference between how much a consumer is willing and able to pay at the most for some amount of a good and what he or she actually ends up paying
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| show | The difference between what a firm earns and the minimum it requires to offer a given amount of a good
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| Allocative Efficiency | show 🗑
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| Price Elasticity of Demand (PED) | show 🗑
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| Price Elasticity of Supply (PES) | show 🗑
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| Cross-price Elasticity of Demand | show 🗑
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| Income Elasticity of Demand (YED) | show 🗑
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| Indirect Taxation | show 🗑
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| show | An indirect tax that is set as a fixed amount per unit
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| show | An indirect tax expressed as a percentage of the price of a product
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| Subsidy | show 🗑
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| Price Ceiling | show 🗑
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| Price Floor | show 🗑
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| Market failure | show 🗑
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| Externalities | show 🗑
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