Economics Semester Review Part 3 2018-19

COST of PRODUCTN is how much it costs to make somethng, Includes natural resources and labor

if a supply of a good is inelastic, producers

Demand Recap: for the WHOLE demand curve to shift there must be a

When rent prices are set below the equilibrium level

a system of distributing scarce goods & services using criteria other than price

A price floor is

Movement ALONG the supply curve is a result of a

Demand Recap: For movement along the demand curve & NO SHIFT there is a

A change (shift) in the entire supply curve is a result of a

The point at which quantity demanded & quantity supplied are equal is known as

if the price of 10 soccer balls increases from $10.50 to $11.75, drop in demand will occur &

if it cost more 2 make a good, there is less profit,

happens when market price is below the equilibrium price

Supply Recap: Accordg 2 law of supply, when price of good/servce rises, the producer (business)

Marginal Product of Labor – is the change in output from hiring one more worker

At a co's most profitble levl of prodctn, its margnl cost (additnal cost of producg 1 mor unit)

When a market in equilibrium shifts & has excess supply

Supply Recap: key factors that can change amt of supply are:

Rent control is a type of