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Micro Economics Vocab Flashcards | StudBud
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Micro Economics Vocab
Micro Economics Vocab
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micro vocab
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
What causes Demand/Supply to change
Externality
Price Controls
Determinants
Market Distortion
2
This is the study of individual people's economic behavior
Marginal Cost
Microeconomics
Complement
Utility
3
This is what drives a person to do something
Profit
Incentive
Demand
Price
4
Where people exchange goods and services
Market
Supply
Equilibrium
Externality
5
↑P→↓QD ↓P→↑QD
Demand
Law of Supply
Supply
Law of Demand
6
This is where QS = QD
Price Control
Revenue
Market Distortion
Market Clearing Price
7
Government attempts to regulate opportunity cost
Marginal Cost
Price Control
Market Distortion
Fixed Cost
8
Buying and selling goods at prices where supply does not meet demand
Externality
Inferior Good
Market Distortion
Elasticity
9
The cost of something
Demand
Microeconomics
Price
Profit
10
This is where Supply meets Demand in the graph
Profit
Market Clearing Price
Revenue
Equilibrium
11
↑P→↑QS ↓P→↓QS
Law of Demand
Demand
Supply
Law of Supply
12
How much the market is willing to provide at a given price
Surplus
Shortage
Demand
Supply
13
How flexible Supply and Demand are
Elasticity
Externality
Equilibrium
Variable
14
This is what people are willing to buy at a given price
Surplus
Profit
Utility
Demand
