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Econ ACA DECA Flashcards | StudBud

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what is consumer surplus?

What is opportunity cost?

Econ ACA DECA

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academic decathalon econ

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Questions 7

Answers

1
What is opportunity cost?
The candy you lose
what you have to give up get what you want.
the price
what?
2
what is consumer surplus?
value consumers lose?
surplus value consumers receive?
equillibrium
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3
What is supply?
amount sellers are able to make
amount sellers want to make
amount sellers are able and want to make
it's supply
4
what is demand?
amount buyers are willing to pay
amount buyers are willing and able to purchase.
amount buyers want
amount pay want
5
What is producer surplus?
market price minus opportunity cost
market price minus opportunity coast
low price more quanity
6
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7
What is a market?
all buyers and sellers of a good or service
how much employes earn
all buyers of a good
all sellers of a good