Economics-Markets in Actions Definition 0.0 / 5 ? EconomicsMarkets In ActionASOCR Created by: AshleyGravesVGCCreated on: 04-03-15 18:28 Opportunity cost The cost of the next best alternative 'foregone' 1 of 11 Basic Economic Problem The idea that there are unlimited wants but limited resources 2 of 11 Finite Resources Resources that are scarce within an economy 3 of 11 Household A group of people who's spending decisions are similar 4 of 11 Economics The study of how to allocate scarce resources among alternate use 5 of 11 Producer Surplus The difference between how much the producer is willing to supply and how much is actually supplies 6 of 11 Consumer Surplus The difference between what the consumer is willing to pay and what is actually paid 7 of 11 PED The responsiveness of the QD to a change in price 8 of 11 PES The responsiveness of the QS to a change in price 9 of 11 YED The responsiveness of the QD to a change in income 10 of 11 XED The responsiveness of the QD of one good to a change in price of another good 11 of 11
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