Economics-Markets in Actions Definition

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Opportunity cost
The cost of the next best alternative 'foregone'
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Basic Economic Problem
The idea that there are unlimited wants but limited resources
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Finite Resources
Resources that are scarce within an economy
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Household
A group of people who's spending decisions are similar
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Economics
The study of how to allocate scarce resources among alternate use
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Producer Surplus
The difference between how much the producer is willing to supply and how much is actually supplies
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Consumer Surplus
The difference between what the consumer is willing to pay and what is actually paid
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PED
The responsiveness of the QD to a change in price
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PES
The responsiveness of the QS to a change in price
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YED
The responsiveness of the QD to a change in income
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XED
The responsiveness of the QD of one good to a change in price of another good
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Other cards in this set

Card 2

Front

The idea that there are unlimited wants but limited resources

Back

Basic Economic Problem

Card 3

Front

Resources that are scarce within an economy

Back

Preview of the back of card 3

Card 4

Front

A group of people who's spending decisions are similar

Back

Preview of the back of card 4

Card 5

Front

The study of how to allocate scarce resources among alternate use

Back

Preview of the back of card 5
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