1
Q
Willingness to pay
A
Max price at which a person will buy that good
2
Q
Economic Signals
A
Any piece of information that helps ppl make better economic decisions
3
Q
Property rights
A
Rights of owners of valuable items to dispose of items as they choose
4
Q
How changing prices affect producer surplus
A
Fall in one causes rise in the other
5
Q
Individual Producer surplus
A
Net gain to an individual seller from selling a good
Price received - cost = producer surplus
6
Q
Cost
A
Lowest price at which a potential seller is willing to sell
7
Q
Consumer Surplus
A
Refers to both individual and total surplus
-area below Demand Curve but above price
Econ 103
flashcards
Decks in class (11)
# Cards
-
Chapter 2- Models8
-
Chapter 3- Supply And Demand16
-
Chapter 121
-
Chapter 47
-
Chapter 512
-
Chapter 6 - Elasticity21
-
Chapter 7 - Taxes19
-
Chapter 9: Decision Making by Individuals and Firms21
-
Chapter 10: The Rational Consumer15
-
Chapter 11: Behind the Supply Curve: Inputs and Costs22
-
Chapter 12: Perfect Competition and the Supply Curve19
