Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.

Category: Education

19 Terms

Created by: Timmwilson

Number of Blossarys: 22

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Consumer surplus + producer surplus.

Domain: Economy; Category: Economics

Total revenue = price per unit * quantity sold. Also known as total sales.

Domain: Economy; Category: Economics

The purchasing power of money. Real Value = Nominal Value + Adjustment for Inflation. Real value is more important for determining true growth, as it is adjusted for inflation.

Domain: Economy; Category: Economics

The price a producer receives for a product – the marginal cost of production.

Domain: Economy; Category: Economics

Defines the relationship of quantity supplied to the effect on price. Formula: PeS = %change in quantity supplied / % change in price. Perfectly inelastic supply = 0. Perfectly elastic supply > 0.

Domain: Economy; Category: Economics

(Ed)A function of demand for which as the price increases or decreases, the demand of the product changes. Ed=abs(%change in quantity demanded/%change in price). inelastic<1. unit elastic=1. perfectly ...

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to an increase in demand for that good.

Domain: Economy; Category: Economics

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