##### Microeconomics 8e / Arnold
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#### Complete List of Terms and Definitions for Microeconomics 8e / Arnold

Terms Definitions
Anything which individuals receive utility or satisfaction Good
Price times quantity sold Total revenue
All natural resources, such as minerals, forests, water and unimproved land. Land
A condition in which quantities demanded is greater than quantity supplied. Occur only at prices below the equilibrium price. Shortage
The price of a good. Own Price
demand equals Ed < 1 Inelastic demand
The satisfaction one receives from a good utility
The sciences of scarcity, the science of how individuals and society deal with wants greater than the limited resources. Economics.
The people who have talent for organizing land, labor, and capital to produce goods, seek new business or new ways. Entrepreneurship.
The numerical tabulation of the quantity supplied of a good at different prices. Supply schedule
If the number of sellers increases, the supply curve will shift to the ________. Right
The greater the percentage of one's budget that goes to the purchase of a good, the higher the price elasticity of demand, true or false? True
Demand equals Ed = 1 Unit elastic demand
If the percentage change in quantity demanded of a good is greater than the percentage change in income, Ey >1, then it is income ________. Elastic
The benefits connected to consuming an additional unit of a good or undertaking one more unit of activity. Marginal benefits
The condition in which our wants are greater than the limited resources available to satisfy those wants. scarcity
If two variables change in opposite ways they are: inversely related
Increase in taxes on production of a good causes the supply curve to shift to the _________. Left
Subsidies of a good produced cause the supply curve to shift to the __________. Right
The price at which quantity demanded of the good equals the quantity supplied. Equilibrium price
The graphical representation of the law of supply. Upward-sloping supply curve
The more substitutes for a good, the higher the price elasticity of demand, true or false? true
Demand equal Ed = infinite large Perfectly elastic demand
If the change of one variable does not affect another variable they are considerred: Independent
A price at which the quantity demanded does not equal quantity supplied. Disequilibrium price
A means for deciding who gets what of available resources and goods. Rationing Device
A good the demand of which falls as income rises. Inferior good
If good X is expected to rise in the near future, the demand curve shifts to the _________. Right
If price is up or down and total revenue remains the same then demand is ____________. unit elactic
As the price of a good rises, the quantity supplied of the good rises, as the price falls, the quantity supplied falls. Law of supply