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the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scarce resources
the property of distributing economic prosperi
a measure of the responsiveness of quantity demanded or quantity supplied to one of its
Price Elasticity of Demand
a measure of how much the quantity demanded of a good responds to a change in the price of
that good, computed as th
a market with many buyers and sellers trading identical products so that each buyer and seller
is a price taker
Total revenue divided by the quantity sold. For all firms average revenue equals the price of the
When This Chapter was Founded
March 22, 1953
When we moved into current house
Chapter is dedicated to.
Gustavus Adolphus "Dolph" Ginter, AKA "Grand Old Man of SAE"
House is dedicated to.
Robert R. Aurner
Structural unemployment is caused by.
a lack of marketable skills
In our economy, full unemployment means.
an unemployment rate of about 5&
Unanticipated inflation is generally regarded as
undesirable because it.
arbitrarily reduces income
Suppose you hir
Average Quarter Hour Rating
The percentage of persons in the target audience listening to your station during any average
quarter hour during that particular daypart. The percentage is based upon the total number of
persons in that particular demographic.
Factors of Production
The inputs used to produce goods and services
The relationship between the quantity of inputs used to make a good and the quantity of output
of that good
Marginal Product of Labor
The increase in the amount of out
Costs that require an outlay of money by the firm
Costs that do not require an outlay of money by the firm
Costs that do not vary with the quantity of output produced (FC)
Costs that vary with the q
a group of buyers and sellers of a particular good or service
a market in which there are many buyers and many sellers so that each has a negligible impact
on the market price
the amount of a good that buyers ar