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Chapter 2 Vocabulary:
Allocative Efficiency: When the mix of goods being produced represents the mix
that society most desires.
Budget Constraint: All possible consumption combinations of good that someone
can afford, given the prices of goods, when all i
Chapter 3 Vocab: Supply and Demand
Ceteris Paribus: All other things being equal
Complements: Good that are often used together so that consumption of one
good tends to enhance consumption of the other.
Consumer Surplus: The extra benefit consumers receiv
Chapter 1 Vocab: Welcome to Economics:
Circular Flow Diagram: A diagram that views the eco as consisting of households
& firms interacting in a goods & services market & a labor market.
Command Economy: An eco where economic decisions are passed down from