ECO 561 Week 1 REVIEW

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Economics Opportunity cost Utility Marginal Analysis Microeconomics Macroeconomics Positive economics Normative economics Budget line Economic resources Land Labor Capital (or capital good... s) Factors of production Production possibilities curve Economic system Command system Market system Specialization Consumer sovereignty Creative destruction Resource market Product market Demand Law of demand Income effect Substitution effect Demand curve Normal goods Inferior goods Substitute good Complementary good Change in demand Change in quantity demanded law of supply Supply Determinants of supply Equilibrium price Equilibrium quantity Productive efficiency Allocative efficiency Price ceiling Price floor Price elasticity of demand Price-Elasticity Coefficient and Formula Demand is elastic when Demand is inelastic when Unit Elasticity Perfect elasticity Perfectly elastic Total revenue Price elasticity of supply Long run Income elasticity of demand Consumer surplus Producer surplus Efficiency losses [Show More]

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