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WSU 101 final
Cumulative final definitions
21
Economics
Undergraduate 1
12/14/2012

Additional Economics Flashcards

 


 

Cards

Term
Discrimination
Definition
changing prices for different people
Term
Implicit Costs
Definition
costs that don't require money
Term
Duopolist
Definition
A seller in a duopoly
Term
Diminishing Returns
Definition
The last one was more successful than this one
Term
Shortage
Definition
Quantity Demanded>Quantity Supplied
Term
Wage
Definition
Cost of labor
Term
Quota Rent
Definition
the benefit of having a license
Term
AVC
Definition
Variable Cost/Quantity
Term
Decentralized
Definition
No one is in charge
Term
Complements
Definition
I'm not paying that much for beef, I'll buy chicken
Term
Nonexcludable
Definition
I wish i could keep you out of this
Term
Sunk Costs
Definition
Costs that you can't get back
Term
Econiomic Profit
Definition
Profit that considers my Implicit cost
Term
Normal
Definition
Mo' money, Mo' goods
Term
Command
Definition
Central control of the economy
Term
Inferior good
Definition
I'm rich, I don't want that
Term
Giffen Good
Definition
Price goes up and I want more?
Term
Standardization
Definition
All these oranges look the same
Term
Tariff
Definition
Tax on imported goods
Term
Price Floor
Definition
Minimum price above equilibrium
Term
Benefits
Definition
you like it? you pay for it!
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