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1.1 - Competitive Markets
1. Market 2. Price mechanism 3. price (signal and incentive function) 4. consumer demand 5. market demand 6. firm supply 7. market supply 8. clearing price/equilibrium 9. demand function 10. law of demand 11. supply function 12. law of supply 13. ceteris paribus 14. movement in demand 15. movement in supply 16. price control 17. productive efficiency 18. shift in demand 19. shift in supply 20. subsidy 21. normal goods 22. inferior goods 23. substitute goods 24. complementary goods 25. producer surplus 26. consumer surplus 27. community/social surplus 28. Allocative efficiency (marginal benefit = marginal cost) Phrases from syllabus: 1. Price (signal and incentive function) |
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