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The principle that as a consumer increases consumption of a good or service, the marginal utility derived from each additional unit declines

An economic system characterized by private ownership of the assets and voluntary exchanges/contracts

A good for which demand decreases as consumer income rises

The sum of fixed costs and variable costs incurred by a firm in producing a certain level of output

The percentage of the labor force that is jobless and actively seeking employment

The total amount of a specific good or service that is available to consumers

A measure of how much buyers and sellers respond to changes in market conditions

An economic term referring to the total satisfaction received from consuming a good or service

A state of allocation of resources where it is impossible to make any one individual better off without making at least one individual worse off

A measure of how much the quantity demanded of a good responds to a change in consumers' income

The total amount of goods or services demanded at any given point in time

The additional output that can be produced by adding one more unit of a specific input, ceteris paribus

The additional income from selling one more unit of a good

Payment to a factor of production in excess of what is needed to keep it in its current use

The difference between the amount producers are willing to accept and the amount they actually receive

Occurs when a country's imports exceed its exports during a given time period

A consequence of an economic activity that is experienced by unrelated third parties

The difference between the total amount consumers are willing to pay and the actual amount they pay

The cost of producing one more unit of a good

The ability of a party to produce a greater quantity of a good, product, or service than competitors using the same amount of resources

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity

An economic system combining private and public enterprise

The total amount of a good or service that is available to consumers at a given price

A market structure in which a small number of firms have the large majority of market share

A type of imperfect competition such that many producers sell products that are differentiated from one another

A good for which demand increases as the price increases, because of its exclusive nature and appeal as a status symbol

A measure of statistical dispersion intended to represent the income distribution of a nation's residents

A legal maximum price at which a good can be sold

The interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion among them, level and forms of competition, extent of product differentiation, and ease of entry into and exit from the market

The loss of potential gain from other alternatives when one alternative is chosen

The cost advantage that arises with increased output of a product

A graph showing different bundles of goods between which a consumer is indifferent

A benefit given by the government to groups or individuals, usually in the form of a cash payment or tax reduction

The lost welfare because the allocative efficient level of a good or service is not achieved

A good for which demand increases as consumer income rises

The use of government spending and taxation to influence the economy

Consumer willingness and ability to purchase a good or service

An economic system where the means of production are owned or regulated by the state or public

A period of temporary economic decline during which trade and industrial activity are reduced

The price at which the quantity of goods supplied is equal to the quantity of goods demanded

A market structure characterized by a complete absence of rivalry among the individual firms

A legal minimum price at which a good can be sold

The rate at which the general level of prices for goods and services is rising

A market structure characterized by a single seller, selling a unique product in the market

The process by which a government, central bank, or monetary authority manages the money supply and interest rates

A concept of game theory where no player can benefit by changing strategies while the other players keep theirs unchanged

Gross Domestic Product - a measure of the total economic output of a country

A policy of minimum governmental interference in the economic affairs of individuals and society

Economic theories of John Maynard Keynes stating that government intervention is necessary to help economies emerge out of depression

A measure of how much the quantity demanded of one good responds to a change in the price of another good

A graphical representation of the distribution of income or of wealth