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Micro Chap. 3

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Kartei Details

Karten 22
Sprache English
Kategorie VWL
Stufe Universität
Erstellt / Aktualisiert 10.12.2016 / 26.12.2016
Lizenzierung Keine Angabe
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Effective demand

The quantities of a good demanded per unit of time at alternative prices. All else being fixed.

Increase in supply

The recent explosion of computer technology has caused this.

Consumer income

A factor (other than) that changes demand.

Technology

A factor that changes in supply

Prices of substitutes

An increase in this factor will shift demand of the substitute (margarine) to the right.

Immigration

One explanation for increase in labor supply

The laws of diminishing returns

One reason why we have an upward-sloping supply curve.

Equilibrium level of output

The price and quantity at which there is no surplus or shortage.