Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.

Category: Education

19 Terms

Created by: Timmwilson

Number of Blossarys: 22

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Ability of one person or nation to produce a product at a lower resource cost than another person or nation. It is possible to have an absolute advantage in multiple goods when comparing to other ...

Domain: Economy; Category: Economics

Ability of one person or nation to produce a good at a lower opportunity cost than another person or nation. It is not possible to have a comparative advantage in both products.

Domain: Economy; Category: Economics

The amount a consumer is willing to pay for a product – the price the consumer actually pays. Can be used to measure the utility a consumer feels.

Domain: Economy; Category: Economics

Defines the price at which substitute products become interchangeable. Formula: cped = % change in quantity of X demanded / % change in the price of Y. Cross price elasticity is positive for ...

Domain: Economy; Category: Economics

The decrease in total surplus of the market that is a result of a policy. Ex: price ceilings/floors; government intervention.

Domain: Economy; Category: Economics

Defined as total revenue - economic cost. Economic costs involve both implicit and explicit costs.

Domain: Economy; Category: Economics

A monetary payment. Accounting cost = explicit cost.

Domain: Economy; Category: Economics

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