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MEPrelim1Terms

question
Economics
answer
the study of how society manages its scarce resources
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Managerial Economics
answer
The study of how to direct scarce resources to satisfy a managerial goal
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Explicit Costs
answer
Direct costs incurred
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Implicit Costs
answer
Non-monetary costs
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Present Value
answer
The amount of money you would need to deposit now in order to have a desired amount in the future
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Net Present Value
answer
The present value of current and future benefits minus the present value of current and future costs

(Total value of potential investment)
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Demand
answer
Consumer willingness and ability to buy products
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Normal Good
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A good that consumers demand more of when their incomes increase
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Inferior Good
answer
A good that consumers demand less of when their incomes increase
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Substitutes
answer
Two goods for which an increase in the price of one leads to an increase in the demand for the other
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Complements
answer
Two goods for which an increase in the price of one leads to a decrease in the demand for the other
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Ceteris Paribus Conditions
answer
Determinants of the relationship between price and quantity that are unchanged along a curve. Changes in these factors cause the curve to shift.
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Inverse Demand
answer
A demand curve written in the form of price as a function of quantity demanded
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Consumer Surplus
answer
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
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Supply
answer
The quantity of something that producers have available for sale
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Inverse Supply
answer
A supply curve written in the form of price as a function of quantity supplied
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Producer Surplus
answer
The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives
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Price Ceiling
answer
Gov't imposed maximum legal price that can be charged for a product
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Price Floor
answer
Gov't imposed legal minimum on the price at which a good can be sold
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Tax
answer
A gov't policy that (typically) increases the price to consumers and decreases the price to producers to curtail behavior
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Excise (Quantity) Tax
answer
Per unit tax on a good
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Ad Valorem Tax
answer
Percentage tax
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Consumer Burden from a Tax
answer
The portion of gov't expenditures due to the lower price to consumers
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Producer Burden from a Tax
answer
The portion of gov't expenditures due to the higher price to producers
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Subsidy
answer
government payment to encourage a certain economic activity
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Own Price Elasticity of Demand
answer
A measure of responsiveness of quantity demanded of good X to a change in the price of good X.
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Inelastic Demand
answer
A situation in which an increase or a decrease in price will not significantly affect demand for the product
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Elastic Demand
answer
Demand in which changes in price have large effects on the amount demanded
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Unit Elastic Demand
answer
The percentage change in quantity demanded equals the percentage change in price; the resulting price elasticity has an absolute value of 1.0
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Total Revenue
answer
Price x Quantity
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Marginal Revenue
answer
The change in total revenue from an additional unit sold
1 of 31
question
Economics
answer
the study of how society manages its scarce resources
question
Managerial Economics
answer
The study of how to direct scarce resources to satisfy a managerial goal
question
Explicit Costs
answer
Direct costs incurred
question
Implicit Costs
answer
Non-monetary costs
question
Present Value
answer
The amount of money you would need to deposit now in order to have a desired amount in the future
question
Net Present Value
answer
The present value of current and future benefits minus the present value of current and future costs

(Total value of potential investment)
question
Demand
answer
Consumer willingness and ability to buy products
question
Normal Good
answer
A good that consumers demand more of when their incomes increase
question
Inferior Good
answer
A good that consumers demand less of when their incomes increase
question
Substitutes
answer
Two goods for which an increase in the price of one leads to an increase in the demand for the other
question
Complements
answer
Two goods for which an increase in the price of one leads to a decrease in the demand for the other
question
Ceteris Paribus Conditions
answer
Determinants of the relationship between price and quantity that are unchanged along a curve. Changes in these factors cause the curve to shift.
question
Inverse Demand
answer
A demand curve written in the form of price as a function of quantity demanded
question
Consumer Surplus
answer
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it
question
Supply
answer
The quantity of something that producers have available for sale
question
Inverse Supply
answer
A supply curve written in the form of price as a function of quantity supplied
question
Producer Surplus
answer
The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives
question
Price Ceiling
answer
Gov't imposed maximum legal price that can be charged for a product
question
Price Floor
answer
Gov't imposed legal minimum on the price at which a good can be sold
question
Tax
answer
A gov't policy that (typically) increases the price to consumers and decreases the price to producers to curtail behavior
question
Excise (Quantity) Tax
answer
Per unit tax on a good
question
Ad Valorem Tax
answer
Percentage tax
question
Consumer Burden from a Tax
answer
The portion of gov't expenditures due to the lower price to consumers
question
Producer Burden from a Tax
answer
The portion of gov't expenditures due to the higher price to producers
question
Subsidy
answer
government payment to encourage a certain economic activity
question
Own Price Elasticity of Demand
answer
A measure of responsiveness of quantity demanded of good X to a change in the price of good X.
question
Inelastic Demand
answer
A situation in which an increase or a decrease in price will not significantly affect demand for the product
question
Elastic Demand
answer
Demand in which changes in price have large effects on the amount demanded
question
Unit Elastic Demand
answer
The percentage change in quantity demanded equals the percentage change in price; the resulting price elasticity has an absolute value of 1.0
question
Total Revenue
answer
Price x Quantity
question
Marginal Revenue
answer
The change in total revenue from an additional unit sold
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