Supply and demand/Related Articles: Difference between revisions
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Revision as of 02:46, 5 May 2008
- See also changes related to Supply and demand, or pages that link to Supply and demand or to this page or whose text contains "Supply and demand".
Index
Index to topics in economics articles
Definitions
- Consumer surplus [r]: The excess of what a consumer is willing to pay for a product over what he has to pay for it. [e]
- Cross elasticity of demand [r]: The percentage change in the quantity demanded of one good as a result of a unit percentage change in the price of another good. [e]
- Diminishing returns [r]: The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased when all other factors of production are held constant (cf economies of scale). [e]
- Economies of scale [r]: The factors that cause the cost of production of a product to fall as output of the product is increased. [e]
- Elasticity [r]: Please do not use this term in your topic list, because there is no single article for it. Please substitute a more precise term. See Elasticity (disambiguation) for a list of available, more precise, topics. Please add a new usage if needed.
- Elasticity of demand [r]: The percentage change in the amount of a product that is demanded that is caused by a unit percentage change in its price. [e]
- Elasticity of substitution [r]: The percentage change in the ratio of the amounts of two products that is demanded that is caused by a unit percentage change in the ratio of their unit prices. [e]
- Externality [r]: A cost of production that is not borne by the producer, or a benefit that the producer does not receive. [e]
- Giffen good [r]: An "inferior product" for which the amount demanded falls when its price falls (because the increase in income resulting from the price reduction prompts the consumer to switch expenditure to a more expensive product). [e]
- Income effect [r]: The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income. [e]
- Income elasticity of demand [r]: The percentage change in the demand for a product that is caused by a unit percentage change in consumers' incomes. [e]
- Incomplete contract [r]: A contract that does not fully specify what each party to it must do under every conceivable circumstance. [e]
- Marginal utility [r]: The increase in the satisfaction experienced by a consumer caused by a unit increase in his possession of a product. [e]
- Market [r]: A term used in commerce and economics to denote a conjunction of buyers and sellers. [e]
- Price elasticity of demand: see elasticity of demand
- Producer surplus [r]: The excess of the revenue that a producer gets from the sale of a product over the minimum that he would be willing to accept for it. [e]
- Substitution effect [r]: The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute. [e]
- Veblen good [r]: A product, the demand for which increases when its price increases because consumers obtain more satisfaction from more expensive products. [e]
- Walras' law [r]: The sum of the excess demands in all of the markets in a closed economy is equal to zero. [e]
- Wieser's law [r]: The costs of production under competitive conditions are a reflection of the value of the alternatives which are displaced. [e]