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Economics Honors UNIT 2 Test Review: Know these terms:

 


demand

microeconomics

demand schedule

demand curve

Law of Demand

income effect

change in quantity demanded

substitution effect

change in demand

substitutes

complements

marginal utility

diminishing marginal utility

demand elasticity

elastic

inelastic

unit elastic

supply

supply schedule

supply curve

Law of Supply

quantity supplied

change in quantity supplied

change in supply

subsidy

supply elasticity

theory of production

short run

Law of Variable Proportions

long run

production function

raw materials

total product

marginal product

stages of production

diminishing returns

fixed cost

overhead

depreciation

variable cost

total cost

marginal cost

total revenue

marginal revenue

marginal analysis

break-even point

profit-maximization

rationing

ration coupon

economic model

market equilibrium

surplus

shortage

equilibrium price

loss leader

rebate

price ceiling

minimum wage

price floor

target price

deficiency payment

laissez-faire

industry

market structure

pure competition

imperfect competition

oligopoly

monopolistic competition

product differentiation

collusion

price-fixing

price war

independent pricing

price leadership

monopoly

natural monopoly

franchise

economies of scale

patent

copyright

market failure

externality

public good

trust

price discrimination

cease and desist order

public disclosure