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Econ Quiz 3

Melanie Wilcox

Equilibrium Price This is a simplified theory or simplified picture of what something is or how something works.
Taxes Alternative choices people have when making an economic decision.
Shortage This is when demand for a good/service doesn't change with a strong connection to other economic factors, such as price.
Surplus This is a way of thinking about a problem that compares the cost of an action to the benefits received.
Elastic Demand This is the price where the quantity demanded is equal to the quantity supplied. It's the only place where the price is stable.
Inelastic Demand This is money people pay to the government.
Adam Smith This is a measure of how a company responds to changes in demand.
Elasticity of Supply This is a minimum price buyers are expected to pay for a product.
Elasticity of Demand This is when demand for a good/service changes with a strong connection to other economic factors, such as price.
Trade-offs  This is the cost of the next best alternative use of time, money, or resources when one choice is made rather than another.
Opportunity Cost This is the father of classical Economics who wrote the book The Wealth of Nations.
A Decision-making Grid This is when there is not enough demand.
A Cost-Benefit Analysis This is how other economic factors (like price, income, or available substitutes) affect demand for the good/service.
A Model This is when there is not enough supply.
A Price Ceiling This is a good way to list and then evaluate economic alternatives when a decision must be made.
A Price Floor This is the cap on a price a government sets so the price cannot go up to equilibrium.

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