Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.
Category: Education
19 Terms
1
Created by: Timmwilson
Number of Blossarys: 22
My Terms
Collected Terms
Defines the relationship of quantity supplied to the effect on price. Formula: PeS = %change in quantity supplied / % change in price. Perfectly inelastic supply = 0. Perfectly elastic supply > 0.
Domain: Economy; Category: Economics
The price a producer receives for a product – the marginal cost of production.
Domain: Economy; Category: Economics
The purchasing power of money. Real Value = Nominal Value + Adjustment for Inflation. Real value is more important for determining true growth, as it is adjusted for inflation.
Domain: Economy; Category: Economics
Total revenue = price per unit * quantity sold. Also known as total sales.
Domain: Economy; Category: Economics
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By: Timmwilson