Flashcards - Overview of Microeconomics

Flashcards - Overview of Microeconomics
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economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
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Profit maximization
In economics, profit maximization is the short run or long run process by which a firm determines the price and output level that returns the greatest profit
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Profit
Profit is an income distributed to the owner in a profitable market production process
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marginal revenue
In microeconomics, marginal revenue is the additional revenue that will be generated by increasing product sales by one unit
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resources
A resource is a source or supply from which benefit is produced
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economic markets
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange
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distribution of wealth
The distribution of wealth is a comparison of the wealth of various members or groups in a society
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authoritarian
Authoritarianism is a form of government characterized by strong central power and limited political freedoms
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authoritarian
Authoritarianism is a form of government characterized by strong central power and limited political freedoms
distribution of wealth
The distribution of wealth is a comparison of the wealth of various members or groups in a society
economic markets
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange
resources
A resource is a source or supply from which benefit is produced
marginal revenue
In microeconomics, marginal revenue is the additional revenue that will be generated by increasing product sales by one unit
Profit
Profit is an income distributed to the owner in a profitable market production process
Profit maximization
In economics, profit maximization is the short run or long run process by which a firm determines the price and output level that returns the greatest profit
economic system
An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area
Deadweight loss
In economics, a deadweight loss is a loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable
price ceilings
A price ceiling is a government-imposed price control or limit on how high a price is charged for a product
price floors
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product
circular flow model
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
Factors of production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output-that is, finished goods and services
public services
Public service is a service which is provided by government to people living within its jurisdiction, either directly or by financing provision of services
distribution of income
In economics, income distribution is how a nation"™s total GDP is distributed amongst its population
marginal cost
In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good

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