Home > Blossary: Microeconomics
This glossary encompasses the most frequently used terms within microeconomics, giving brief descriptions and practical uses.

Category: Education

20 Terms

Created by: Timmwilson

Number of Blossarys: 22

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The amount a consumer is willing to pay for a product – the price the consumer actually pays. Can be used to measure the utility a consumer feels.

Domain: Economy; Category: Economics

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

Defines the price at which substitute products become interchangeable. Formula: cped = % change in quantity of X demanded / % change in the price of Y. Cross price elasticity is positive for ...

Domain: Economy; Category: Economics

Represents how the quantity of a product changes, as income for an individual or group changes. Formula: Ied = % change in qty demanded / % change in income. Income elasticity is positive for normal ...

Domain: Economy; Category: Economics

Total revenue = price per unit * quantity sold. Also known as total sales.

Domain: Economy; Category: Economics

(Ed)A function of demand for which as the price increases or decreases, the demand of the product changes. Ed=abs(%change in quantity demanded/%change in price). inelastic<1. unit elastic=1. perfectly ...

Domain: Economy; Category: Economics

A good for which an increase in income directly relates to a decrease in demand for that good.

Domain: Economy; Category: Economics

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