Can you name the Basic Economics Definitions? created by Jagilmour1 Enter a Definition in the box below Correctly named Definitions will show up below Click any empty Principle or Definition to answer for that location This quiz has not been verified by Sporcle

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Principle Definition fixed cost divided by the quantity of output claims that attempt to describe the world as it is increase in the amount of output from an additional unit of labor two goods for which an increase in the price of one leads to an increase in the demand for the other a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality fluctuations in economic activity, such as employment and production idea that taxpayers with a greater ability to pay taxes should pay larger amounts a tax for which everyone pays the same fraction of income property of a good whereby a person can be prevented from using it small incremental adjustments to a plan of action manner in which the burden of a tax is shared among participants in a market property whereby the marginal product of an input declines as the quantity of the input increases a firm that is the sole seller of a product without close substitutes total revenue minus total explicit cost fall in total surplus that results from a market distortion, such as a tax a measure of how much the quantity demanded of one good responds to a change in the price of another good, computed as the percentage change in quantity demanded of the first good a situation in which a market left on its own fails to allocate resources efficiently a legal minimum on the price at which a good can be sold a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms a tax on goods produced abroad and sold domestically ability of a single economic actor (or a small group of actors) to have a substantial influence on market prices idea that people should pay taxes based on the benefits they receive from government services total revenue minus total cost the property whereby long-run average total cost stays the same as the quantity of output changes idea that taxpayers with similar abilities to pay taxes should pay the same amount taxes should be levied on a person according to how well that person can shoulder the burden a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers

Principle Definition market value of all final goods and services produced within a country at a given period of time input costs that require an outlay of money by the firm proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own the uncompensated impact of one person's actions on the well-being of a bystander property whereby long-run average total cost rises as the quantity of output increases increase in total cost that arises from an additional unit of input two goods for which an increase in the price of one leads to a decrease in the demand for the other a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers business practice of selling the same good at different prices to different customers an agreement among firms in a market about the quantities to produce or prices to charge total taxes paid divided by total income change in total revenue from an additional unit sold measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants a group of firms acting in unison total revenue minus total cost, including both explicit and implicit costs a market structure in which many firms sell products that are similar but not identical goods that are both excludable and rival in consumption a shortfall of tax revenue from government spending goods that are neither excludable nor rival in consumption quantity of goods and services produced from each unit of labor input goods that are rival in consumption but not excludable measure of how much the quantity demanded of a good responds to a change in consumers' income, computed as the percentage change in quantity demanded by the percentage change in in amount a firm receives for the sale of its output the relationship between the quantity of inputs used to make a good and the quantity of output of that good market with many buyers and sellers trading identical products so that each buyer and seller is a price taker a parable that illustrates why common resources are used more than is desirable from the standpoint of a society as a whole a legal maximum on the price at which a good can be sold

Principle Definition amount a buyer is willing to pay for a good minus the amount they buyer actually pays for it property whereby the benefit from an extra unit of an input decreases as the quantity of the input increases amount a seller is paid for a good minus the seller's cost of providing it a market structure in which only a few sellers offer similar or identical products a good for which, other things equal, an increase in income leads to an increase in demand amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold ability to produce a good at a lower opportunity cost than another producer altering incentives so that people take account of the external effects of their actions variable cost divided by the quantity of output total cost divided by the quantity of output an excess of tax revenue over government spending tax that is the same amount for every person extra taxes paid on an additional dollar of income increase in output that arises from an additional unit of input claims that attempt to prescribe how the world should be a situation in which economic factors interacting with one another choose their best strategy given the strategies that all the other factors have chosen input costs that do not require an outlay of money by a firm marginal product of an input times the price of the output person who receives the benefit of a good but avoids paying for it property whereby long-run average total cost falls as the quantity of output increases a particular 'game' between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology total revenue divided by the quantity sold good for which, other things equal, an increase in income leads to decrease in demand the equipment and structures used to produce goods and services study of how people behave in strategic situations

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