Miscellaneous Quiz / Basic Economics Definitions

Random Miscellaneous or Definition Quiz

Can you name the Basic Economics Definitions?

Quiz not verified by Sporcle

Forced Order
Challenge
Share
Tweet
Embed
Score 0/80 Timer 15:00
PrincipleDefinition
a good for which, other things equal, an increase in income leads to an increase in demand
goods that are neither excludable nor rival in consumption
a particular 'game' between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
fluctuations in economic activity, such as employment and production
idea that taxpayers with a greater ability to pay taxes should pay larger amounts
an excess of tax revenue over government spending
good for which, other things equal, an increase in income leads to decrease in demand
fixed cost divided by the quantity of output
a legal maximum on the price at which a good can be sold
amount a buyer is willing to pay for a good minus the amount they buyer actually pays for it
total taxes paid divided by total income
claims that attempt to describe the world as it is
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
property whereby long-run average total cost rises as the quantity of output increases
the equipment and structures used to produce goods and services
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
claims that attempt to prescribe how the world should be
total revenue divided by the quantity sold
manner in which the burden of a tax is shared among participants in a market
input costs that do not require an outlay of money by a firm
fall in total surplus that results from a market distortion, such as a tax
proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own
a legal minimum on the price at which a good can be sold
quantity of goods and services produced from each unit of labor input
a shortfall of tax revenue from government spending
two goods for which an increase in the price of one leads to a decrease in the demand for the other
business practice of selling the same good at different prices to different customers
PrincipleDefinition
idea that taxpayers with similar abilities to pay taxes should pay the same amount
property whereby the benefit from an extra unit of an input decreases as the quantity of the input increases
amount paid by buyers and received by sellers of a good, computed as the price of the good times the quantity sold
property whereby the marginal product of an input declines as the quantity of the input increases
the property whereby long-run average total cost stays the same as the quantity of output changes
a tax for which everyone pays the same fraction of income
total revenue minus total explicit cost
property of a good whereby a person can be prevented from using it
a market structure in which only a few sellers offer similar or identical products
an agreement among firms in a market about the quantities to produce or prices to charge
the uncompensated impact of one person's actions on the well-being of a bystander
market value of all final goods and services produced within a country at a given period of time
altering incentives so that people take account of the external effects of their actions
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 an increase in the demand for the other
measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
a tax on goods produced abroad and sold domestically
a firm that is the sole seller of a product without close substitutes
total revenue minus total cost, including both explicit and implicit costs
study of how people behave in strategic situations
a group of firms acting in unison
a situation in which economic factors interacting with one another choose their best strategy given the strategies that all the other factors have chosen
a market structure in which many firms sell products that are similar but not identical
a tax designed to induce private decision makers to take account of the social costs that arise from a negative externality
total cost divided by the quantity of output
goods that are rival in consumption but not excludable
a situation in which a market left on its own fails to allocate resources efficiently
PrincipleDefinition
idea that people should pay taxes based on the benefits they receive from government services
increase in output that arises from an additional unit of input
extra taxes paid on an additional dollar of income
a tax for which high-income taxpayers pay a larger fraction of their income than do low-income taxpayers
amount a firm receives for the sale of its output
marginal product of an input times the price of the output
increase in the amount of output from an additional unit of labor
goods that are both excludable and rival in consumption
change in total revenue from an additional unit sold
tax that is the same amount for every person
small incremental adjustments to a plan of action
a tax for which high-income taxpayers pay a smaller fraction of their income than do low-income taxpayers
property whereby long-run average total cost falls as the quantity of output increases
ability to produce a good at a lower opportunity cost than another producer
ability of a single economic actor (or a small group of actors) to have a substantial influence on market prices
amount a seller is paid for a good minus the seller's cost of providing it
person who receives the benefit of a good but avoids paying for it
taxes should be levied on a person according to how well that person can shoulder the burden
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
variable cost divided by the quantity of output
input costs that require an outlay of money by the firm
the relationship between the quantity of inputs used to make a good and the quantity of output of that good
a parable that illustrates why common resources are used more than is desirable from the standpoint of a society as a whole
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
total revenue minus total cost
market with many buyers and sellers trading identical products so that each buyer and seller is a price taker

You're not logged in!

Compare scores with friends on all Sporcle quizzes.
Sign Up with Email
OR
Log In

You Might Also Like...

Show Comments

Extras


Your Account Isn't Verified!

In order to create a playlist on Sporcle, you need to verify the email address you used during registration. Go to your Sporcle Settings to finish the process.