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ECON 1B03 test 1 review
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ECON 1B03 test 1 review
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1-47 of 47if income rises, you demand more of the good
normal good
consumers are buying all the goods that they want to buy at the going price and
producers are selling all the goods they want to sell at the going price - no surplus or
, shortage
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equilibrium
a group of buyers and sellers of a good or service
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market
when one can produce a good at a lower opportunity cost than anyone else
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comparative advantage
resources, also called inputs
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factors of production
when the price of an input into production like labor costs, raw materials, machinery,
energy, etc. increases, producing good becomes less profitable and firms will offer
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