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ECON 111: Principles of Microeconomics : Books

College of Business and Economics

Terminology

"Demand"

refers to the strength of one or many consumers' willingness to purchase a good or goods at a range of different prices. 

"Supply"

refers to the strength of one or many producers' willingness to produce and sell a good or goods at any in a range of prices.

"Cost" and "Profit"

also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another

 

"Efficient"

Economists use the word efficient to mean any of several closely related things:

  • No one can be made better off without making someone else worse off (Pareto efficiency).
  • More output cannot be obtained without increasing the amount of inputs.
  • Production proceeds at the lowest possible per-unit cost.

 

 

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Books