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Market
Market Equilibrium
Perfectly Competitive Markets
Marginal Benefit
Marginal Benefit
Cost-Benefit Principle
Economic Surplus
Quantity Supplied
Supply Curve
Law of Supply
Horizontal Interpretation (of the Supply Curve)
Vertical Interpretation (of the Supply Curve)
Producer Reservation Price
Sunk Cost
Fixed Cost
Short Run
Variable Cost
Long Run
Profit
Shut Down Condition (short run)
Exit Condition (long run)
Factors that shifts the supply curve
Price Elasticity of Supply
Elasticity Formula for Two points
Elastic Supply
Unit Elastic Supply
Inelastic Supply
Elasticity Formula for one point
Factors to increase supply price elasticity
Utility
Decreasing Marginal Utility
Quantity Demanded
Substitution Effect
Income Effect
Law of Demand
Giffen Goods
Demand Curve
Horizontal Interpretation (of the Demand Curve)
Vertical Interpretation (of the Demand Curve)
Substitutes
Complements
Factors that shift the demand curve right
(Hint: 8 points)
Price Elasticity of Demand
Elastic Demand
Unit Elastic Demand
Inelastic Demand
Factors to make demand curve more elastic
