Here you go,
1. Ad-valorem tax: An indirect tax that is levied based
on certain percentage rate of the selling price
2. Cross elasticity of demand: An economic concept that
measures the responsiveness of demand for a good to a change in the price of
another good
3. Competitive demand: A situation where one good can be
used in place of another
4. Complementary goods: Goods which have to be consumed
together
5. Change in demand: It is when there is a change or
shift in the market demand curve
6. Change in quantity demanded: It is when the demand for
a product changes as a result of a change in its own price
7. Change in supply: It is when there is a change or
shift in the market supply curve
8. Change in quantity supplied: It is when the supply for
a product changes as a result of a change in its own price
9. Consumer surplus: The difference between what
consumers are willing and able to pay and what they are actually paying at the
market price
10. Demand curve: A curve that shows how much of a good or
service will be demanded by consumers at a given price in a given period of
time
11. Demand schedule: A table that shows the quantities of
a product bought at different prices in a given period of time
12. Derived demand: This is where the demand for factors
of production is as a result of the demand for that final good or service
13. Direct tax: A tax that is directly paid to the government
by working individuals and firms
14. Disequilibrium: A situation where there is an
imbalance between demand and supply in a market
15. Equilibrium: A situation where the quantity demanded for
a good in the marketplace is exactly equal to the quantity supplied
16. Income elasticity of demand: An economic concept that
measures the responsiveness of demand for a good to a change in income
17. Income inelastic in demand: Is when a change in income
leads to a smaller than proportionate change in the demand for a particular good
18. Income elastic in demand: Is when a change in income
leads to a larger than proportionate change in the demand for a particular good
19. Inferior goods: Goods or services where its demand
will fall whenever there is an increase in income
20. Incidence of tax: Refers to the burden of taxation
21. Indirect tax: A tax that is imposed upon expenditure
22. Joint demand: A situation where two goods have to be
consumed together
23. Joint supply: A situation where the production of one
good leas to the production of another related good
24. Normal goods: Goods or services where their demand
will increase whenever there is an increase in income
25. Necessity: Goods or services where its consumption is
essential for survival
26. Price elasticity of demand: An economic concept that
measures the responsiveness of quantity demanded for a good to a change in its
own price
27. Price inelastic in demand: Is when a change in price
leads to a smaller than proportionate change in the quantity demanded for a
good
28. Price elastic in demand: Is when a change in price
leads to a larger than proportionate change in the quantity demanded for a good
29. Perfectly elastic in demand: Is when all goods are
bought at a given price
30. Perfectly inelastic in demand: Is when a change in
price does not have any effect onto the quantity demanded for a good
31. Price elasticity of supply: Measures the responsiveness
of quantity supplied for a good to a change in its own price
32. Price inelastic in supply: Is when a change in price
leads to a smaller than proportionate change in the quantity supplied of a good
33. Price elastic in supply: Is when a change in price
leads to larger than proportionate change in the quantity supplied of a good
34. Perfectly elastic in supply: Is when all goods are
sold at a given price
35. Perfectly inelastic in supply: Is when a change in
price does not have any effect onto the quantity supplied of a good
36. Price mechanism: The interaction of demand and supply
to allocate scarce resources and resolve the problem of infinite wants
37. Producer surplus: The difference between the market
price and the lowest price that producers are willing and able to sell at
38. Supply curve: A curve that shows how much of a good
and service that will be supplied by producers at a given price in a given
period of time
39. Supply schedule: A table that shows the quantities of
a product that is sold at different prices in a given period of time
40. Substitute goods: Goods that can be used in the place
of another
41. Specific tax: An indirect tax with a fixed amount for
every unit of output
42. Subsidies: A grant given by the government to reduce
the production costs of a good or service
43. Total revenue: Total income that firms receive from
sales
44. Unitary price elasticity of demand: Is when a change
in price leads to a proportionate change in the quantity demanded for a good
45. Unitary price elasticity of supply: Is when a change
in price leads to a proportionate change in the quantity supplied of a good
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