Supply and demand/Related Articles
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- Consumer surplus : The excess of what a consumer is willing to pay for a product over what he has to pay for it.
- Cross elasticity of demand : The percentage change in the quantity demanded of one good as a result of a unit percentage change in the price of another good.
- : The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased when all other factors of production are held constant (cf economies of scale).
- Economies of scale : The factors that cause the cost of production of a product to fall as output of the product is increased.
- Elasticity : Please do not use this term in your topic list, because there is no single article for it. Please substitute a more precise term. See Elasticity (disambiguation) for a list of available, more precise, topics. Please add a new usage if needed.
- : The percentage change in the amount of a product that is demanded that is caused by a unit percentage change in its price.
- : The percentage change in the ratio of the amounts of two products that is demanded that is caused by a unit percentage change in the ratio of their unit prices.
- Externality : A cost of production that is not borne by the producer, or a benefit that the producer does not receive.
- : An "inferior product" for which the amount demanded falls when its price falls (because the increase in income resulting from the price reduction prompts the consumer to switch expenditure to a more expensive product).
- Income effect : The tendency of the demand for a product to change in response to a change in its price because the price change has the effect of changing the consumer's income.
- : The percentage change in the demand for a product that is caused by a unit percentage change in consumers' incomes.
- Incomplete contract : A contract that does not fully specify what each party to it must do under every conceivable circumstance.
- : The costs that arise when circumstances not envisaged in an incomplete contract result in a loss of expected benefits or the need for renegotiation.
- Marginal utility : The increase in the satisfaction experienced by a consumer caused by a unit increase in his possession of a product.
- Nash equilibrium : A situation in game theory in which no player can improve his position, given the responses of the other players.
- Market : A term used in commerce and economics to denote a conjunction of buyers and sellers.
- Market power : The ability of a supplier to exercise a degree of choice concerning the pricing of a product by restricting its supply: a measure of departure from the ideal of perfect competition in which every supplier is a price-taker
- Price elasticity of demand: see elasticity of demand
- : The excess of the revenue that a producer gets from the sale of a product over the minimum that he would be willing to accept for it.
- Substitution effect : The tendency of consumers to switch spending to or from a product in response to a change in its price relative to that of a substitute.
- Veblen good : A product, the demand for which increases when its price increases because consumers obtain more satisfaction from more expensive products.