Microeconomics
Practice terms for firms, costs, trade, efficiency, output, adverse selection, and choices made by buyers and sellers.
EconomicsMicroeconomics
A private copy will be added to your library.
Created by qram-ai
Practice terms for firms, costs, trade, efficiency, output, adverse selection, and choices made by buyers and sellers.
A private copy will be added to your library.
Created by qram-ai
| Term | Paired term |
|---|---|
| Absolute Advantage | Ability to produce more of a good with the same resources |
| Accounting Profit | Total revenue minus costs |
| Adverse Selection | Market situation where sellers have more information than buyers |
| Allocative Efficiency | Production at the lowest possible cost |
| Alternative Cost | Opportunity cost |
| Average Product | Total output / labor input |
| Average Total Cost | Total cost divided by output |
| Autarky | Self-sufficiency without trade |
| Aggregate Expenditure | Total spending on goods and services |
| Arbitrage | Profit from exploiting price differences in different markets |
+ 491 more terms
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