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ECON 101 - Midterm 1 Definitions

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Last updated: February 7, 2025
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First submittedFebruary 7, 2025
Times taken12
Average score42.9%
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The loss of potential gain from other alternatives
Opportunity Cost
Always assume everyone is rational
Rational Choice
Analyzing by the next unit
Marginal
Cost of doing one more thing
Marginal Cost
Benefit of doing one more thing
Marginal Benefit
Lower income = lower demand
Income Effect
If price goes up, consumers switch to substitutes
Substitution Effect
How quantity demanded responds to changes in price
Elasticity
Demand is very sensitive to price
Highly Elastic
Demand does not change due to price
Inelastic
State when supply and demand are balanced
Equilibrium
The value an agent gains above what they are willing to pay/sell for
Surplus
Lost surplus due to taxes, price controls, monopolies
Deadweight Loss
Curve representing all possible production quantities given certain input
Production Possibility Frontier
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