the additional cost of producing one more item. It is the amount by which the total costs...
Search
Type: Glossary
the fraction or proportion of income that households spend on consumption
Type: Glossary
the change in the firm's total revenue as a result of selling an extra unit of output
Type: Glossary
the value of the output produced by each additional worker.
Type: Glossary
the amount of satisfaction a consumer gets from consuming or possessing an additional identical...
Type: Glossary
people who have a smaller ability to find a job or to earn an income; these include the poor;...
Type: Glossary
any place or circumstance where buyers and sellers meet to set prices and exchange goods or...
Type: Glossary
the market forces of demand and supply are used to determine how the resources are used; who can...
Type: Glossary
(also called the free market system or market capitalism) prices and quantities in the economy...
Type: Glossary
when firms do not produce the correct quantity to suit demand as they do not use the resources...