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🛒Principles of Microeconomics
Key Terms

288 essential vocabulary terms and definitions to know for your Principles of Microeconomics exam

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A

Abatement Costs
Absolute Poverty
Ad Valorem
Airline Deregulation Act
Akerlof's Model
Alfred Marshall
Anchoring
Anti-Dumping Measures
Antitrust Laws
Availability of Substitutes
Average Cost
Average Fixed Cost (AFC)
Average Fixed Cost (AFC) Curve
Average Product
Average Production Costs
Average Profit
Average Revenue
Average Total Cost (ATC) Curve
Average Variable Cost (AVC) Curve
Averch-Johnson Effect

B

Bargaining Power
Becker's Taste-Based Discrimination Model
Bertrand model
Black Market
Brand Loyalty
Budget Constraint Line

C

Ceteris Paribus
Circular Economy
Circular Flow Model
Clayton Act
Closed Shop
Club Goods
Coase Theorem
Cobb-Douglas Production Function
Collective Action
Common-Pool Resources
Comparative Statics
Compensating Wage Differentials
Complement Goods
Concentration Ratio
Concentration Ratios
Conglomerate Merger
Conscious Parallelism
Constant Returns to Scale
Constant-Cost Industry
Consumer Preferences
Consumer Sovereignty
Consumer Welfare
Cost of Capital
Cost of Living
Cost-Minimizing Input Combination
Cost-Plus Regulation
Cournot Model
CR4
Creative Destruction
Credit Rationing
Curve Shifts
Customs Unions

D

Default Effects
Deposit-Refund Systems
Determinants of Elasticity
Diminishing Returns
Direct Finance
Dynamic Comparative Advantage

E

Earned Income Tax Credit
Earned Income Tax Credit (EITC)
Economic Equity
Economic Mobility
Economic Models
Economic Nationalism
Economic Shocks
Effective Marginal Tax Rate
Efficiency Wage Theory
Elasticity of Labor Demand
Elasticity of Savings