digitaleconomist.org

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Definitions (80)

1

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Unrelated Goods


A pair of goods where the quantity demand of one is unaffected by changes in the price of the other.
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abundance


A physical or economic condition where the quantity available of a resource exceeds the quantity desired in the absence of a rationing system.
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budget set


Different bundles of goods and services that are attainable to the consumer at given market prices and the consumer's fixed level of income.
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Competition


The process of consumers bidding prices upwards or producers cutting prices in order to allow those agents to be involved in a market trade.
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Complementary goods


A pair of goods where the quantity demanded of one increases when the price of a related good decreases.
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Complete Preferences


The ability of a consumer to fully identify his/her preference for any combination or bundle of goods and services.
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This meaning has been disapproved

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complete preferences


The ability of a consumer to fully identify his/her preference for any combination or bundle of goods and services.
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This meaning has been disapproved

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CONSTANT RETURNS TO SCALE


A long run production concept where a doubling of all factor inputs exactly doubles the amount of output.
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Consumer


An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services.
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Consumer Optimum


Identification of an attainable bundle of goods that maximizes a consumer's level of satisfaction given his/her level of income and market prices.
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This meaning has been disapproved


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