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Chapter 13
Production function is the relationship between quantity of inputs used to make a good and the quantity of output of that good.Diminishing margin product is the property whereby the marginal product of an input declines as the quantity of the output increases.Marginal cost is the increase in total cost that arises from an extra unit of production.Efficient scale is the quantity of output that minimizes average total cost.Economies of scale is the property whereby long-run average total cost falls as the quantity of output increases.Chapter 14
Marginal revenue is the change in total revenue from an additional unit increase.Sunk cost is a cost that has already been committed and cannot be recovered.Chapter 15
Natural monopoly is a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms.Price Discrimination is the busine practice of selling the same good at different prices to different customers.Chapter 16
Nash equilibrium is a situation in which economic actors interacting with one another each choose their best strategy given the strategies other actors have chosen.Dominant strategy is a strategy that is best for a player in a game regardle of the strategies chosen by other players.Chapter 17
Monopolistic competition is a market structure in which many firms sell products that are similar but not identical.Chapter 22
Gro Domestic Product(GDP)is the market value of all final goods and services produced with a country in a given period of time.Real GDP is the production of goods and services valued at constant prices.GDP deflator is a measure of the price level calculated as the ratio of nominal GDP to real GDP times 100.Chapter 23
Consumer Price Index(CPI)is a measure of the overall cost of the goods and services bought by a typical consumer.Inflation rate is the percentage change in the price index from the proceeding period.Indexation is the automatic correction of a dollar amount for the effects of inflation by law or contract.Chapter 27
Liquidity is the ease with which an aet can be converted into the economy’s medium of exchange.Flat money is the money without intrinsic value that is used as money because of government degree.Reserve ratio is the fraction of deposits that banks hold as reserves.Money multiplier is the amount of money the banking system generates with each dollar of reserves.Chapter 28
Quantity theory of money is a theory aerting that the quantity of money available determines the price level and that the growth rate in the quantity of money available determines the inflation rate.Claical dichotomy is the theoretical separation of nominal and real variables.Monetary neutrality is the proposition that changes in the money supply do not affect real variables.Flasher effect is the one-for-one adjustment of the nominal interest rate to the inflation rate.
