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UNIT 2 VOCABULARY

CHAPTER 4 - VOCABULARY demand income effect substitution effect change in quantity demanded change in demand substitutes complements elasticity of demand elastic inelastic CHAPTER 5 - VOCABULARY supply marginal product increasing returns diminishing returns marginal cost marginal revenue total revenue change in quantity supplied change in supply elasticity of supply CHAPTER 6 - VOCABULARY market equilibrium surplus shortage disequilibrium incentive competitive pricing price ceiling price floor minimum wage rationing CHAPTER 7/8 - VOCABULARY market structure nonprice competition product differentiation barrier to entry predatory pricing business organization stock dividend bond conglomerate

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