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GLOSSARY PASSWORD 450 PAGE CALENDAR ECON NEWS EXERCISES

List of Economic Terms and Concepts

[useful for your understanding of classical location theories]

(http://faculty.washington.edu/krumme/450/econlist.html)


Online Microeconomics Texts:

  • Average cost (function) (Emery, pp.104ff.) (Salvatore, pp.150-5)
  • Average fixed costs (Emery, p.105)
  • Budget (constraint) line [Emery, p.47] (Salvatore, p.68; pp.82-3)

  • Cardinal utility [Emery, p.44] (Salvatore, p.80)
  • Ceteris paribus [Emery, p.17] (Salvatore, p.14; 16/7)
  • Cobb-Douglas production function [Emery, p.78,79](Salvatore, p.179)
  • Comparative advantage; Comparative cost analysis [Johnston, 2000, 102]
  • Comparative statics [Emery, p.10] (Salvatore, pp.2+11)
  • Constant returns to scale (Salvatore, pp.128f.)
  • Consumer's surplus [Emery, p.62, 63] (Salvatore, pp.255f.)
  • Contestable-market theory (Salvatore, p.285/6)
  • Cost [ENCYCLOPAEDIA BRITANNICA]
  • Cross Elasticity of demand (Emery, p.35) (Salvatore, p.42)

  • Demand [Law of Demand, Emery, pp.17,18] (Salvatore, pp.14ff.)
  • Demand function, -curve, -schedule [Emery, p.16,17; p.49] (Salvatore, p.14)
  • Diseconomies of scale [Emery, p.108] (Salvatore, p.154-5)
  • Duopoly (Emery, p.180) (Salvatore, p.262, 273)

  • Economic model [Emery, p.9/10]
  • Economic rent [Emery, p.215] (Salvatore, p.301; 314)
  • Economies of scale [Emery, p.107,108] (Salvatore, p.154/5) [Johnston, 2000, 199]
  • Economies of scope (Manfield1, 1997, p.227) [Johnston, 2000, 200] [Harrington & Warf, p.33]
  • Edgeworth Box/Model (Emery, p.63) (Salvatore, p.262; 341/2)
  • Elasticity of supply (Emery, p.36)
  • Engel curve [Emery, p.60] (Salvatore, p.42; 54/5; 69, 89ff.)
  • Engel's Law [Mansfield1, p.140]
  • Equilibrium (Emery, p.11) (Salvatore, pp. 2; 11f.; 18; 31ff.)
  • Expansion path [Emery, p.91,92] (Salvatore, p.127; 142ff.)
  • External economies and diseconomies (Salvatore, p.352)

  • Game theory (Salvatore, p.287/8)
  • Giffen goods [Emery, p.62] (Salvatore, p.97/8)
  • Fixed cost (Emery, p.103) (Salvatore, p.150-2; 159/60)
  • Function (Salvatore, p.2)

  • Income elasticity of demand (Emery, pp.34f.) (Salvatore, p.42; 54-6; 69; 89ff.)
  • Indifference curve (or map) [Emery, pp.44-50] [Johnston, 2000, 380-1] (Salvatore, p.65-71, 79-86)
  • Iso-outlay (or iso-cost) line [Emery, p.90] (Salvatore, p.126; 129; 141-3)
  • Iso-revenue line
  • Isoquant [Emery, pp.87ff.] (Salvatore, p.124/5; 139-41)

  • Law of diminishing marginal utility (Emery, p.45) (Salvatore, p.63)
  • Law of diminishing returns (Emery, p.74) (Salvatore, p.122/3; 132; 162-6)
  • Long run equilibrium and adjustment (Emery, p.170, 171) (Salvatore, p.124; 129; 166ff)
  • Marginal cost (Emery, p.106) (Salvatore, p.150-5; 160-5)
  • Marginal product (Emery, pp.75-77) (Salvatore, p.121/2; 130-8)
  • Marginal rate of substitution (Emery, p.46 [Demand]) (Salvatore, p.66/7; 81/2)
  • Marginal rate of technical substitution [Emery, p.88] (Salvatore, p.125; 139/40)
  • Marginal utility [ENCYCLOPAEDIA BRITANNICA] [Emery, p.45] (Salvatore, p.63/4, 74-77 )
  • Market (Salvatore, p.1/2)
  • Microeconomic theory (Salvatore, p.1)
  • Model(s) (Emery, p.10)
  • Monopolistic competition [Emery, p.167ff.] (Salvatore, pp.260ff. )
  • Monopoly (Emery, pp.150ff., Ch.12) (Salvatore, pp.232ff. (Ch.10))
  • Monopsony [Emery, p.213] (Salvatore, p.303.)
  • Multiplant monopoly (Emery, pp.154f., Mansfield1, p.312f.) (Salvatore, p.247/8 )
  • Multi-product optimization (Salvatore, pp.331ff (transformation curves))

  • Normative economics (Salvatore, p.2; 13)

  • Oligopoly [Emery, pp.179ff.] (Salvatore, p.261ff.)
  • Ordinal utility [Emery, p.44] (Salvatore, p.66 )

  • Pareto Optimum (Salvatore, p.333; 352 )
  • Partial equilibrium analysis [Emery, p.11] (Salvatore, p.2)
  • Perfect competition (Emery, pp.134ff., Ch.11) (Salvatore, pp.203ff., Ch.9 )
  • Peak-load pricing (Salvatore, p.286)
  • Positive economics (Salvatore, p.2)
  • Price discrimination (Emery, pp.155ff.) (Salvatore, pp.238ff)
  • Price elasticity of demand (Emery, pp.31ff.) (Salvatore, pp.38ff.; 46ff.)
  • Producer [Emery, p.73]
  • Production function [ENCYCLOPAEDIA BRITANNICA] [Emery, pp.73ff.]
  • Production possibility curve (Mansfield1, p.501) (Salvatore, pp. 331ff; 343)
  • Public choice theory [Johnston, p.655]
  • Public good [Johnston, p.656] (Salvatore, pp.352/3)

  • "Regions" of production [Emery, p.76, 77]
  • Resource [Johnston, p.706]
  • Resource economics [Johnston, p.707]
  • Returns to scale [Emery, p.89]

  • Short run (e.g. short-run average cost function) (Emery, p.169)
  • Substitution
    • in consumption:(Salvatore, p.15 )
    • in production: factor substitution (Salvatore, p.128 )
    • Substitution (effects) (Emery, p.61 [Demand] (Salvatore, p.71 )

  • Technology (Emery, p.73) (Salvatore, p.180 (technol.progress) )
  • Theory (Salvatore, pp. 1, 3 & 5)
  • Total cost curve (Emery, pp.92,93) (Salvatore, pp.150ff. )
  • Transaction cost
  • Transformation curve (Salvatore, p.331f. )

  • Utility (function) (Emery, pp.44ff.) (Salvatore, pp.63ff.; 333)
  • Variable cost (Emery, p.103) (Salvatore, p.150/1 )

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