Academic Vocabulary analyze draw compare and contrast evaluate define explain describe label diagram list discuss Content Vocabulary Topic: Microeconomics – Demand and Supply markets inferior goods demand substitutes Law of Demand complements ceteris paribus supply Quantity Demanded (QD) Law of Supply non-price determinants of demand Quantity Supplied (QS) normal goods non-price determinants of supply Topic: Microeconomics – Equilibrium equilibrium surplus excess demand, excess supply market efficiency shortage allocative efficiency Topic: Microeconomics – Elasticity elasticity PES PED perfectly elastic/inelastic XED long run YED short run Topic: Microeconomics – Indirect Taxes, Subsidies, Price Controls ad valorem tax price controls direct tax price floor indirect tax price ceiling subsidy Topic: Microeconomics – Market Failure market failure government intervention public goods welfare loss merit goods marginal social cost demerit goods marginal social benefit externalities—positive/negative sustainability
Academic Vocabulary analyze compare and contrast define describe diagram discuss draw evaluate explain label list Content Vocabulary Topic: Microeconomics – Demand and Supply markets demand Law of Demand ceteris paribus Quantity Demanded (QD) non-price determinants of demand normal goods inferior goods substitutes complements supply Law of Supply Quantity Supplied (QS) non-price determinants of supply Topic: Microeconomics – Equilibrium equilibrium excess demand, excess supply shortage surplus market efficiency allocative efficiency Topic: Microeconomics – Elasticity elasticity PED XED YED PES perfectly elastic/inelastic long run short run Topic: Microeconomics – Indirect Taxes, Subsidies, Price Controls ad valorem tax direct tax indirect tax subsidy price controls price floor price ceiling Topic: Microeconomics – Market Failure market failure public goods merit goods demerit goods externalities—positive/negative government intervention welfare loss marginal social cost marginal social benefit sustainability