Ecn 211 - Exam 1 - Bio171 Microbio Full Exam

Surplus {Ans: A surplus is used to describe many excess assets including income, profits, capital and goods.}Diminishing Marginal Utility {Ans: aw of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.}Unemployment on PPC {Ans: dot inside PPC curve}Production Possibilities Curve (PPC) {Ans: a graph that shows the combinations of two goods the economy can possibly produce given the available resources and the available technology}Normal Good {Ans: any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.}Consumer Surplus {Ans: Difference between what a consumer is willing to pay for a good and what the consumer actually pays}