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A gov imposed price control or limit on how high a price is charged for a product.
Example - getting every worth out of what you buy.

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A surplus is used to describe many excess assets including income, profits, capital and goods.
I'm having a surplus of income this year.
ex: An example of consumer surplus in business and the global economy is oil prices: as the price per barrel drops below what the consumer is used to paying, the consumer profits with a surplus.

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Diminishing Marginal Utility- Ernesto Munoz

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Diminishing Marginal Utility- Ernesto Munoz

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Consuming one candy bar may satisfy a persons sweet tooth. If a second candy bar is consumed the satisfaction of eating the second will be less than the satisfaction gained from eating the first.
Ex: Confucius said that no tree grows in heaven and similarly Diminishing Marginal Utility occurs frequently in our line of business.

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definition- Insensitive to changes in price or income.
Ex:As the price of gasoline increases, the quantity demanded doesn't decrease all that much. This is because there are very few good substitutes for gasoline and consumers are still willing to buy it even at relatively high prices.

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The break-even point represents the sales amount—in either unit (quantity) or revenue (sales) terms—that is required to cover total costs, consisting of both fixed and variable costs to the company. Total profit at the break-even point is zero.

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Definition- It is an economic principle that describes a consumers desire an willingness to pay a price for a specific good or service.
Example- Russia rejected both demands.

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Def: A shortage is a situation in which demand for a good or service exceeds the available supply.
A shortage of soldiers has led the army to launch a major recruiting campaign.
Ex: Shortage of gas, supplies, and Resources.

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Definition- This is a government-imposed price control or limit on how high a price is charged for a product.
Example- If you can accurately assess your price ceiling you will be able to get every penny out of your product.

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Def: Decide the amount required as payments for (something offered for sale).
Ex: The higher payment in gas because of Hurricane Harvey

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breaking point is were the revenue and the expense are equal or meet up
example : the pair 6,4 is were the break even point is located
#KharaBailey

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ex: John is concerned with changing the price of milk.
We started this chapter by describing microeconomic as tile complex study of mundane questions like whether to buy another can of tuna.

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Ex:  pay of full-time contracted salaried staff

Those that have a high fixed cost structure are unable to react quickly to a drop in sales.

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Definition: benefit given by the government to groups or individuals, usually in form of cash or tax reduction.
Example: welfare payments,student loans, farm subsidies, housing loans

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Price is the amount of payment given by one party to another in return for goods or services.

Ex: The price of gas went up 20 cents because of Hurricane Harvey.

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A change in price will cause an equal proportional change in quantity demanded.
- A curve with an elasticity of 1 is unit elastic.
Ex: If the elasticity of demand for a magazine at $2 is unitary. When the price of the magazine rises by 50% to $3, the newstand will self for half as many copies as before.

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A thing that contributes extra features to something else in such a way as to improve or emphasize its quality
Ex. Peanut butter An jelly

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-situation in which quantity supplied is greater than quantity demanded;also known as excess supply
-trump lifts ban on surplus military gear,such as grenade launchers,for police

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Business costs, such  rent, that are constant whatever the quanity if goods or services produced

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Elastic is the measurement of how responsive an economic variable is to change.

EX: A price for a good changes the demand of the good or service.

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With any racing yacht, the largest contributor to variable cost are the sails.

Ex: Products materials/ delivery costs, shipping, hosting usage, etc...

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The time frame in which all inputs are variable.

Ex: decisions that impact a firm's costs include changing the quantity of production, decreasingor expanding a company, and entering or leaving a market.

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Demand is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.

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Texas may experience scarcity in fuel due to the recent hurricane.

Example: The gasoline shortage in the 1970's.

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What's the price of this car?
Ex. Value

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The income effect represents the change in an individual's or economy'sincome and shows how that change impacts the quantity demanded of a good or service.
Example:Byrd made more money on his check and because of this, he went out to buy 300 cars

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•Even general theory itself was now compartmentalized into microeconomics and macroeconomics.
•Example: Ricky is worried about the price of gas instead of overall prices rising.